In the Photo: From left to right: Mr Le Anh Duong, Chairman of the People’s Committee of Bac Giang and Mr Ronald Tay, CEO of CapitaLand Development (Vietnam) signed a Memorandum of Understanding for a S$1.3 billion investment in CLD’s first industrial park, logistics park and township development in Vietnam. Photo credit: CapitaLand
Singapore – CapitaLand Development (CLD), the development arm of CapitaLand Group, has signed a Memorandum of Understanding (MoU) with the People’s Committee of Bac Giang province. The MoU outlines CLD’s and the provincial government’s mutual interest to explore the development of CLD’s first industrial park, logistics park and township development in Vietnam with a total projected investment value of S$1.3 billion (VND22.7 trillion1).
The exchange of the signed MoU was witnessed by the President of the Socialist Republic of Vietnam Mr Nguyen Xuan Phuc during his state visit to Singapore. The MoU marks one of the largest investments sealed between a Singaporean company and the government of Vietnam during the state visit.
The MoU further reinforces CLD’s long-term commitment to Vietnam’s economic development. In the next five years, CLD plans to accelerate its growth, expanding its portfolio in asset classes such as data centres, logistics facilities as well as industrial and business parks. CLD will also seek master planning and urban development opportunities, while expanding its current residential portfolio.
Mr Jason Leow, CEO of CLD said: “CLD remains committed to being a long-term partner to Vietnam’s economic development. Our master planning and urban development expertise and extensive local knowledge, puts us in a strong position to contribute to the next stage of Vietnam’s industrialisation and modernisation. Vietnam is one of our core markets and we aim to accelerate our investment in the country over the next five years, deepening the significant presence we have established in Vietnam for almost three decades. We continue to see opportunities to scale up our investments in township developments, especially in the fast-growing secondary cities, and further expand our interests in data centres, logistics as well as industrial and business parks.”
“As a responsible real estate company, CLD seeks to create quality spaces for the community to live, work and play through sustainable and innovative solutions to enrich their lives. Together with CapitaLand Hope Foundation, CLD will also continue to support local communities in Vietnam, particularly the development and education of vulnerable children in the country,” added Mr Leow.
Mr Ronald Tay, CEO of CLD (Vietnam) said: “We look forward to working closely with the People’s Committee of Bac Giang province and contribute to the province’s urbanisation through the development of sustainable and smart real estate projects. As President Phuc had invited CLD to consider investing in industrial developments in his previous capacity as the Prime Minister of Vietnam, we are especially pleased to have him witness this MoU exchange.”
“The investment opportunity will be CLD’s first industrial, logistics and township development in Vietnam. Our proposed investment in Bac Giang for the ecological industrial park, modern logistics park and smart township over 400 hectares will support the creation of a dynamic supply chain network in Vietnam’s northern key economic region. It will also potentially create over 20,000 new jobs and improve the standard of living for Bac Giang’s residents and workforce, uplifting the overall Bac Giang community,” added Mr Tay.
1Based on the exchange rate of S$1 to VND16,954 unless stated otherwise
