SINGAPORE (Oct 20): Sembcorp’s joint venture (JV) company, Vietnam Singapore Industrial Park and Township Development Joint Stock Company (VSIP JSC), has signed a conditional JV agreement with Nishi-Nippon Railroad (NNR) to develop a residential project in Hai Phong city, Vietnam.

The JV company will be 30% owned by VSIP JSC and 70% by NNR.

VSIP JSC is a 45.2%-owned by Sembcorp Development, a wholly owned subsidiary of Sembcorp Industries and the rest owned by Vietnam state-owned enterprise Becamex IDC Corporation.

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