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VSIP becomes destination for multinational corporations

By Ngoc Diem   April 3, 2022 | 05:00 pm PT
VSIP Binh Duong industrial park has attracted several multinational corporations looking to establish headquarters and factories.
VSIP becomes destination for multinational corporations

In 1996, Vietnam - Singapore Industrial Park (VSIP) was established in Thuan An, Binh Duong Province.

VSIP becomes destination for multinational corporations - 1

With a total foreign direct investment of $6.4 billion and an estimated export turnover of $8 billion, VSIP Binh Duong has attracted almost 600 investors, creating nearly 150,000 jobs. All VSIP Binh Duong's strategic partners are prominent companies and corporations from Vietnam and around the world.

VSIP becomes destination for multinational corporations - 2

KingMaker is a multinational corporation that specializes in the design and manufacture of high-end shoes. The company factory stands in an area of 5.7 hectares in VSIP Binh Duong.

In addition to suitable geographical aspects connecting traffic and logistics, the factory must satisfy strict standards from partners for clean and sustainable environmental criteria.

VSIP becomes destination for multinational corporations - 3

Vietnam Dairy Products Joint Stock Company, with 13 processing plants across the country, also picked the VSIP Binh Duong industrial park to establish a large-scale and advanced milk powder facility. Vinamilk has ranked 36th among the top 40 dairy companies in the world in terms of revenue, with a brand value of about $2.4 billion.

VSIP becomes destination for multinational corporations - 4

Hoya is a Japanese brand that dates back to 1941. The company has offices in over 30 countries with almost 40,000 employees. Hoya was a medical device company that produced eyeglasses, medical endoscopes, intraocular lenses, optical lenses, and other products. Later, the company expanded into technology, manufacturing semiconductors, LCD panels, and hard drives.

VSIP becomes destination for multinational corporations - 5

Techtronic Industries, a member of TTI Group from Hong Kong (China), is a world leader in electrical tools, accessories, hand tools, outdoor electrical equipment for repair, maintenance, and construction.

The company has numerous plants in Binh Duong, with a total area of 16.8 hectares, the largest of which is the VSIP II-A factory, which has an area of one hectare and more than 1,000 employees.

VSIP becomes destination for multinational corporations - 6

Anheuser-Busch InBev (AB InBev), founded in 1366, is a Belgian brewer with 169,000 employees worldwide. It has two factories in Vietnam, one in the VSIP industrial park and the other in the My Phuoc industrial park, with a total area of more than 10 hectares and 400 employees.

In Vietnam, AB InBev beer brands include Budweiser, Hoegaarden, Beck's, Leffe, Corona, and Stella Artois. Especially, AB InBev's factory at VSIP is one of the first in Vietnam to use 100 percent solar energy in production.

VSIP becomes destination for multinational corporations - 7

Tetra Pak is a Swedish international food manufacturing and packaging company with headquarters in Lund, Sweden, and Pully, Switzerland.

The €120 million Tetra Pak Binh Duong paper box factory in VSIP, launched in mid-2019, became Tetra Pak's eighth factory in the Asia-Pacific region. The factory produces sterile paper boxes for the domestic market and exports to ASEAN, Australia, and New Zealand.

VSIP becomes destination for multinational corporations - 8

The Lego Corporation will establish a facility at VSIP. It will be Lego's first carbon-neutral plant, including solar energy production as part of the plan.

The project has a total investment of more than $1 billion, is expected to be deployed in the second half of 2022, and begin operation in 2024. This will be Lego's sixth facility worldwide and its second in Asia, allowing the company to expand its supply chain network to its core and global markets.

VSIP becomes destination for multinational corporations - 9

VSIP has devised a strategy to create green, smart, and sustainable industrial parks, thus assisting businesses and partners in their economic development.

Nguyen Phu Thinh, General Director of the Vietnam - Singapore Industrial Park Limited Company, stated that VSIP will develop a diversification of services and utilities to complete and diversify the model of industrial - urban - service complexes in the future.

"We will focus on building residential areas, completing a series of utilities, services, and parks with high standards as well as put people first to provide the optimal living, working, learning, and playing environment," said Thinh.

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