Vietnam’s Becamex IDC Corporation and Singapore’s Sembcorp Development have recently signed four memoranda of understanding (MoUs) to further expand the Vietnam – Singapore Industrial Park (VSIP) network – in Hung Yen, Hai Phong, and Hai Duong in the North of Vietnam and Binh Duong in the South of Vietnam, according to a report from the Vietnam News Agency.

Since the launch of the first VSIP in southern Binh Duong province in 1996, the partnership between Becamex IDC and Sembcorp Development has become a symbol of success in foreign investment attraction and industrial development.

On March 26, construction started on the 333-ha VSIP Thai Binh in northern Thai Binh province’s Thai Thuy district, costing nearly $221 million.

Currently, Vietnam hosts 20 VSIP projects nationwide, covering 12,000 ha and attracting over 1,000 enterprises from 30 countries and territories, with a total investment capital of $23.4 billion.