Sembcorp Development, a wholly-owned subsidiary of Sembcorp Industries, announced the addition 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). VSIP JV Co is Sembcorp’s 49.3% owned joint venture company with Vietnam state-owned enterprise, Becamex IDC Corporation. Sembcorp’s effective shares in the three new projects range from 24.6% to 49.3%.
Low-carbon Industrial Parks
Including the new projects, Sembcorp has participated in the development of 18 VSIPs with total licensed land area of 11,588 hectares. With the rising importance of incorporating sustainability practices into business operations, manufacturers are gradually transitioning towards green factories and adopting decarbonization and energy-efficient solutions.
Lee Ark Boon, CEO of Sembcorp Development, said “As a master developer and growing renewables player in Vietnam, Sembcorp contributes to the development of low-carbon industrial parks through our comprehensive suite of solutions. These include solar energy, battery energy storage systems, as well as carbon management solutions such as the provision of verified renewable energy certificates. By partnering with our key stakeholders including tenants and the government to incorporate our solutions into the operations of our low-carbon industrial parks, we will continue to support Vietnam’s industrial transformation and energy transition goals.”
These new projects are not expected to have a material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year ending December 31, 2024.
