Ground breaking is graced by Prime Ministers Lee Hsien Loong of Singapore and Nguyen Tan Dung of Vietnam
Sembcorp Industrial Parks, a fully owned subsidiary of Sembcorp Industries, held a ground breaking ceremony for its new Vietnam Singapore Industrial Park (VSIP) development in Hai Phong, Vietnam. The ground breaking was witnessed by Guests of Honour Prime Minister Lee Hsien Loong of Singapore and Prime Minister Nguyen Tan Dung of Vietnam; signifying the continued importance of the well-established VSIP projects as a symbol of bilateral economic cooperation. The two prime ministers had earlier also graced the tenth anniversary celebration of the first VSIP project in Binh Duong province, in September 2006.
Jointly developed with Vietnam’s state-owned enterprise Becamex IDC Corporation, the new VSIP Hai Phong is Sembcorp’s fourth VSIP project, after its first two successful VSIP projects in Binh Duong and a third project in Bac Ninh. The VSIP Hai Phong will set itself apart from other industrial parks with its Singapore-style urban development, localised to suit the demands of Vietnam’s market. Spanning 1,600 hectares, it will be positioned as an integrated township and industrial park, with 1,100 hectares allocated for commercial and residential development and a combined 500 hectares allocated for a business park and clean industrial park. While industry remains the core of the development in bringing in foreign investment, the integrated township will enhance the attractiveness of the industrial development by providing a financial centre, commercial belt, shopping malls, hotels, medical centres and four residential precincts with supporting schools and community spaces. The master plan for VSIP Hai Phong also includes a signature four-kilometre river front, as well as proposed features such as an arts and cultural centre, a trade and convention centre and waterfront residences.
With thirty percent of land reserved for greenery, Sembcorp also aims to go one step further to preserve the features in Hai Phong’s natural environment with the objective of creating an environmentally-pleasing township. This includes preserving the habitat of local flora and fauna, retaining existing wetlands and enhancing naturally-occurring tributaries from the Cam River that run through the township. This integration of conservation and development has been undertaken to improve the area’s liveability while retaining much of its natural charm.
Investors participating in the VSIP Hai Phong integrated township and industrial park can also tap on its advantageous strategic location and preferential policies. Hai Phong, being one of five Grade 1 cities in Vietnam that are prioritised for accelerated development, will see increased government spending on overall infrastructure development. Its location at the Northern Vietnam Economic Zone and proximity to southern China offers it easy access to a significant consumer and trade market via highway, sea, air and railway networks. Furthermore, special incentives will be available to companies located within the VSIP Hai Phong, under the Dinh Vu-Cat Hai Economic Zone initiative. So far, 11 companies have signed memoranda of understanding and letters of intent to invest in the integrated township and industrial park.
Said Ms Low Sin Leng, Executive Chairman of Sembcorp Industrial Parks and Co-Chairman of VSIP Hai Phong Co., “Vietnam is a stable country with tremendous investment opportunities. With a population of more than eighty million and growing trend of urban migration, we see a growing market here for sustainable urban solutions. With an environmentally sensitive approach to its development and its emphasis on attracting clean industries, VSIP Hai Phong has real potential as a showcase for long-term development sustainability.
“Sembcorp has long participated in supporting Vietnam’s development with our VSIP projects and our energy solutions in the south. Leveraging on Sembcorp’s expertise in Vietnam and VSIP’s brand name, Singapore companies can also work together with us to offer bundled solutions and further replicate Singapore’s urban development success stories in VSIP Hai Phong.”
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FOCK Siu Ling (Ms)
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Mary Ann CHAN (Ms)
Sembcorp Parks Management
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