In March 2025, the People’s Committee of Nam Dinh province approved the investment proposal and appointed Vietnam-Singapore Industrial Park Joint Stock Company (VSIP) as the investor for the project.
In May 2025, the Management Board of Industrial Zones of Nam Dinh province granted the investment registration certificate and changed the economic organization implementing the project to VSIP Nam Dinh Limited Company. VSIP Nam Dinh is currently seeking an environmental impact assessment for the project.
The project covers an area of 180 hectares in Giao Long and Giao Chau communes, Giao Thuy district, Nam Dinh province. The land use has been converted from agricultural to non-agricultural purposes. This initial phase of 180 hectares is a part of the larger Hai Long Industrial Park project, which spans 1,100 hectares across four communes: Bach Long, Giao Long, Giao Chau, and Giao Nhan in Giao Thuy district.
The total investment for the project is VND 2,249.3 billion, to be contributed over two years. VSIP Nam Dinh, as the investor, will contribute 15% of the capital, while the remaining will be raised through capital mobilization.
The project is expected to commence construction in the third quarter of 2025 or early fourth quarter of 2025 and complete the industrial park infrastructure within 24 months from the date of land handover by the State.
This timeline is a delay from VSIP’s initial commitment to the Nam Dinh province to start the project in June 2025. This commitment was made by VSIP’s leadership, including representatives from Sembcorp Singapore (which currently holds 51% of VSIP’s capital), during a meeting with Nam Dinh provincial leaders in June 2024.
At that time, Mr. Lee Ark Boon, CEO of Sembcorp Development and Chairman of VSIP Group, emphasized Nam Dinh’s strengths, such as its favorable location connecting key economic centers and Vietnam’s aviation and seaports like Hanoi and Hai Phong.
Mr. Huynh Quang Hai, Chairman of the Board of Directors of VSIP in the Northern, Central, and Southwest regions of Vietnam, shared that in addition to the Hai Long Industrial Park project, VSIP also aspires to soon expand its investment in developing an urban-industrial-service ecosystem in Nam Dinh province.
One of VSIP’s most notable recent activities was the groundbreaking ceremony for the Vietnam-Singapore Industrial Park (VSIP) Thai Binh in March 2025. This event was held during the official visit of the Prime Minister of the Republic of Singapore, Lawrence Wong, to Vietnam.
Covering an area of 333.4 hectares in An Tan and Thuy Truong communes, Thai Thuy district, the project has a total investment capital of VND 4,932 billion (equivalent to nearly USD 212 million) and is expected to create jobs for more than 30,000 local laborers.
Established in 1996, VSIP is a result of the economic cooperation between the governments of Vietnam and Singapore. The VSIP industrial park projects are implemented through a joint venture between Becamex IDC of Vietnam and Sembcorp Development, a subsidiary of Sembcorp Industries. VSIP Group is currently developing 20 urban, industrial, and service parks across Vietnam, spanning 12,000 hectares.
In 2024, Vietnam-Singapore Industrial Park Joint Stock Company (VSIP) achieved a profit after tax of VND 3,283 billion, a 93% increase compared to the previous year. This is the highest profit recorded by VSIP since the company started publishing its financial results in 2020.
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