HCMC – Vietnam’s Becamex IDC Corporation and Singapore’s Sembcorp Development Ltd today, February 10, signed a Memorandum of Understanding (MOU) to jointly establish five sustainable industrial parks (IP) in Vietnam in the next three years, with a total investment of US$1 billion.

The signing ceremony, which took place in Singapore, was attended by Vietnamese Prime Minister Pham Minh Chinh during his first official visit to Singapore. His visit marks the 50th anniversary of diplomatic ties and the 10th anniversary of the strategic partnership between the two countries. The MOU signing demonstrates the desire from both sides toward long-term cooperation and the further development of IPs in Vietnam. The IPs will be smart and sustainable, using low-carbon solutions and internet of things technology in infrastructure development and management to run businesses more efficiently. On this occasion, Kelvin Teo, co-chairman of Vietnam Singapore Industrial Park (VSIP) Group, and CEO of Sembcorp Development, and Nguyen Van Hung, co-chairman of VSIP Group and board chairman of Becamex IDC Corporation, received an investment certificate to develop the VSIP Nghe An II project. The project would cover 500 hectares of land in Dien Tho, Dien Phu and Dien Loc communes of Dien Chau District, under the management of the Dong Nam Economic Zone in the north-central province of Nghe An. The VSIP Nghe An II will be the second project of VSIP in Nghe An. Earlier, the first VSIP Nghe An was established in 2015 in the province’s Hung Nguyen District. As of December 2022, the VSIP Nghe An had attracted 32 investment projects, with an occupancy rate of 86.4%. This IP has attracted around 13,000 local employees. Besides, it received total pledged FDI of US$744 million. VSIP is a joint venture between Vietnam’s Becamex IDC Corporation and a Singapore consortium led by Sembcorp Development. Established in 1996, VSIP Group is Vietnam's industrial park and integrated township developer.