KBC partners SP Group to study and develop Vietnam's first district cooling system for industrial parks

Ho Chi Minh City, 21 May 2026 – Kinh Bac City Development Holding Corporation (HOSE: KBC) and SP Energy Vietnam Co., Ltd. (SP Energy Vietnam), a wholly-owned subsidiary of SP Group (SP), have signed a Memorandum of Understanding to study and develop a district cooling system model at industrial parks developed and managed by KBC. 

The event marks an important milestone in KBC’s strategy to develop green and sustainable industrial parks with integrated modern utility infrastructure. Through this partnership, KBC and SP will jointly study district cooling system designs that are tailored for the operational needs of industrial parks in Vietnam, with the aim of enhancing energy efficiency, optimising operating costs for tenants and supporting carbon emissions reduction objectives. 

KBC pioneers the upgrading of Vietnam’s industrial park development model 

As one of Vietnam’s leading industrial park developers, KBC has attracted a wide range of domestic and foreign investors across manufacturing, high technology, digital infrastructure, and industrial services. The partnership with SP further reflects KBC’s strategic direction to expand the industrial park value chain beyond traditional production infrastructure, gradually integrating value-added utility solutions for tenants. 

The study will look to integrate district cooling systems within industrial park models in Vietnam, in accordance with international standards. If successful, this will be the first deployment of district cooling in an industrial park in Vietnam, setting a new strategic direction for green and modern industrial park infrastructure. 

They will conduct technical assessments covering tenant demand, cooling load requirements and implementation feasibility. Both parties will also evaluate commercial models, investment structures and operating mechanisms, with a view to extend the district cooling model to other industrial parks within KBC’s ecosystem. 

Statements from KBC and SP leadership 

Speaking at the event, Ms Đặng Nguyễn Quỳnh Anh, Member of the Board of Directors, Head of the ESG Subcommittee, KBC, shared: “The signing of the Memorandum of Understanding with SP Energy Vietnam is an important step in KBC’s strategy to upgrade its industrial park development model. We aim for KBC’s industrial parks to be not only production destinations for domestic and foreign investors, but also green and smart industrial parks capable of providing integrated utility infrastructure. 

Through partnerships with experienced energy and utility infrastructure players such as SP, KBC expects to gradually study and implement new infrastructure solutions, including district cooling systems, to enhance service quality for tenants, strengthen the competitiveness of Vietnam’s industrial parks, and contribute to the country’s sustainable development objectives.” 

Mr Benjamin Tay, Chairman, SP Energy (Vietnam) Co. Ltd, added: “This partnership underscores our commitment in advancing sustainable energy solutions and decarbonisation efforts in Vietnam. Industrial parks are a strategic priority for us, as we enable energy-intensive industries to operate more efficiently and cost-effectively. By leveraging our expertise in district cooling solutions, we look forward to supporting Kinh Bac City Group in achieving its energy efficiency goals while contributing to a more sustainable future for Vietnam.” 

Advancing green and sustainable development 

The study and development of district cooling systems align with the shifting priorities of global investors, particularly high-tech manufacturers, data centers, electronics, semiconductors, cold-chain logistics and other industries, with increasing requirements for energy efficiency, infrastructure reliability, and sustainable development standards. 

Through its partnership with SP, KBC aims to build an integrated industrial park ecosystem capable of providing modern, efficient, and environmentally-friendly infrastructure services. This also aligns with Vietnam’s green growth orientation, sustainable development strategy, and national carbon emissions reduction targets. 

SP’s district cooling expertise 

SP Group is a leading sustainable energy solutions and utilities provider in Asia Pacific, and Southeast Asia’s largest district cooling operator with projects in Singapore, China, Thailand and Vietnam. SP operates the world’s largest underground district cooling network at the Marina Bay financial district in Singapore. In Vietnam, SP partnered Hoa Sen Group, one of Southeast Asia’s leading steel manufacturers, to deliver Vietnam’s first industrial Cooling-as-a-Service project. SP has also deployed its sustainable cooling solutions at other iconic developments in the region such as Raffles City Chongqing and the Guangzhou Knowledge Tower in China, and Government Complex Zone C in Thailand.  

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About KBC 

Kinh Bac City Development Holding Corporation (HOSE: KBC) is one of Vietnam’s leading companies in industrial park and urban development. With large-scale industrial parks across key provinces and cities, KBC has attracted numerous domestic and international corporations and investors, making significant contributions to industrial infrastructure development, foreign investment attraction, and economic growth in Vietnam. 

About SP Group 

SP Group is a leading utilities provider in Asia Pacific, empowering the future of energy through low-carbon, smart solutions. It owns and operates electricity and gas transmission and distribution networks in Singapore and Australia. As Singapore’s national grid operator, SP Group serves approximately 1.7 million industrial, commercial, and residential customers with world-class transmission, distribution, and market support services. 

Beyond traditional utilities, SP Group delivers integrated sustainable energy solutions across Singapore, China, Thailand, and Vietnam. These solutions include district cooling and heating, renewable energy, EV charging infrastructure, and digital energy platforms tailored for districts, communities, and commercial and industrial customers. For more information, please visit spgroup.com.sg or follow us on Facebook, LinkedIn and Instagram.