Sembcorp Industries, through its wholly owned subsidiary Sembcorp Development, has obtained an investment licence to develop a new Vietnam–Singapore Industrial Park (VSIP) in Khanh Hoa, further expanding its industrial footprint in Vietnam.
The project, named Ninh Xuan 2 Industrial Park, covers 490 hectares and is designed to support sustainable industrial growth in Vietnam’s south-central region, the group said in a statement released on Wednesday, December 31.
Developer: Sembcorp Development (wholly owned by Sembcorp Industries)
Project name: Ninh Xuan 2 Industrial Park
Location: Khanh Hoa Province, Vietnam
Land area: 490 hectares
Development focus: Sustainable, low-carbon industrial growth
Total VSIPs in Vietnam after this project: 21 parks across 14 provinces
Sembcorp highlighted that Khanh Hoa is emerging as an industrial and logistics hub, drawing increasing interest from both local and international manufacturers as infrastructure continues to improve.
For foreign investors, this positioning signals growing confidence in the province’s connectivity, logistics potential, and long-term industrial development outlook—key factors when evaluating new manufacturing locations beyond Vietnam’s traditional industrial centers.
Ninh Xuan 2 Industrial Park will follow VSIP’s established integrated township model, which combines:
Modern industrial infrastructure
Supporting urban and township services
This model is aimed at enhancing operational stability, workforce accessibility, and overall project sustainability—elements that are increasingly important for manufacturers with long-term investment horizons.
Lee Ark Boon, Chief Executive Officer of Sembcorp Development, said:
“We aim to integrate urban solutions to realise our vision of a low-carbon industrial park, while attracting investments that create long-term economic value for the region.”
With this latest licence, the VSIP portfolio now comprises 21 industrial parks across 14 provinces in Vietnam, reinforcing the long-standing Singapore–Vietnam industrial partnership and VSIP’s role as one of the country’s most established industrial park developers.
The new VSIP in Khanh Hoa underscores two clear trends:
Continued expansion of high-quality, foreign-developed industrial parks into emerging regions of Vietnam
Strong emphasis on low-carbon development and integrated infrastructure, aligning with global sustainability expectations and long-term manufacturing strategies
For investors assessing Vietnam’s next industrial growth zones, Khanh Hoa—and VSIP’s latest project there—is increasingly a location worth watching.
Source: Sembcorp
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