Project

Vietnam, Singapore deepen partnership with new industrial park project

Published

1 day ago

March 16, 2025

The groundbreaking ceremony for the Vietnam – Singapore Industrial Park II (VSIP II) Quang Ngai infrastructure development project was held in Binh Son district in the central province of Quang Ngai on March 12.

National Assembly Chairman Tran Thanh Man attended the event along with Standing Deputy Prime Minister Nguyen Hoa Binh and National Assembly Vice Chairmen Tran Quang Phuong and Vu Hong Thanh, along with officials of ministries, sectors and the province.

The event took place at a time when Party General Secretary To Lam is paying an official visit to Singapore, demonstrating substantive and effective cooperation between the two countries.

The project received investment approval from the Prime Minister on December 22, 2023. Spanning 497.7 hectares with registered investment capital of some 161 million USD, it is designed to integrate green technologies, smart infrastructure, industrial symbiosis, and sustainable development principles, positioned to attract more investments to the province. Once operational, the park will serve as an investment destination for the world’s leading companies looking to expand their business and production.

To ensure the project proceeds on schedule and achieves its expected outcomes, Binh urged Singapore’s Sembcorp Industries and Vietnam’s Becamex IDC Corporation to continue leveraging their successful industrial park, urban, and service zone models. Besides, he ordered the corporations to develop VSIP II Quang Ngai into a smart, modern and sustainable industrial park, moving towards establishing ecosystems that integrate industry, innovation, urban development, services, and high technology.

Standing Deputy Prime Minister Nguyen Hoa Binh speaks at the event. (Photo: VNA)

Binh underscored that industrialisation must ensure harmonious development with the community, infrastructure, and development of the knowledge economy, asking ministries and sectors to support the investors with investment and construction procedures and assist them to handle challenges in a timely manner.

He requested the provincial People’s Committee to instruct relevant units to help VSIP Quang Ngai complete investment preparations and site clearance compensation in line with regulations.

The provincial People’s Committee was requested to instruct relevant units to rapidly support VSIP Quang Ngai in completing investment preparations and land clearance compensation according to regulations.

Meanwhile, businesses must join hands with the Vietnam General Confederation of Labour to build comfortable housing facilities for workers and support local communities with social welfare and sustainable development initiatives, balancing business interests with shared risks and benefits, he added.

The Vietnamese Government will maintain a stable investment environment, speed up administrative reform, and improve legal system to create a transparent and healthy investment climate for both domestic and foreign firms, Binh underscored, expressing his hope that VSIP will continue symbolising the excellent cooperation between the two countries.

At the event, Secretary of the provincial Party Committee Bui Thi Quynh Van and provincial leaders presented investment certificates and Memoranda of Understanding (MoU) on investment to the investors of the project.

Project

Promoting circular economy in industrial parks

Published

19 minutes ago

March 17, 2025

Industrialzone.net

The benefits of green transformation in industrial parks are both huge and lasting, according to leaders of the Ministry of Planning and Investment. However, in the short term, many challenges and obstacles have meant the transition process has not been as strong as expected.

The Ministry of Planning and Investment and the United Nations Industrial Development Organization (UNIDO) held a conference entitled “Advancing circular economy in Vietnam’s industrial parks for sustainable development” on the afternoon of April 12.

In his opening speech, Le Thanh Quan, Director General of the Department of Economic Zones Management under the Ministry of Planning (MPI), said that in the more than 30 years of establishment and development, industrial and economic zones have been recognised as playing an important role in fostering socio-economic development, accelerating the process of industrialisation and modernisation, and promoting international integration.

Circular economic development is a trend that many countries around the world consider to be the green industrial revolution of the 21st century and is consistent with the country’s development orientation in the coming period. In particular, the eco-industrial park model is seen as the driving force to boost the circular economy.

According to Quan, the benefits of this transformation are great and long-lasting, but in the short term, many obstacles are preventing the transformation process from taking place as strongly as expected.

Smail Alhilali, Industrial Development Officer at the Department of Environment, UNIDO, said: “Promoting circular economy in industrial zones can help Vietnam to not only reduce environmental impacts but also create opportunities for innovation and green growth.”

Vietnam has a lot of potential. With existing support and available directions, Vietnam should learn from previous countries and successfully implement digital and energy transformation. The country should not only focusing on cleaner production and reduced emissions but also address the consumption issues.

The conference included discussion sessions on the important role of industrial parks in implementing circular economy principles, the opportunities and challenges of integrating circular economy activities between different industries in industrial parks, and others.

Project

Foreign offshore wind power investors can sell projects, Vietnam SOEs prioritized to buy

Published

1 hour ago

March 17, 2025

Industrialzone.net

Foreign investors of offshore wind power projects in Vietnam can sell their projects, and wholly state-owned enterprises (SOEs) or subsidiaries of those SOEs are prioritized to buy them.

The transaction is only permitted if the Vietnamese investors in the company refuse to purchase, according to the government’s Decree 58/2025 on renewable and new energy, effective from March 3, 2025.

Transactions of a part of an offshore wind project or an entire project must comply with the Electricity Law 2024 and other laws related to investment, enterprises, and sea.

They must be approved by the Ministry of National Defense, the Ministry of Public Security, the Ministry of Foreign Affairs, and the Ministry of Industry and Trade if there is involvement of foreign investors.

A sea-based wind power project in Tra Vinh province, Mekong Delta, southern Vietnam. Photo courtesy of Trungnam Group.

In cases of not-yet operational projects, the foreign buyers must meet the following requirements.

First, they must have experience in investing and developing at least one offshore wind power project that is operational in Vietnam or in the world. “Experience” includes direct investment, contributing a minimum 15% of the project’s total investment capital, and the ratio of equity to capital contribution being at least 20%.

Second, the foreign buyers must ensure that the offshore wind power project has the participation of domestic enterprises with at least 5% of chartered capital or voting shares of the company that implements such projects. The “domestic enterprises” must be wholly state-owned enterprises (SOEs) or firms with SOEs holding more than a 50% stake.

Third, they must commit to utilizing domestic supplies (workforce, service, products) during their investment, construction and operation, on the basis of ensuring competitiveness of prices, quality, schedule, and available capability.

For operational projects, the transations must meet the “second” requirement mentioned above.

Project

Law on national defence, security industry, industrial mobilisation passed

Published

3 hours ago

March 17, 2025

Industrialzone.net

The 15th National Assembly (NA) on June 27 passed the law on national defence-security industry and industrial mobilisation in its ongoing seventh plenary session.

Specifically, all the 464 deputies present in the sitting, or 95.47% of the total number of deputies, said “yes” to the law.

The law comprises seven chapters and 86 articles.

Article 80 in the draft law proposed earlier about the responsibilities of People’s Court was removed, while Article 28 was added on the development of technologies with dual purposes and Article 71 on training, research, and expert exchanges to serve defence-security industry.

The law will take effects from July 1, 2025.