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Nine Key Singapore-Invested Industrial Parks in Vietnam

Posted: 3rd May 2023 12:24

The Vietnam-Singapore Industrial Park Joint Venture Company Limited (VSIP) has been investing heavily in developing industrial parks in Vietnam since 1996. Here’s where they are and what they have to offer manufacturers.

On March 19, Prime Minister Pham Minh Chinh attended the groundbreaking ceremony of VSIP III Industrial Park in Binh Duong. This is yet another industrial park (IP) in a long list of projects that Vietnam-Singapore Industrial Park Joint Venture Company Limited (VSIP) has developed in Vietnam.

These projects have been crucial to Vietnam’s economic development as it has sought to attract companies from around the world to build up its manufacturing base.

These factories are scattered around the country and cater to a broad range of industries producing a huge number of products for both domestic consumption and export.

This article lists nine key industrial parks run by the VSIP, which have been instrumental to making Vietnam an attractive place to do business for foreign companies and for their export-oriented production.

Introducing the Vietnam Singapore Industrial Park or VSIP

The Vietnam Singapore Industrial Park Joint Venture Company Limited’s main shareholders are Becamex IDC, which owns 49 percent of the company, followed by Sembcorp Development Ltd with 40.44 percent, Ascendas Investment Pte Ltd with 4.26 percent, UOL Overseas Investments Pte Ltd with 2.67 percent, MC Development Asia Pte Ltd with 1.89 percent, and KMP Vietnam Investment Pte Ltd with 1.74 percent.

The company seeks to attract investments in car part production and assembly, electronics, mechanical engineering, textile manufacturing, pharmaceuticals and healthcare, food and beverage, as well as supporting industries.

Since 1994, VSIP has generated upwards of US$15 billion from tenants from 30 countries around the world. Each day, according to its website, 250,000 people attend industrial parks under the VSIP brand. It says that it currently has 880 tenant companies operating across seven VSIP industrial parks around Vietnam.

VSIP I Binh Duong

VSIP I is situated in Binh Duong Province, 16 kilometers from Ho Chi Minh City or about 40 minutes from the heart of the city by car. This allows investors to take advantage of infrastructure, utilities, and support services in Ho Chi Minh City.

It was established in 1996, with the first stage covering 500 hectares. There are currently 232 projects operating in the IP, employing a total of 94,380 people. Total investment capital of over US$3.5 billion. The IP has a 100 percent occupancy rate, with 376.04 hectares of land leased.

The Vietnam Singapore Technical College was also established within the IP to assist with the hiring and development of human resources.

VSIP II Binh Duong

Inaugurated in 2006, VSIP II is also situated in Binh Duong. The first phase of this IP spans a total area of 345 hectares. The second phase covers a further 1,000 hectares. There is also an additional 700 hectares for commercial and residential purposes.

The VSIP II Industrial Park has attracted 129 projects from over 20 countries and territories with a total investment capital of more than US$1.5 billion.

The workforce of the park stands at 23,800 individuals with a 100 percent occupancy rate in the industrial portion of the site.

VSIP III Binh Duong

On March 19, VSIP Group held the groundbreaking ceremony of VSIP III in Hoi Nghia ward, in Tan Uyen, Binh Duong. The project, covering an area of 1,000 hectares, is the third addition to the VSIP brand in Binh Duong and the VSIP group’s 11th project in Vietnam.

VSIP III is designed to be a smart and sustainable industrial park, with the integration of smart technology in industrial park operations, ranging from energy, water, and waste management, to traffic management and security.

VSIP III is situated next to existing VSIP industrial parks and the center of Binh Duong New City, along Ring Road 4 with easy access to My Phuoc – Tan Van highway and subsequently ports and airport infrastructure. It is also well connected to other manufacturing hubs in Dong Nai and Ba Ria – Vung Tau provinces.

The first phase of the project, 100 hectares, has been granted the Green Mark for industrial parks by the Singapore Construction Authority (BCA). This should see it become one of the most environmentally-friendly and sustainable workplaces in Vietnam.

VSIP III features a 50-hectare on-site solar farm, which provides a reliable and sustainable power supply to major customers in this industrial park. The LEGO Group of Denmark will be the first customer to access the planned solar farm’s outputs.

VSIP Bac Ninh

The VSIP Bac Ninh Industrial Park, established in 2007, covers 700 hectares, consisting of 500 hectares for the IP and 200 hectares dedicated to a purpose built urban area. It has a registered capital of US$80 million.

VSIP Bac Ninh’s location is strategically situated at the intersection of National Highway 1 and Provincial Road 295. It has been developed and constructed to international standards.

The industrial park has garnered interest from more than 50 domestic and foreign investors. This includes:

  • Pepsico (USA)
  • Nokia (Japan)
  • Maple tree Logistics (Singapore)
  • Josung (Korea)

VSIP Bac Ninh is one of Vietnam’s top industrial zones and has broad appeal for industries across the board.

VSIP Hai Phong

The VSIP Hai Phong project is a collaboration between the VSIP Group and Becamex IDC (Binh Duong) and SembCorp Industries (Singapore). This project represented their fourth joint venture project. The project is located north of Cam River, in Thuy Nguyen district, Hai Phong. It covers an area of 1,600 hectares, with an initial investment of US$1 billion.

