Project

Vietnam, Singapore deepen partnership with new industrial park project

Published

18 hours 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

Hanoi honours 36 key industrial products

Published

41 minutes ago

March 17, 2025

Industrialzone.net

The Hanoi Department of Industry and Trade (DOIT) held a ceremony on the evening of December 13 to honour the capital city’s key industrial products for 2024.

According to the DOIT, 160 businesses participated in the selection programme for Hanoi’s key industrial products in 2024.

The department then selected 36 products from 25 enterprises to submit to the municipal People’s Committee for recognition. Ten products from ten enterprises with the highest scores were recognised as the Top Ten Key Industrial Products of Hanoi for 2024.

Of the 25 enterprises whose products were recognised as key industrial products in 2024, eight companies achieved revenue exceeding 1 trillion VND, while ten were among Vietnam’s 500 largest enterprises in 2024, as announced by the Vietnam Report.

The 2024 revenue from the 36 products of these 25 enterprises reached nearly 50 trillion VND, with an export turnover of approximately 1 billion USD.

Speaking at the ceremony, the Deputy Director in charge of the DOIT, Nguyen Kieu Oanh, stated that Hanoi has implemented various programmes to support enterprises whose products have been recognised as the capital city’s key industrial products.

Additionally, enterprises participating in the programme have made efforts to apply scientific and technical advances in modern technology in production, increase automation levels, implement digital transformation, and build smart factory models.

Therefore, the products recognised as Hanoi’s key industrial products help affirm product credibility and enhance their brands in both domestic and international markets.

Project

Pacifico Energy, EDF eye energy investments in Vietnam

Published

2 hours ago

March 17, 2025

Industrialzone.net

U.S.-based Pacifico Energy (PE) and France’s EDF have expressed strong interest in investing in Vietnam’s offshore wind and nuclear power sectors, respectively, as the country faces rising energy demands to support economic growth.

The proposals were presented during their talks with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Wednesday.

PE chairman Nate Franklin stated that the company is committed to expanding its investments in Vietnam’s energy sector, including multi-billion-USD offshore wind projects.

Vietnam's Prime Minister Pham Minh Chinh (right) receives U.S.-based PE's chairman Nate Franklin in Hanoi, March 12, 2025. Photo courtesy of the government's news portal. — Vietnam’s Prime Minister Pham Minh Chinh (right) receives U.S.-based PE’s chairman Nate Franklin in Hanoi, March 12, 2025. Photo courtesy of the government’s news portal.

He emphasized that PE aims to introduce advanced solutions to help Vietnam enhance energy security, attract high-tech foreign direct investment (FDI), develop the semiconductor industry, supply power to data centers and AI training hubs, and drive fast and sustainable economic growth.

In response, PM Chinh encouraged PE to increase its investments and partner with Vietnamese businesses in the green transition, clean energy, and renewable energy sectors, particularly offshore wind and solar power.

He also urged the company to invest in Vietnam’s electricity grid and transmission infrastructure to strengthen the country’s energy security.

PE is among the leading U.S. investors in Vietnam’s renewable energy sector. In 2019, the company completed a 40 MW solar power project in the central province of Binh Thuan. It is also developing a 30 MW wind power project in the southern province of Ben Tre, which is expected to become operational in 2025.

During a separate discussion with PM Chinh, French Ambassador to Vietnam Olivier Brochet affirmed that electricity producer EDF intends to continue expanding its cooperation and investment in Vietnam’s energy sector, particularly in renewable energy and nuclear power projects.

Vietnam's Prime Minister Pham Minh Chinh receives French Ambassador to Vietnam Olivier Brochet in Hanoi on March 12, 2025. Photo courtesy of the government's news portal. — Vietnam’s Prime Minister Pham Minh Chinh receives French Ambassador to Vietnam Olivier Brochet in Hanoi on March 12, 2025. Photo courtesy of the government’s news portal.

The Vietnamese leader noted that Vietnam has restarted investment plans for the Ninh Thuan 1 and Ninh Thuan 2 nuclear power plants in the central province of Ninh Thuan. He added that multiple partners have expressed interest in collaborating with Vietnam on nuclear energy development.

Vietnam will prioritize partners that commit to working alongside Vietnamese investors in technology transfer throughout the project development, Chinh stated.

The Prime Minister also called on France, and EDF in particular, to support Vietnam in developing policies and regulatory frameworks for nuclear power development.

