According to the financial report for the first six months of 2024 submitted to the Hanoi Stock Exchange (HNX), Vietnam-Singapore Industrial Park Joint Venture Company Limited (VSIP) recorded an impressive after-tax profit of over 1,090 billion VND, nearly 2.5 times higher than the same period last year.
The return on equity (ROE) also showed significant improvement, increasing from 3.13% to 6.61%.
From 2020 to 2023, this industrial park giant witnessed profits ranging from 1.4 to 2.3 trillion VND. Notably, 2022 was VSIP’s most profitable year, with earnings surpassing 2.2 trillion VND.
Source: Consolidated
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As of June 30, VSIP’s total assets amounted to over 35,646 billion VND, reflecting a nearly 46% increase compared to the same period in 2023. The debt-to-equity ratio rose sharply from 0.73 to 1.16, corresponding to 19,143 billion VND in payables, an 85% increase. This includes nearly 3,000 billion VND in bond debt.
VSIP’s capital surge can be attributed to the successful raising of 2,000 billion VND through two bond lots in September 2023. These bonds, with a tenor of 7 years and a maturity date of September 2030, were issued at an interest rate of 10.5% per annum.
Industrial Park Giant VSIP Attracts 2,000 Billion VND in Bond Investments in September
Source: Consolidated
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In addition to the two lots raised in September 2023, VSIP also has the VJVCH2128001 lot, issued in July 2021, valued at 1,000 billion VND, with a 9% interest rate and a maturity date of July 2028.
In other developments, VSIP is set to commence construction on the infrastructure of the Bac Thach Ha Industrial Park (phase 1) on June 25 in Thach Ha district. This project spans over 190 hectares and entails an investment of more than 1,555 billion VND.
Moreover, VSIP plans to develop the VSIP Thai Binh Industrial Park, covering nearly 345 hectares in An Tan and Thuy Truong communes, Thai Thuy district, Thai Binh province. This project is slated for the first quarter of 2025, with a total investment of over 4,900 billion VND (equivalent to over 200 million USD).
VSIP to Develop a 4,900 Billion VND Industrial Park in Thai Binh in Q1/2025
Established in July 2008, VSIP currently has a chartered capital of over 1,025 billion VND. Vietnam Singapore Industrial Park Pte. Ltd. (headquartered in Singapore) holds 51% of the shares, while the remaining 49% is owned by the Industrial and Urban Development Investment Corporation (Becamex IDC, HOSE: BCM). Mr. Nguyen Phu Thinh serves as the company’s General Director and legal representative.
As of 2023, VSIP has invested in a chain of 13 industrial parks, urban areas, and service areas spanning over 11,000 hectares across Vietnam.
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