Sembcorp unit wins investment licence to develop Vietnam-Singapore Industrial Park

[SINGAPORE] A wholly owned subsidiary of Sembcorp Industries – Sembcorp Development – has secured an investment licence to develop a new Vietnam-Singapore Industrial Park (VSIP) in Khanh Hoa Province in Vietnam.

The project named Ninh Xuan 2 Industrial Park spans 490 hectares.

It aims to boost sustainable industrial growth in south-central Vietnam, Sembcorp said in a statement on Wednesday (Dec 31).

The group said that Khanh Hoa province is emerging as an “industrial and logistics hub”, attracting increasing interest from local and international manufacturers as infrastructure advances.

This move marks the latest addition to the VSIP portfolio, bringing the total number of industrial parks to 21 across 14 provinces in Vietnam.

The park will adopt VSIP’s “integrated township model”, combining modern industrial infrastructure with urban support services, said the Singapore-headquartered engineering services company.

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Lee Ark Boon, chief executive officer of Sembcorp Development, said: “We aim to integrate urban solutions to realise our vision of a low-carbon industrial park, while attracting investments that create long-term economic value for the region.”

Separately, the group announced on Wednesday that its acquisition of all of CleanCurrent Renewable Energy’s shares in Philippine renewable energy company Puente Al Sol, via its wholly owned subsidiary Sembcorp Energy Philippines, has been delayed.

The deal, which was proposed earlier in January, was for a total consideration of about S$105 million.