Sembcorp studying feasibility of building 8th Vietnam-Singapore Industrial Park

SEMBCORP Development is exploring the possibility of building another Vietnam-Singapore Industrial Park in Vietnam's Quang Tri province.

If it does eventually materialise, this would be Sembcorp's eighth such industrial park in Vietnam.

On Thursday in Hanoi, Sembcorp Development CEO Kelvin Teo inked a memorandum of understanding with Quang Tri Province People's Committee chairman Nguyen Duc Chinh and Becamex IDC chairman Nguyen Van Hung.

The signing was witnessed by Singapore Prime Minister Lee Hsien Loong, who is on a four-day official visit to Vietnam, and Vietnamese Prime Minister Nguyen Xuan Phuc.

Speaking at a press briefing, Mr Lee also announced that the State Bank of Vietnam has granted in-principle approval for Singapore's United Overseas Bank to set up a foreign-owned subsidiary bank in Vietnam by June this year.

He said that enhancing Singaporean banks' access to Vietnam's financial markets could further promote investment flows into both countries.