Vietnam-Singapore joint venture plans industrial parks in Dong Nai, Khanh Hoa provinces

Vietnam-Singapore Industrial Park J.V. Co. Ltd. (VSIP), a joint venture between Vietnam’s real estate developer Becamex and Singapore’s Sembcorp, plans projects in Dong Nai and Khanh Hoa provinces.

Khanh Hoa

Khanh Hoa authorities have given in-principle approval for a joint venture of VSIP and state-run Vietnam Rubber Group (VRG) to study and research sites for two industrial parks in the south-central province – the 2,340 hectare Ninh Xuan service-urban-industrial complex and the 500 hectare Dien Khanh service-urban complex.

In August, during the Vietnam visit of Singaporean Prime Minister Lee Hsien Loong, representatives of Sembcorp and Becamex signed agreements to build four more VSIP facilities and memoranda of understanding (MoU) for another 10, including one in Khanh Hoa.

Dong Nai

Dong Nai authorities and VSIP representatives discussed Tuesday the construction of a new industrial park in the southern province. The joint venture said it was interested exploiting the advantage of Dong Nai being a major industrial hub in the southern region.

Welcoming the initiative, Dong Nai Vice Chairman Nguyen Thi Hoang recommended locations for the project, including areas in the vicinity of the Long Thanh International Airport that is under construction; Long Khanh town and the districts of Thong Nhat and Xuan Loc.

Vietnam’s first VSIP was set up in the southern province of Binh Duong in 1996 during the administration of then Singaporean Prime Minister Lee Kuan Yew, late father of incumbent Prime Minister Lee Hsien Loong.

Vietnam is now home to 14 VSIPs, with work underway on VSIP Quang Tri in the eponymous central province. Work is also underway on VSIP Can Tho, the first one in the Mekong Delta.

So far, VSIP facilities have supplied industrial real estate to 880 customers from 30 countries and territories, with total registered investment capital of $18.7 billion that has generated direct employment for 300,000 people.