Sembcorp Industries will co-establish five more industrial parks in Vietnam to the tune of US$1 billion (S$1.3 billion), the Singapore-listed energy and urban solutions provider said on Friday.
This will bring to 17 the total number of Vietnam-Singapore Industrial Parks (VSIPs) with its longstanding partner, Vietnam state-owned developer Becamex IDC.
A memorandum of understanding (MOU) on the latest tie-up was announced during the third and final day of an official visit by Vietnamese Prime Minister Pham Minh Chinh to Singapore.
VSIPs, first set up in 1996, are a key part of Singapore’s economic link with Vietnam.
The 12 parks currently in northern, central and southern Vietnam have attracted US$17 billion (S$22.6 billion) in investments and created 300,000 jobs.
The upcoming VSIPs are envisioned to be smart and sustainable, with low carbon footprints and features such as rooftop solar systems and solar farms where feasible said Sembcorp.
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