The ceremony took place within the framework of Prime Minister Pham Minh Chinh's visit to Singapore from February 8 to 11, honouring the 50^th anniversary of the establishment of diplomatic relations and the 10^th anniversary of the strategic partnership between the two countries.

The signing of this MoU once again demonstrates the wishes of the parties in establishing long-term cooperation and the further development of IP projects in Vietnam. The IPs continue to commit to meeting green, smart, and sustainable standards, using 4.0 technology for infrastructure development and management to allow businesses to operate more efficiently.

Also at this event, the approval of the investment policy for the VSIP Nghe An II IP project was also given to Nguyen Van Hung, chairman of the Board of Directors of Becamex IDC Corporation and co-chairman of VSIP Group and Kelvin Teo, CEO of Sembcorp Development and co-chairman of VSIP Group. This project is planned to cover 500 hectares of industrial land in Dien Chau district – belonging to the Southeast Economic Zone in the central province of Nghe An.

VSIP Nghe An Industrial Park overview

VSIP Nghe An II is the second VSIP IP in Nghe An after the first one that was built in 2015 in Hung Nguyen district.

With the total registered foreign direct investment capital of $744 million, as of December 2022, VSIP Nghe An IP has attracted 32 projects, reached an occupancy rate of 86.4 per cent, and is expected to attract more than 13,000 local workers.

VSIP is a joint venture between Becamex IDC Industrial Development and Investment Corporation (Vietnam) and a consortium of Singaporean investors led by Sembcorp Development Ltd.

Formed in 1996, the VSIP Group is the leading brand in the industrial real estate industry in Vietnam with a chain of 12 IPs and urban areas located over a total of more than 10,000ha across the country.

VSIP is providing production infrastructure for 882 tenants coming from 30 countries and territories. With a total investment of $18.4 billion, it creates jobs for 288,300 domestic and foreign workers.