Sembcorp announced on February 10 the signing an MoU with the Becamex IDC Corporation, witnessed by Prime Minister Pham Minh Chinh during his State visit to Singapore.

The two sides will co-establish five Vietnam Singapore Industrial Parks (VSIPs) in Vietnam valued at approximately $1 billion. Featuring decarbonization solutions such as rooftop solar systems, solar farms (where feasible), and green-certified buildings, the VSIPs are envisioned to be smart and sustainable industrial parks with low carbon footprints. Real-time tracking devices will remotely monitor and manage energy, water, and waste use as well as traffic and security to allow for enhanced visibility over operations.

Mr. Kelvin Teo, CEO of Sembcorp Development and Co-chairman of the VSIP Group, noted that this year marks the 50^th anniversary of diplomatic relations and the 10^th year of the Strategic Partnership between Singapore and Vietnam. “We have been privileged to partner with the government and to serve as an enabler for Vietnam’s investment potential,” said Mr. Teo. “Our commitment to Vietnam remains deep because the partnership spirit has been strong. We look forward to the continued support of all parties as we grow VSIP.”

On the same day, the Vietnamese Government presented Sembcorp and Becamex with an investment license to develop a 500-ha VSIP in north-central Nghe An province (Park II). The license is an expansion of the successful 750-ha VSIP Nghe An (Park I) established in 2015.

Appointed by the governments of Singapore and Vietnam to operate VSIPs since 1996, VSIP has 12 developments to date. As the leading developer in Vietnam with a presence that now extends around the country, VSIP has become a symbol of the close ties between Vietnam and Singapore and an emblem of successful economic cooperation.

In addition, VSIP has drawn $18.4 billion in investments from more than 800 multinational companies (MNCs) over the past 27 years. In addition to helping drive value-added economic transformation through bringing in international manufacturers, VSIP has also delivered wider societal impact to the local communities where it operates. More than 288,300 jobs have been created by VSIP in the industrial service sector, supporting the rise of the country’s middle class.