Singapore's group expects to expand industrial park investments in Vietnam

During his official visit to Singapore, National Assembly Chairman Tran Thanh Man held a working session with Mr. Lee Ark Boon, CEO of Sembcorp Development and Chairman of the Board of Directors of VSIP Group, on December 2.

Mr. Lee Ark Boon stated that Sembcorp will continue investing in more industrial parks in Vietnam. The group also plans to develop low-carbon, high-tech industrial parks and green data centers to align with Vietnam's green transformation orientation. Simultaneously, Sembcorp hopes the Vietnamese Government will continue to support and facilitate the implementation of these plans.

Currently, Sembcorp holds a 51% stake in Vietnam-Singapore Industrial Park Joint Venture Company Limited (VSIP) – the investor and developer of VSIP industrial parks in Vietnam for the past 28 years. To date, the group has invested in 18 VSIP industrial parks across 13 centrally-run cities and provinces in Vietnam, creating employment for over 300,000 workers.

Responding to this, Chairman Man praised VSIP as a symbol of successful economic cooperation between Vietnam and Singapore. The VSIP industrial parks are also prime examples of effectively combining modern infrastructure development with attracting foreign investment.

The NA chairman stated that Vietnam wishes to continue cooperating with Sembcorp, focusing on projects developing smart industrial parks and clean energy. He affirmed that Vietnam consistently supports, removes difficulties, and creates favorable conditions for foreign investors to conduct business.

Currently, Singapore is the second-largest foreign investor in Vietnam, with approximately 3,800 projects and a total registered capital of nearly $81 billion.