Vietnam-Singapore joint venture plans new 500-hectare industrial park
Vietnam-Singapore Industrial Park J.V. Co. Ltd. (VSIP) has proposed that it will build a new industrial park in the central province of Thua Thien-Hue, covering 500 hectares in the first phase.
At a meeting with provincial authorities last week, the company requested that its subsidiary, VSIP Quang Ngai Co. Ltd., be allowed to study and survey the proposed La Son Industrial Park in Phu Loc district.
The joint venture between Vietnam’s Becamex and Singapore’s Sembcorp is well known for developing a series of VSIP industrial parks across the country.
VSIP said the project will focus on attracting businesses of several sectors including processing of agriculture-forestry products, construction materials, mineral processing, mechanical manufacturing, packaging-printing, electronics and apparel.
Thua Thien-Hue Chairman Nguyen Van Phuong speaks at a meeting with officials of the Vietnam-Singapore Industrial Par J.V. Co. Ltd. (VSIP) in the central Vietnam province, December 14, 2023. Photo courtesy of Thua Thien-Hue news portal.
It said the new industrial park would have the advantage of having a prime location that was close to National Highway 1A, La Son – Tuy Loan and Cam Lo – La Son expressways as well as the province’s Phu Bai airport.
Another advantage is that the area had a low population, which would make site clearance easier. The new IP would also benefit from other developments in the province, including the growing East-West Economic Corridor and the Phu Bai airport upgrade that is under consideration.
Thua Thien-Hue Chairman Nguyen Van Phuong supported the proposal, saying the province would facilitate the investment. He asked relevant provincial agencies to cooperate with VSIP Quang Ngai in all related activities.
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.
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.
So far, VSIP facilities have supplied industrial real estate to 880 customers from 30 countries and territories, with a total registered investment of $18.7 billion that has generated direct employment for 300,000 people.
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