SINGAPORE - Singapore industrial conglomerate Sembcorp Industries said on Monday it has obtained approval to proceed with a US$337.82 million (S$424 million) industrial park and 1,200-megawatt power plant in Vietnam.

A Vietnamese-Singapore joint venture involving Sembcorp will develop the industrial park in Quang Ngai Province in central Vietnam, Sembcorp said in a statement.

The Vietnam-Singapore Industrial Park Quang Ngai will comprise a 600-hectare industrial park as well as a 520-hectare site zoned for commercial and residential development. The park will be the Sembcorp-led consortium's fifth in the country.

The Singapore firm also said its unit Sembcorp Utilities was granted in-principle approval to develop the 1,200-megawatt power plant in Dung Quat Economic Zone in Quang Ngai.

Sembcorp is currently assessing the feasibility of this project, it said.

Sembcorp businesses include oil rig building and ship repair, which come under listed Sembcorp Marine, as well as industrial parks, water and power generation.