He suggested exploring cooperation in human resource training, providing preferential financing for nuclear power projects, and investing in production of electrical equipment and supporting industries for Vietnam’s nuclear energy sector.

Project

KCN Vietnam Group signs comprehensive partnership with VietinBank

Published

3 hours ago

March 17, 2025

Industrialzone.net

KCN Vietnam Group JSC and VietinBank signed a comprehensive partnership agreement on March 14, marking a significant milestone in their long-term partnership.

KCN Vietnam Group signs comprehensive partnership with VietinBank

This collaboration lays the foundation for the implementation of strategic corporate credit financing packages, enabling KCN Vietnam to complete its industrial ecosystem, including expanding land banks, developing high-quality factories and warehouses, and prioritising the nationwide establishment of bonded warehouses.

With modern and sustainable industrial infrastructure that meets green energy standards, integrated with tailored corporate financing solutions and multidimensional financial support, the group aims to create a dynamic investment environment that fosters seamless business operations for domestic and international investors, contributing to Vietnam’s economic growth.

This comprehensive partnership sets the stage for both existing and potential customers of KCN Vietnam and VietinBank to enhance their production capabilities, scale their businesses, and access a wide range of financial solutions, especially trade finance. This synergy will optimise capital efficiency and deliver outstanding benefits to their customers.

Under the agreement, KCN Vietnam and VietinBank have committed to comprehensive and in-depth cooperation across their respective fields of operation over the next five years.

A key highlight of the agreement is VietinBank’s pledge to prioritise support for capital mobilisation and corporate credit activities aligned with KCN Vietnam’s business model and operations.

As a result, KCN Vietnam and its partners will gain access to VietinBank’s credit facilities with flexible interest rates, terms, and loan conditions. Additionally, both parties have agreed to explore the implementation of various financial solutions and services for KCN Vietnam’s customers.

These include corporate financial solutions such as payroll services, card issuance, domestic and international payment services, as well as loans for customers to purchase or lease industrial property developed by KCN Vietnam, offered with preferential interest rates and loan terms.

Hardy Diec, COO of KCN Vietnam Group, stated that this comprehensive partnership with VietinBank was a testament to the robust growth potential of KCN Vietnam Group and underscores its commitment to continuously improving service quality.

Hardy Diec, COO of KCN Vietnam Group

“This strategic move enables us to optimise financial solutions and enhance the experience for our customers and partners, particularly in the areas of credit and banking. It also lays a solid foundation for KCN Vietnam to sustain its growth momentum, supporting the government’s efforts to attract foreign investment while positioning Vietnam to capitalise on the current global production shift,” said Diec.

At the event, Tran Minh Binh, chairman of VietinBank, emphasized that phase one of VietinBank’s Digital Transformation Journey was initially planned for completion in 2028. However, the bank is accelerating this process, with 108 initiatives set to be completed by September 2026, two years ahead of schedule.

“In parallel, we have established a data and AI division with the goal of leveraging data-driven decision-making and effectively integrating AI across our operations. This will enable VietinBank to gain deeper customer insights, optimise experiences, and deliver comprehensive, tailored financial products and services,” said Binh.

Founded in 2021, KCN Vietnam Group has rapidly expanded its footprint over the past four years, covering an industrial land bank of over 300 hectares.

The group’s portfolio comprises 10 high-quality, ready-built warehouse and factory projects strategically located in key industrial zones across both southern and northern Vietnam. These include DEEP C (Haiphong city), Thuan Thanh 3B (Bac Ninh province), Ho Nai (Dong Nai province), Phu An Thanh (Long An province), Song Than 3 (Binh Duong province), Phuc Dien and An Phat (Hai Duong province), and Tan Hung (Bac Giang province).

Strengthening ties with reputable partners like VietinBank marks a critical step in KCN Vietnam’s strategy to expand its portfolio and deliver a comprehensive suite of products and services, providing maximum support to existing customers and foreign enterprises investing in Vietnam.

Vietnam is emerging as a leading economic growth hub in the East Asia–Pacific region, driven by a robust export recovery and rising domestic demand.

With its strategic location and ongoing efforts to improve the investment climate, Vietnam is attracting substantial global foreign direct investment (FDI).

According to the Ministry of Finance, as of January 31, total registered FDI had reached $4.33 billion this year, a 48.6 per cent on-year increase. This growth serves as a key driver for the development of industrial real estate and the finance-banking sector, paving the way for strategic partnerships to capitalise on emerging trends.