The Hanoitimes - The BW Industrial Development JSC, a joint-venture between the US private equity fund Warburg Pincus and Vietnam’s Investment and Industrial Development Corporation (Becamex IDC), made debut in the southern province of Binh Duong on May 15.
With over 2 million sq.m of industrial land and 200 million USD in initial capital, BW is considered the largest supplier of industrial properties and logistics services in Vietnam, thus meeting demand of multinational corporations and e-commerce companies.
BW will support Vietnam’s sustainable development and serve as a strategic investor in the global supply chain. With a mission to offer added value services to other economies, it ensures the supply of the best solutions in real estate, mechanical engineering, electronics, automobile manufacturing, garment, leather and footwear.
Provincial leaders offered flowers to congratulate the event. Photo: Binhduong.gov.vn
The company has bought land for eight projects in five localities lying in key economic zones in the north and south, including Binh Duong, Dong Nai, Hai Phong, Hai Duong and Bac Ninh.
Warburg Pincus Executive Director in Southeast Asia Jeffrey Perlman said with a 100 million population and diverse sectors, manufacturing industry and domestic consumption have become a priority in Vietnam’s economic growth.
Nguyen Van Hung, Becamex IDC General Director, said Becamex commits a 30 percent capital to the partnership in service of the local socio-economic development.
Warburg Pincus is a private equity fund that holds assets worth over 44 billion USD and also one of the leading logistics service suppliers. Meanwhile, Becamex IDC is a developer of industrial and urban areas with the largest land base in Vietnam.
Throughout its history, Becamex signed contracts with infrastructure developer Tokyu in Tokyo and Semcorp – a member of Singapore’s Temasek via the Vietnam – Singapore Industrial Park projects. It is known as one of the most successful industrial property developers in Vietnam with a capital of more than 10 billion USD currently.
The new company has total capital of over USD 200 million and will develop industrial estate and logistics facilities for lease.
Addressing the inaugural ceremony, Nguyen Van Hung emphasized that the new joint venture's focus is to support sustainable industrial development in Vietnam and become strategic investor in the global supply chain. With its role to provide services to other economic sectors, BW aims to satisfy the rising demand for modern logistics and industrial real estate platform of investors.
On behalf of provincial leaders, Mai Hung Dung, Member of Provincial Standing Party Committee, Standing Vice Chairman of Provincial People's Committee expressed his congratulation and wished the new company success in his business while expecting that BW Industrial will keep on expanding its production and bring more investors to Binh Duong, contributing to the socio-economic development of the locality.
Local authorities will always improve the investment climate, renovate the infrastructure to further satisfy the demand of businesses and to create favorable conditions for investors to thrive their business in Binh Duong.