Enhanced systems and methods for collision avoidance of a high value asset with reflective beacons around it using multi-sensor data fusion on a mobile industrial vehicle. The system has a sensing processing system with a LiDAR and camera sensors, and a multi-processor module responsive to the different sensors. The sensing processing system fuses the different sensor data to locate the reflective beacons. A model predictive controller on the vehicle determines possible control solutions where each defines a threshold allowable speed for the vehicle at discrete moments based upon an estimated path to a breaching point projected from the reflective beacons, and then identifies an optimal one of the control solutions based upon a performance cost function and associated with an optimal threshold allowable speed. The system has a vehicle actuator configured to respond and alter vehicle movement to avoid a collision when the vehicle exceeds the optimal threshold allowable speed.