This project includes an industrial park covering 500 hectares and an urban area covering 1,100 hectares. The project is expected to be in operation from 2008 to 2058.

The road network includes two main roads: the East-West Highway and the North-South Boulevard. The project has nine ready-built factories with 25 tenants.

As of 2023, the VSIP Hai Phong industrial park has achieved remarkable growth since its inception about 15 years ago. With over 70 percent of the planned area already constructed, the park has successfully attracted nearly 50 projects, achieving an occupancy rate of over 76 percent.

Among the notable projects operating in the industrial park are:

  • FujiFilm which produces laser printers, photocopiers, and cameras,
  • Regina Miracle which makes clothing and apparel; and,
  • Kyocera Vietnam which manufactures printers.

VSIP Quang Ngai

The VSIP Quang Ngai Industrial-Urban and Service Complex is situated in Son Tinh district, within the Dung Quat economic zone. This is adjacent to National Highway 1A, approximately 11 kilometers from Quang Ngai City.

This project was inaugurated in September 2013, with the presence of the prime ministers of Vietnam and Singapore. It covers a total area of 1,746 hectares, of which 1,226 hectares are dedicated to industrial projects and 520 hectares is a dedicated urban area.

Currently, VSIP Quang Ngai has attracted domestic and foreign investors in textiles and apparel, footwear, food and beverage, fast-moving consumer goods, electronic component assembly, and supporting industries.

The IP area has already witnessed the development of seven FDI projects, employing over 3,000 local workers. This has significantly contributed to the industrialization and urbanization of Quang Ngai province. The following companies are among the investors operating in the industrial park:

  • Zigui Jisheng (Vietnam) Co., Ltd.
  • Happy Furniture Co., Ltd (Vietnam)
  • Whitex Textiles Industries (Vietnam) Co., Ltd.
  • Freetex Group Co., Ltd
  • Wangsheng Textiles (China)
  • Boilermaster Co., Ltd
  • South Sea Leatherwares Co., Ltd
  • Properwell Co., Ltd
  • Maystar (Vietnam) Footwear Co., Ltd
  • Kingmaker III (Vietnam) Footwear Co., Ltd

VSIP Hai Duong

VSIP Industrial Park is located in close proximity to Hanoi, Hai Phong Port, and both Noi Bai International Airport and the Cat Bi Hai Phong Airport.

In April 2015, the Phuc Hung Company transferred the Luong Dien – Cam Dien Industrial Park project with land use rights and assets spanning approximately 150 hectares to the VSIP Hai Duong.

The IP is located in Cam Giang district, in Hai Duong province, and is adjacent to National Highway 5 that connects Hanoi – Hung Yen, Hai Duong, and Hai Phong, making it easily accessible bringing in raw materials and exporting finished goods.

Several investors from S. Korea, Taiwan, Hong Kong, and Vietnam have rented land in the industrial park. This includes Best Pacific Vietnam and Regina Miracle International, among a number of others.

VSIP Nghe An

The VSIP Nghe An Industrial, Urban and Service Park, located near Vinh City, is one of the most significant IPs in Nghe An. It is characterized by a well-designed transportation system and international-standard infrastructure.

The project covers an area of 750 hectares, with 367.6 hectares of land allocated for the construction of the industrial park. Currently, 28 projects have been granted investment certificates/enterprise certificates, with a registered investment capital of VND 6,851 billion (equivalent to over US$296 million).

Of these, 14 projects are in operation, six are under construction, and eight are in the planning phases. Among the companies operating or looking to operate in VSIP Nghe An are:

  • Becker Industrial Coatings (Sweden)
  • Biomass Fuel Vietnam(Japan)
  • Sangwoo Vietnam (Korea)
  • HPL Company (Singapore)
  • Em-Tech Vietnam (Korea)
  • Luxshare-ICT (Taiwan)

In November 2020, VSIP Nghe An achieved ISO 9001: 2015, 14001: 2015, and 45001: 2018 certifications, making it the first industrial park in Vietnam to receive all three certifications from SGS Vietnam.

VSIP Becamex Binh Dinh

Becamex VSIP Binh Dinh is an industrial park covering an area of 1,374 hectares, out of which 374 hectares are reserved for commercial and residential purposes. The park offers a flexible land area that can be adapted to meet the needs of specific investors.

The industrial park aims to attract investors from several sectors, including electronics, automotive, mechanical engineering, support industries, textile, garment, leather, footwear, food, and beverage, logistics, and warehousing.

It enjoys a strategic location, situated in close proximity to the 19C national road, with easy access to provincial road 638, connecting it to the major ports and airports via highways 1A and 1D. Thus, Becamex VSIP Binh Dinh offers a perfect location for transportation between Binh Dinh and other neighboring provinces.

Choosing the right industrial park

These are just a handful of a number of industrial parks around Vietnam, each with their own unique benefits and advantages. Understanding which is the best location for a new manufacturing plant, however, will depend on the specific needs of the individual investor.

For assistance with site analysis and selection, contact the experts at Dezan Shira and Associates.

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