Lang Son Welcomes New Vietnam – Singapore Industrial Park

The Lang Son provincial People’s Committee and the Vietnam – Singapore Industrial Park and Township Development Joint Stock Company (VSIP JSC) on June 14 commenced the construction of VSIP Lang Son project – the 16th of its kind in Vietnam.

New Vietnam – Singapore Industrial Park

The VSIP Lang Son covers an area of nearly 600 ha in two communes of Ho Son and Hoa Thang in Huu Lung district. The project has a total investment of 6.361 trillion VND (nearly 250 million USD) with the investor VSIP JSC contributing over 954 billion VND.

The first phase of the project is expected to be completed and go into operation in the third quarter of 2025 while the second phase will complete in September 2026 and the third phase in September 2027. The industrial park is expected to create about 40,000 jobs when all the three phases turn operational.

VSIP is a joint venture between Vietnamese real estate developer Becamex and Singapore’s Sembcorp Development. The joint venture recorded a post-tax profit of VND1,703 billion ($66.9 million) in 2023, down 24.6% year-on-year, according to the firm’s filing with the Hanoi Stock Exchange (HNX).

The Groundbreaking Ceremony

Speaking at the groundbreaking ceremony, Chairman of the Lang Son provincial People’s Committee Ho Tien Thieu said that the IP will bring great benefits to the investor, help to increase the province’s industrial production value and goods production value, create more jobs and incomes for local people, and contribute to the local socio-economic development. The industrial park also helps show the province’s efforts in implementing administrative reforms, improving business investment climate and attracting investors. The unprecedented expansion of the chain of VSIPs in recent years reflects not only the strong interest of foreign investors in Vietnam but also the success of the Vietnamese Government in creating a favorable investment environment, he said.

The diplomat expressed a hope that the VSIP Lang Son will play a key role in facilitating higher-quality investments from Singapore, especially in infrastructure development, supply chain services and logistics, green economy and agricultural processing, which are areas with strong potential and ample room for further development. 

Speaking at the groundbreaking ceremony, Lee Ark Boon, CEO of Singapore’s Sembcorp Development, one of the partners in the VSIP joint venture, said VSIP Lang Son will focus on attracting high-quality investors, especially renewable energy businesses.

Singaporean Ambassador to Vietnam Jaya Ratnam said VSIP Lang Son can play a key role in attracting high-quality investments from Singapore to Vietnam, particularly in sectors of infrastructure, logistics and supply chain service, farm produce processing. He also stated that (VSIPs) are a symbol of bilateral relations between Singapore and Vietnam.

Source: Redsunland

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