Government's leaders of Singapore and Việt Nam and representatives of Sembcorp Development and Becamex IDC at the signing ceremomy of MoUs developing Việt Nam - Singapore Industrial Parks in Việt Nam. — Photo Courtesy of VSIPs

HCM CITY — Singapore’s Sembcorp Development, a wholly-owned subsidiary of Sembcorp Industries (Sembcorp), and its joint venture partner Becamex IDC (Becamex), have committed to explore the development of four more prospective Việt Nam - Singapore Industrial Parks (VSIPs) in Việt Nam.

Accordingly, Memorandum of Understanding (MoUs) have been signed with local governments for initial and expansion VSIP projects in Bình Dương Province in the South, as well as Hải Phòng City, and Hưng Yên and Hải Dương provinces in the North.

The MoUs reaffirmed the shared goals of creating optimal environments at VSIPs with the necessary infrastructure and resources to attract and support high-tech manufacturing activities.

Phạm Ngọc Thuận, CEO of Becamex IDC, stated: "We always focus on developing synchronised and modern infrastructure to meet the increasing demands of high-tech manufacturing enterprises. Expanding VSIPs aims not only at providing industrial land but also developing an ecosystem including residential, services, and commercial areas, creating favourable conditions to attract talents and enhance the quality of life for the workforce."

According to Thuận, the new VSIP projects will continue to be planned following the model of green industrial parks, applying advanced and environmentally friendly technologies.

With its strategic position in Việt Nam's industrial ecosystem, VSIP not only provides synchronised infrastructure but also plays a crucial role in attracting high-tech manufacturing enterprises, especially in fields such as electronics components, precision engineering, and renewable energy. The expansion of this model in northern and southern regions demonstrates that VSIP continues to be an ideal destination for international investors.

Implementing additional VSIP projects, especially in Bình Dương, a leading industrial hub in Việt Nam, further solidifies the province's position in the economic development strategy, while also creating momentum to drive the transformation of the industrial model towards modern, sustainable, and more efficient practices.

The success of VSIPs also clearly showcases the effectiveness of economic cooperation between Việt Nam and Singapore, contributing to enhancing Việt Nam's competitiveness on the international stage.

Established in 1996, VSIP was planned by the Vietnamese and Singaporean governments for joint economic cooperation. The VSIPs are executed through a joint venture between Becamex IDC from Việt Nam, and Sembcorp Development, a wholly-owned subsidiary of Sembcorp Industries.

VSIP Group is now involved in the developments of 20 integrated townships and industrial parks across Việt Nam with total land area of 12,000 hectares, including industrial land, township and services. VSIPs host 1,000 customers from 30 countries and territories, with total investment capital of US$23.4 billion. — VNS