Ascendas to build $130m business park in Vietnam

It’s the firm’s third project in the country.

Singapore's Ascendas Pte Ltd and Vietnam's Saigon Bund Capital partners have signed a joint venture deal to build a $130-million business park in Ho Chi Minh City, the two companies said on Thursday.

A report by Reuters says that OneHub Saigon will be Ascendas' third business park project in Vietnam, to be located at the Saigon Hi-Tech Park, 15 km from the city.

"As a rapidly developing market for higher-value industries, Vietnam is increasingly a location of choice for companies in the industrial, manufacturing and knowledge industries - many of whom are our customers," Han Ann Foong, country head for Ascendas Vietnam, said in a speech in Ho Chi Minh City.

Here’s more from Reuters:

The 12-hectare (30-acre) project will be completed in phases over seven years and will cater to companies in the hi-tech manufacturing, information technology and media and outsourcing industries.

Singapore is one of the biggest investors in Vietnam's industrial parks, with Ascendas running a 500-hectare (1,235-acre) tech park with Protrade in Binh Duong province while Sembcorp Industries Ltd jointly runs the Vietnam-Singapore industrial park project, which operates five facilities across the country.

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