Vietnam-Singapore Industrial Park JV earns $67 mln profit in 2023

Vietnam Singapore Industrial Park Joint Venture Co. (VSIP), the developer of VSIP industrial parks, recorded a post-tax profit of VND1,703 billion ($66.9 million) in 2023, down 24.6% year-on-year.

Its debt-to-equity ratio rose to 1.45 from 0.67 in 2022; and its return on equity ratio was 11.74%, lower than the 16.73% posted a year ago, according to the firm’s filing with the Hanoi Stock Exchange (HNX).

VSIP, a joint venture between Vietnam’s Investment and Industrial Development Corporation (Becamex IDC) and Singapore’s Sembcorp Development Group, established its first VSIP in Vietnam in 1996, covering 2,500 hectares in the southern industrial hub of Binh Duong.

The joint venture now operates 15 VSIP industrial parks in 11 localities across Vietnam, Sembcorp reported in its 2023 performance review.

In 2023, the joint venture received investment certificates for three facilities, namely VSIP Ha Tinh (phase 1), VSIP Lang Son, and VSIP Nghe An II. “These new VSIPs are envisaged to be the future model of sustainable industrialization,” Sembcorp wrote.

In the same year, VSIP held groundbreaking ceremonies for four facilities, covering 1,500 hectares. They were VSIP Can Tho in the Mekong Delta, VSIP Bac Ninh II in the Red River Delta, and VSIP Nghe An II and Quang Tri Industrial Park in the north-central coast.

Notably, for Quang Tri Industrial Park ,VSIP has teamed up with Thailand-invested Amata City Bien Hoa JSC and Japan’s Sumitomo Corporation.