Hanoi (VNA) – Vietnam’s Becamex IDC Corporation and Singapore’s Sembcorp Development have signed four memoranda of understanding (MoUs) to further expand the Vietnam – Singapore Industrial Park (VSIP) network – in Hung Yen, Hai Phong, and Hai Duong in the North and Binh Duong in the South.

At the same time, construction has officially begun on the 333-hectare VSIP project in northern Thai Binh province, marking a new stride in the development of this industrial park model in Vietnam.

Since the launch of the first VSIP in Binh Duong in 1996, the partnership between Becamex IDC and Sembcorp Development has become a symbol of success in foreign investment attraction and industrial development. Today, Vietnam hosts 20 VSIP projects nationwide, covering 12,000 hectares and attracting over 1,000 enterprises from 30 countries and territories, with a total investment of 23.4 billion USD.

Pham Ngoc Thuan, General Director of Becamex IDC, highlighted that the VSIP expansion aims not only to provide industrial space but also to create a comprehensive ecosystem integrating urban areas, commercial services, and amenities. This approach helps improve the living and working environment, making it easier to attract talent and improve the workforce quality.

He emphasised that the new VSIP projects will be developed as green industrial parks incorporating advanced technologies and environmentally friendly solutions, supporting Binh Duong’s ambition to become an advanced manufacturing hub in Southeast Asia.

VSIPs continue to attract major global investors, with one standout project being the LEGO Group's factory worth 1.3 billion USD in VSIP 3 in Binh Duong.

During a March 25 meeting with Secretary of the provincial Party Committee Nguyen Van Loi, Jesper Hassellund Mikkelsen, General Director of LEGO Manufacturing Vietnam, confirmed that the factory construction is in its final stage and is set to commence operations in April. This will be LEGO’s first carbon-neutral factory in the world, powered entirely by renewable energy through solar panels and the energy storage system.

He noted the plant is currently running on a trial basis, training personnel, and carrying out small-scaled production before being officially put into use. Once fully operational, it will distribute products across Southeast Asia, helping expand LEGO’s supply chain and promote green manufacturing in Vietnam.

Holding a strategic position in Vietnam's industrial ecosystem, VSIPs not only provide comprehensive infrastructure but also play a crucial role in drawing high-tech manufacturers, especially in such fields as electronics, precision mechanics, and renewable energy. The expansion of this model in northern and southern localities of Vietnam shows VSIPs remain ideal destinations for international investors.

The success of VSIPs is also believed to demonstrate the effectiveness of economic cooperation between Vietnam and Singapore and contributes to Vietnam♉'s competitiveness in the world./.