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 Nghe An industrial park in Nghe An province, central Vietnam. Photo courtesy of VSIP.
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.
- Related News
- Read More
Vietnam telecom giant VNPT posts over $239 mln pre-tax profit in 2024
State-owned Vietnam Posts and Telecommunications Group (VNPT) reported a consolidated pre-tax profit of VND6.09 trillion ($239.3 million) in 2024, according to its newly released business report.
Companies - Tue, December 24, 2024 | 10:01 pm GMT+7
Vietnam's PVI Insurance achieves historic VND20 trillion revenue milestone in 2024
PVI Insurance has made history as the first and only non-life insurance company in Vietnam to exceed VND20 trillion (roughly $786.2 million) in revenue in 2024.
Southeast Asia - Tue, December 24, 2024 | 9:18 pm GMT+7
Malaysian fund sues Amicorp for allegedly facilitating $7 bln fraud
Malaysian state fund 1Malaysia Development Berhad (1MDB) has filed a legal claim against corporate services provider Amicorp Group and its CEO Toine Knipping, alleging it facilitated over $7 billion in fraudulent transactions, the fund said on Monday.
Southeast Asia - Tue, December 24, 2024 | 9:11 pm GMT+7
Vietnam's e-commerce market exceeds $25 bln
Vietnam's retail e-commerce market is estimated to surpass $25 billion in 2024, marking a 20% increase compared to the previous year, according to the Ministry of Industry and Trade.
Southeast Asia - Tue, December 24, 2024 | 9:06 pm GMT+7
Philippines’ outstanding external debt hits record high
The Philippines’ outstanding external debt stood at $139.64 billion as of end-September, up 17.5% against the same period last year, says its central bank Bangko Sentral ng Pilipinas (BSP).
Southeast Asia - Tue, December 24, 2024 | 8:59 pm GMT+7
Vietnam ministry to ease direct power purchase agreement rules
Vietnam’s Ministry of Industry and Trade is drafting amendments to Decree 80/2024 on direct power purchase agreement (DPPA) mechanism, with easier terms on large consumers.
Energy - Tue, December 24, 2024 | 5:17 pm GMT+7
Operator of iconic market Ben Thanh appoints new general director
Nguyen Viet Ha, chairwoman of Ben Thanh Trading and Service JSC (Ben Thanh TSC), has been appointed the company's new general director, starting from January 1, 2025.
Companies - Tue, December 24, 2024 | 4:34 pm GMT+7
Korea’s confectionery Orion earns $43 mln from Vietnam in Jan-Sept
South Korean confectionery firm Orion earned an operating profit of VND1,083 billion ($42.6 million) in Vietnam in the first nine months of this year, up 14.8% year-on-year, according to the firm’s financial statements.
Companies - Tue, December 24, 2024 | 4:21 pm GMT+7
UK in the Bloc: CPTPP expansion benefits all parties
With the UK’s new access to CPTPP, the available Vietnam-UK free trade agreement, and the country's strong fundamentals, Vietnam continues to stand out in the region, offering more preferential trade opportunities for its partners across the globe, write Ian Tandy, co-head of global trade solutions, Asia Pacific at HSBC and Surajit Rakshit, head of global trade solutions at HSBC Vietnam.
Consulting - Tue, December 24, 2024 | 3:23 pm GMT+7
Saigon-Hanoi Securities receives certificate of merit from Hanoi chairman
Saigon-Hanoi Securities JSC (SHS) has been honored with a certificate of merit from Hanoi's Chairman for its outstanding achievements in connecting small and medium-sized enterprises (SMEs) in Hanoi, contributing to the capital’s socio-economic development.
Companies - Tue, December 24, 2024 | 2:17 pm GMT+7
SK Group’s $500 mln project in northern Vietnam records 61% construction completion
Ecovance Vietnam Co. Ltd., under South Korea’s chaebol SK, has reached 61% completion for its $500 million factory in Vietnam’s northern coastal city of Hai Phong.
Companies - Tue, December 24, 2024 | 1:49 pm GMT+7
Vietnam Education Publishing House, Chilean Embassy launch translation of children's literature series Papelucho
The diary chronicling Papelucho’s experiences and reflections has resulted in a series of 12 books originally published starting in 1947, with two posthumous books released in 2017.
Companies - Tue, December 24, 2024 | 1:20 pm GMT+7
Investors' wait-and-see approach, legal obstacles slow Vietnam's property market recovery: expert
Multiple factors are delaying the real estate market’s recovery, with the "wait-and-see" mentality of investors being a significant impediment, says Vo Hong Thang, director of consulting & project development at DKRA Group.
Real Estate - Tue, December 24, 2024 | 10:24 am GMT+7
Vietnamese people still hesitant to embrace solar power: association
Household electricity in Vietnam remains partially subsidized by the government, and low electricity consumption means the benefits of solar power are unclear to many, according to Nguyen Xuan Quy, vice president of the Vietnam Clean Energy Association (VCEA).
Companies - Tue, December 24, 2024 | 9:11 am GMT+7
Cocobay Danang mega project in central Vietnam still at a standstill
The developer of the Cocobay Danang project in central Vietnam announced plans to resume construction in May 2024, but as of now, no visible progress has been made.
Real Estate - Tue, December 24, 2024 | 8:12 am GMT+7
Toyota Vietnam to bolster supporting industry businesses in Vinh Phuc province
Japan's leading car manufacturer Toyota will support Vinh Phuc province-based enterprises in the automotive supporting industry to improve their capacity and develop the local economy.
Companies - Mon, December 23, 2024 | 10:43 pm GMT+7
