Sembcorp JV to build industrial estate in Vietnam

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Singapore’s Sembcorp Group, that operates across energy, water and marine, is building a sixth Vietnam-Singapore Industrial Park (VSIP) in the northern Vietnamese province of Hai Duong.

The 150-hectare industrial estate will target supporting industries for big manufacturers like Samsung and LG.

Located midway between capital Hanoi and the port city of Haiphong, VSIP Hai Duong is a joint venture between Sembcorp Development and Vietnam’s Becamex IDC.

At 150 hectares, VSIP Hai Duong is one third the size of Jurong East industrial district in the city-state, and significantly smaller than the preceding VSIPs. There are five other VSIPs – Bac Ninh and Haiphong in the north, Quang Ngai in central Vietnam, and two in southern province Binh Duong.

Sembcorp holds a 45-47 per cent stake in the parks.

In a Channel News Asia article, Sembcorp Development CEO Kelvin Teo said that bookings for about 20 per cent of the land on offer in Hai Duong VSIP have been received from Vietnamese, Chinese and Taiwanese manufacturers.

The VSIP is expected to support the operations of tenants by the end of 2015, with infrastructure works currently underway. Acquired from Japanese-owned infrastructure firm Phuc Hung Co in April 2015, the former Cam Dien-Luong Dien Industrial Park had triggered discontent from local residents for being undeveloped, as several had lost farmland within the area to the project.

Sembcorp has declined to disclose the total investment value, but said that the total investment will be funded partly by equity of $11 million from its joint venture and partly by external borrowings.

Related Story: Sembcorp in ‘preliminary’ talks with 1MDB to acquire Edra Global Energy

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.