Sembcorp Development joint venture obtains rights to develop township, industrial park in Vietnam

SEMBCORP Development (SCD), a wholly owned subsidiary of Sembcorp Industries, has announced that its joint venture, Vietnam Singapore Industrial Park Joint Venture Co (VSIP JV), has obtained exclusive rights from Nghe An Province to develop a 750 ha integrated township and industrial park.

VSIP JV has also received the investment licence for phase one of the project, which comprises 198 ha of industrial land and 81 ha of commercial and residential land.

The investment for phase one will be funded partly by equity of US$15.2 million from VSIP JV and the remainder via external borrowings and project cash flow.

VSIP JV is a 49-51 joint venture between Vietnam's Becamex IDC Corporation and a Singapore consortium, in which SCD holds a 92.9 per cent stake.