VSIP moves step closer to building industrial park, township in central Vietnam

By Nguyen Phuong, Truong Minh
Sat, March 18, 2023 | 10:33 am GMT+7

VSIP Group, a leading industrial park and township developer in Vietnam, is taking another step forward to a new development of 603 hectares in the central province of Ha Tinh.

VSIP Group, a joint venture between Singapore’s Sembcorp Industries and Vietnam’s Becamex IDC, expects to carry out procedures for the new project in the first quarter of this year, according to Ha Tinh authorities.

VSIP industrial park in Nghe An province next to Ha Tinh province in central Vietnam. Photo courtesy of VSIP.

VSIP industrial park in Nghe An province next to Ha Tinh province in central Vietnam. Photo courtesy of VSIP.

Appointed by the governments of Singapore and Vietnam to operate Vietnam-Singapore Industrial Park (VSIP) projects since 1996, the joint venture has expanded to 12 developments to date in Vietnam. The planned project in Ha Tinh is the latest and not among the 12 existing zones.

According to Ha Tinh authorities, the proposed 603 hectares include a 418-hectare industrial park and a 185-hectare township, with total investment of VND7.53 trillion ($319.2 million).

The new IP will be home to facilities for electronic components, automatic equipment, high-tech components, food processing, consumer goods, transportation services, warehousing, construction materials, garments, leather shoes, automobile parts, and others.

Meanwhile, the new township will include commercial centers, healthcare facilities, schools, areas for physical training and sports, and residential sites.

VSIP Group has asked for provincial support in legal procedures, including land-related issues and site clearance.

Ha Tinh's People's Committee has assigned relevant departments and units to look at VSIP’s proposal for the combined project and to help the developer complete procedures.

On February 10 in Singapore, Sembcorp announced new collaborations with Becamex, witnessed by visiting Vietnamese Prime Minister Pham Minh Chinh, to develop five new Vietnam Singapore Industrial Parks in Vietnam valued at approximately $1 billion.

Simultaneously, the Vietnamese Ministry of Planning and Investment presented to Sembcorp and Becamex an investment license to develop a 500-hectare VSIP in Nghe An province (park II). The license is an expansion of the successful 750-hectare VSIP Nghe An (park I) established in 2015. Nghe An, which borders Ha Tinh province, plays a supporting role to Hanoi.

Quang Tri province, also in central Vietnam, seeks to hand over land to VSIP Group in the first quarter of this year so construction on VSIP Quang Tri IP can begin in the second quarter.

In central Vietnam, VSIP Group also possesses VSIP Quang Ngai and VSIP Binh Dinh IPs.

VSIP Group is likely to start construction on a VSIP park in Can Tho city in June this year as its first park in the Mekong Delta region. It received the investment license for the 294-hectare project in October 2022.

Comments (0)
  • Read More
Halal market presents major opportunities for Vietnamese businesses

Halal market presents major opportunities for Vietnamese businesses

The global Halal market is projected to reach $5 trillion by 2030, with Malaysia alone expected to hit $113.2 billion, said Shariza binti Abdul Rasheed, Halal product manager at Maybank Malaysia.

Economy - Thu, August 7, 2025 | 9:18 pm GMT+7

Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant

Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant

Vietnam’s leading steelmaker, Hoa Phat Group (HoSE: HPG), will increase investment in its Dung Quat 2 iron and steel production complex by VND3.4 trillion ($129.7 million) as part of an expansion plan.

Industries - Thu, August 7, 2025 | 8:03 pm GMT+7

Vietnam’s army-backed construction firm proposes 14 offshore wind power projects

Vietnam’s army-backed construction firm proposes 14 offshore wind power projects

Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.

Energy - Thu, August 7, 2025 | 5:07 pm GMT+7

Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure

Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure

Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.

Companies - Thu, August 7, 2025 | 4:31 pm GMT+7

Northern Vietnam province accelerates $2.2 bln LNG-to-power project

Northern Vietnam province accelerates $2.2 bln LNG-to-power project

Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.

Energy - Thu, August 7, 2025 | 4:17 pm GMT+7

Vietnam's seafood firms ride profit wave ahead of US tariff hike

Vietnam's seafood firms ride profit wave ahead of US tariff hike

Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.

Economy - Thu, August 7, 2025 | 2:21 pm GMT+7

Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC

Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC

Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.

Companies - Thu, August 7, 2025 | 2:01 pm GMT+7

Indonesia, Malaysia, Thailand expand local currency transaction network

Indonesia, Malaysia, Thailand expand local currency transaction network

Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.

Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7

ASEAN to sign MoU on regional power grid implementation

ASEAN to sign MoU on regional power grid implementation

ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.

Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7

Vietnam overtakes Thailand to become world's second-largest rice exporter

Vietnam overtakes Thailand to become world's second-largest rice exporter

Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.

Companies - Thu, August 7, 2025 | 12:41 pm GMT+7

Vietnam posts trade surplus of $10.18 bln in 7 months

Vietnam posts trade surplus of $10.18 bln in 7 months

Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.

Economy - Thu, August 7, 2025 | 12:19 pm GMT+7

Malaysia pledges big purchases, investments with US

Malaysia pledges big purchases, investments with US

Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.

Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7

Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt

Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt

Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.

Companies - Thu, August 7, 2025 | 10:11 am GMT+7

Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil

Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil

Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.

Economy - Thu, August 7, 2025 | 9:57 am GMT+7

Malaysia steps up efforts to explore nuclear energy potential

Malaysia steps up efforts to explore nuclear energy potential

Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.

Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7

Indonesia's economy grows faster than expected

Indonesia's economy grows faster than expected

Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).

Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7