SembCorp developing industrial township in Vietnam

Business News

Jul 10, 2007, 2:31 GMT

Singapore - SembCorp Parks Holdings has signed a joint-venture deal to develop an industrial park in Vietnam's Bac Ninh province catering to manufacturing companies, it said on Tuesday. The wholly-owned unit of SembCorp has a 40.3 per cent stake in the project, its third industrial township in the country. Vietnamese state-owned venture partner Becamex IDC holds 8 per cent. The 700-hectare development is to be located 20 kilometres from Hanoi and known as the Vietnam Singapore Industrial Park - Bac Ninh. The agreement involves the incorporation of the Vietnam Singapore Industrial Park and Township Development Joint Stock Company, which will invest 103.7 million US dollars over five years. Construction is scheduled to start early next year, a SembCorp statement said. The park will consist of 'mainly prepared land parcels with ready-built factories to cater for quick start-ups by manufacturers,' it added. . The Bac Ninh development in the north follows SembCorps Parks two projects in Binh Duong province in the south. © 2007 dpa - Deutsche Presse-Agentur

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