Sembcorp Development, a subsidiary of Sembcorp Industries (Sembcorp), has announced the acquisition of three Vietnam Singapore Industrial Parks (VSIP) to its portfolio.
The investment licenses for VSIP Thai Binh, VSIP Quang Ngai II, and Becamex-VSIP Binh Thuan were awarded to companies held by Vietnam Singapore Industrial Park Joint Venture Company (VSIP JV Co), a joint venture between Sembcorp and Vietnam state-owned enterprise, Becamex IDC Corporation. Sembcorp holds an effective stake ranging from 24.6% to 49.3% in these new projects.
Extensive Presence in Key Regions
These new projects reinforce VSIP’s significant presence in the northern, central, and southern regions of Vietnam, each offering unique advantages for the manufacturing industry. With substantial government investment in infrastructure development to enhance accessibility and connectivity to global markets, these regions are attracting investments and trade from foreign enterprises.
Commitment to Sustainability
Including these acquisitions, Sembcorp has now participated in the development of 18 VSIPs, covering a total licensed land area of 11,588 hectares. With a growing emphasis on sustainability in business operations, manufacturers are increasingly adopting green practices and energy-efficient solutions. Sembcorp, as a master developer and renewable energy player in Vietnam, is contributing to the development of low-carbon industrial parks through solar energy, battery energy storage systems, and carbon management solutions.
Lee Ark Boon, CEO of Sembcorp Development, remarked, “By partnering with key stakeholders including tenants and the government to integrate our solutions into the operations of our low-carbon industrial parks, we will continue to support Vietnam’s industrial transformation and energy transition goals.”
Financial Impact
The new projects are not expected to significantly affect Sembcorp’s earnings per share and net tangible assets per share for the financial year ending December 31, 2024.
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