VSIP – symbol of Vietnam-Singapore cooperation: Deputy PM

Deputy Prime Minister Truong Hoa Binh has said the chains of Vietnam-Singapore Industrial Parks (VSIP) have contributed to deepening the two countries’ ties and wishes they will continue to be a symbol of the close cooperation between the two countries.

He made the statement at a ceremony in the southern province of Binh Duong on September 14 celebrating VSIP’s 20th anniversary. The event was attended by Singaporean Deputy PM and Coordinating Minister for National Security Teo Chee Hean.

At the signing ceremony

Deputy PM Binh said the Vietnamese government highly values contributions by Singaporean firms in Vietnam, and vows to accelerate administrative procedures and offer all possible support to foreign businesses in general and Singaporean ones in particular.

Teo Chee Hean, for his part, recalled that the idea of building a Singapore-standard industrial park in Vietnam was first raised by PM Vo Van Kiet during the visit by his Singaporean counterpart Goh Chok Tong in 1994. Two years later, the first VSIP – a joint venture between Vietnam’s Becamex IDC and a consortium of three companies from Singapore led by SembCorp Group, was inaugurated in Binh Duong.

Over the course of 20 years, seven VSIPs have been established across three regions of Vietnam. From the initial industrial park, the later facilities have developed into industrial-urban-service complex, attracting industries of high value and high-quality workforce.

Chairman of the VSIP’s Board of Directors and Becamex IDC’s General Director Nguyen Van Hung said VSIP has so far attracted 630 enterprises from 30 countries and territories and a total capital of over USD 9 billion, generating jobs for 174,000 Vietnamese workers.

On the occasion, VSIP announced the signing of a memorandum of understanding to survey the possibility of expanding the two facilities in Binh Duong and Bac Ninh, adding an extra 1,500ha to the total 6,660ha of seven VSIPs in Binh Duong, Bac Ninh, Hai Phong, Quang Ngai, Hai Duong and Nghe An.

Earlier, Singapore Deputy PM held a working session with Binh Duong authorities.