Work begins on 600 ha VSIP industrial park in province bordering China
Vietnam Singapore Industrial Park Joint Venture (VSIP), the developer of VSIP-branded industrial parks, on Friday began constructing a facility in the northern province of Lang Son, which borders China.
The 600-hectare industrial park, located in Lang Son’s Huu Lung district, is being built at an estimated cost of $275 million. The project is set to complete its first, second and third phases in the third quarter of 2025, September 2026 and September 2027, respectively.
Once all three phases are completed, the facility is expected to employ 40,000 people.
A groundbreaking ceremony held for VSIP Lang Son in the eponymous northern Vietnam province, June 14, 2024. Photo courtesy of Thuong Hieu & Cong Luan (Brands & Public Opinion) magazine.
Speaking at the groundbreaking ceremony, Lee Ark Boon, CEO of Singapore’s Sembcorp Development, one of the partners in the VSIP joint venture, said VSIP Lang Son will focus on attracting high-quality investors, especially renewable energy businesses.
Singaporean Ambassador to Vietnam Jaya Ratnam said VSIP Lang Son can play a key role in attracting high-quality investments from Singapore to Vietnam, particularly in sectors of infrastructure, logistics and supply chain service, farm produce processing.
Lang Son Chairman Ho Tien Thieu emphasized VSIP Lang Son is a milestone of the province in developing green industry and making industry a major economic force.
VSIP is a joint venture between Vietnamese real estate developer Becamex and Singapore’s Sembcorp Development. The joint venture recorded a post-tax profit of VND1,703 billion ($66.9 million) in 2023, down 24.6% year-on-year, according to the firm’s filing with the Hanoi Stock Exchange (HNX).
Last month, Sembcorp said it would add three industrial parks under the VSIP model to its portfolio in Vietnam, raising the VSIP network to 18 facilities covering 11,588 hectares. The new ones are: the 333-hectare VSIP Thai Binh in the northern province of Thai Binh; the 498-hectare VSIP Quang Ngai II in the central province of Quang Ngai; and the 468-hectare Becamex-VSIP Binh Thuan in the central province of Binh Thuan.
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