VSIP eyes $86 mln residential project in central Vietnam

VSIP Nghe An Co. Ltd., the developer behind facilities under the Vietnam-Singapore Industrial Park (VSIP) model, has proposed a VND2.24 trillion ($86.3 million) residential area project in the central province of Nghe An.

The proposed project will be located in Hung Nguyen township in Hung Nguyen district and Hung Chinh commune in Vinh town. It is part of the service-urban area section under the VSIP Nghe An service-urban-industrial park project (VSIP Nghe An 1).

The Southeast Nghe An Economic Zone Authority recently sent an official document to the provincial Departments of Construction, Finance, Agriculture, and Environment, and relevant agencies of Hung Nguyen district and Vinh town, requesting feedback on the proposed residential project.

The 31.79-hectare project features 949 terraced houses for approximately 3,796 residents, 119 villas accommodating 476 people, and 188 shophouses with a population of 752.

The development will also include supporting facilities such as a clubhouse, a kindergarten, auxiliary structures, traffic infrastructure, and green spaces.

Investment approval procedures are expected to be completed in Q4/2025, with groundbreaking scheduled for Q1/2026. The project is slated to begin operations in Q4/2029 and run through 2065.

Apart from VSIP Nghe An 1, VSIP Nghe An Co. Ltd. is currently the investor behind multiple projects across the province, including VSIP Nghe An 2 in Dien Chau district and VSIP Nghe An 3 in Hung Nguyen district.

VSIP is a joint venture between Vietnam’s Becamex IDC and Singapore’s Sembcorp Development Group. The first VSIP was established in 1996.

The joint venture now operates 18 VSIP facilities in 13 localities across Vietnam. Several more have been planned in the country.

As of mid-March, the industrial parks developed by VSIP Nghe An had attracted 54 corporate tenants with total registered investment capital of nearly VND65 trillion ($2.5 billion), including 34 FDI projects worth $2.59 billion.

As of the end of 2024, Nghe An province had lured 151 FDI projects valued at $5.87 billion, ranking 22nd out of the 63 localities nationwide in terms of total registered investment.