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.
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.
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.