At an investment promotion conference on Wednesday, the provincial government granted in-principle approvals for the two projects, namely Ninh Xuan 1 and Ninh Xuan 2.

The 500-hectare Ninh Xuan 1 Industrial Park will be developed by Becamex IDC (HoSE: BCM), with a total investment of over VND4.6 trillion ($174.9 million).

The Ninh Xuan 2 project, invested by VSIP, will cost VND4 trillion ($152.09 million) and cover about 490 hectares.

Both projects will be operational for 70 years and are designed to develop modern industrial infrastructure aimed at attracting manufacturing, supporting industries, and high-tech production, the province said.

Becamex IDC is one of Vietnam’s largest industrial real estate developers, with a sizeable land bank across key economic regions. The company currently manages seven industrial parks (IPs) with a combined area of more than 4,700 hectares and average occupancy rates of over 80%.

VSIP, a joint venture between Becamex IDC and Singapore’s Sembcorp, developed its first IP in the southern province of Binh Duong in 1996. Its portfolio now comprises 20 IPs covering a combined 12,000 hectares across Vietnam.

In the first nine months of 2025, Becamex IDC reported net revenue of VND5.58 trillion ($212.2 million), up 74% year on year, while net profit surged 195% to VND2.27 trillion ($86.3 million).

VSIP posted nearly VND1.13 trillion ($42.7 million) in net profit in the first half of 2025, up nearly 3.4% year-on-year.

At the same conference, in-principle approval was also granted to the Ninh Diem 1 Industrial Park project.

Ninh Diem 1 will be developed by Ninh Khanh Land Development JSC, a subsidiary of Shinec Group, with a total investment of over VND2.8 trillion ($106.46 million) and a scale of over 240 hectares. Shinec is also a top IP developer in the country.

Last June, Khanh Hoa and Ninh Thuan provinces were merged to form the current Khanh Hoa province.