HCMC – The Vietnam Singapore Industrial Park (VSIP) on May 29 received investment registration certificates for five new industrial park projects in Haiphong, Nghe An, Hue, Ha Nam and HCMC, bringing its total number of projects nationwide to 26.
The investment licenses were awarded during Party General Secretary and State President To Lam’s state visit to Singapore.
VSIP’s expansion comes as Vietnam enters a new phase of competition to attract high quality foreign investment, particularly in electronics, semiconductors, artificial intelligence and green manufacturing.
Rather than relying solely on low labor costs or tax incentives, industrial parks are increasingly under pressure to meet environmental and emissions standards while strengthening their integration into global technology supply chains.
At the Vietnam-Singapore Tech Connect Forum held the same day, VSIP unveiled its “VSIP 2.0” model, positioning the next generation of industrial parks around high value industries, sustainability and innovation, according to the joint venture.
Under this strategy, industrial parks are no longer seen merely as providers of land and factory space, but are being developed as integrated ecosystems that combine manufacturing infrastructure, digital transformation, applied research and workforce development.
A key feature of the model is the incorporation of a “triple helix” partnership among government, universities and businesses, aimed at bridging the gap between research and industrial production.
On the same day, VSIP exchanged memoranda of understanding with Luxshare Precision Industry and Coherent to promote cooperation in high tech manufacturing and digital transformation. Luxshare is an electronics manufacturer integrated into global technology supply chains, while Coherent specializes in materials and solutions for the semiconductor industry.
The agreements are seen as a concrete step toward implementing VSIP’s strategy of developing integrated industrial ecosystems, moving beyond the traditional industrial park model that has largely focused on infrastructure provision and contract manufacturing.
The portfolio of newly approved projects suggests that VSIP is pursuing a more specialized expansion strategy tailored to individual localities. In Ha Nam, the planned high tech park is expected to attract industries such as artificial intelligence, electronics and semiconductors, biotechnology, and advanced materials. Meanwhile, the Tien Lang 2 Industrial Park in Haiphong is being developed under an eco-industrial model that prioritizes clean and low emission industries.
In Hue, VSIP’s new 467 hectare project is envisioned as a green and smart industrial park, strategically connected to major transport corridors across central Vietnam.
VSIP’s shift reflects growing pressure on Vietnam’s industrial park sector to adapt as environmental, social and governance (ESG) standards, the Carbon Border Adjustment Mechanism (CBAM), and net zero commitments become increasingly important requirements in major export markets.
