Sembcorp joint venture explores building sustainable industrial parks in 9 Vietnam provinces
THE Vietnam Singapore Industrial Park (VSIP), a joint venture between Sembcorp Industries and Vietnam’s Becamex IDC Corp, will work on feasibility studies for smart and sustainable industrial parks in nine Vietnamese provinces.
VSIP signed a memorandum of understanding (MOU) with province leaders at a ceremony in Binh Duong Province on Saturday (March 26).
Projects that are feasible will progress to a cooperation agreement, and are subject to the award of the investment registration certificate from the central government, said Sembcorp.
The company and its long-standing partner Becamex IDC has an MOU to establish five Vietnam Singapore Industrial Parks in Vietnam valued at about US$1 billion. The MOU was announced on Feb 10, during Vietnam Prime Minister Pham Minh Chinh’s state visit to Singapore.
The collaboration between VSIP and the provinces seek to enhance socio-economic development through higher value manufacturing, job creation and the development of new urban areas to support growing communities.
The nine provinces are located throughout the country – Binh Phuoc, Tay Ninh and Binh Thuan in the south; Khanh Hoa and Thua Thien Hue in central Vietnam; Ha Tinh and Thanh Hoa in the north-central region; and Thai Binh and Nam Dinh in the north.
A NEWSLETTER FOR YOU
Asean Business
Business insights centering on South-east Asia's fast-growing economies.
Sembcorp shares last closed at S$4.24 on Friday, up S$0.06 or 1.44 per cent.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Emerging-market optimism dashed by Fed as currencies, bonds sink
LHN warns H1 2024 net profit could decline by 28.6%
iPhone maker Hon Hai’s April sales rise 19% in positive signal
Worsening weather is igniting a US$25 billion market
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules