VSIP – an effective cooperation model between Vietnam and Singapore

(VOVworld) – Over the years, economic cooperation between Vietnam and Singapore has benefited both countries. Established 20 years ago, the Vietnam Singapore Industrial Park (VSIP) has been a successful joint venture model. At a groundbreaking ceremony for a VSIP project in Nghe An province on September 16th, Prime Minister Nguyen Tan Dung praised the flagship role of the VSIP model in the bilateral cooperation ties, profiting their enterprises, cementing their strategic partnership, and connecting the two economies.

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An overview of the Vietnam-Singapore Industrial Park in central Quang Ngai province
(Photo: VNS/VNA)

In the 20 years since the first Vietnam Singapore Industrial Park was founded in Binh Duong province, six other parks have been set up and developed successfully in Vietnam with a modern and environmental-friendly infrastructure.

VSIP has become an outstanding model of socio-economic development and investment attraction in Vietnam.

VSIP Nghe An was the 7th project of VSIP in Vietnam following VSIPs in provinces of Binh Duong, Bac Ninh, Hai Phong, Hai Duong, and Quang Ngai.

VSIP projects cover nearly 6,200 hectares involve investment capital of almost 8 billion USD, and have created jobs for more than 155, 000 people.

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Vietnamese PM Nguyen Tan Dung, Minister for Trade and Industry of the Republic of Singapore Lim Hng Kiang, and leaders of ministries, agencies of two countries at the ground breaking ceremony. (Photo: SGGP)

VSIP Nghe An is an integrated township and industrial park located in an area of about 1,500 hectares with a total investment capital of 76.4 million USD.

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At the groundbreaking ceremony for VSIP Nghe An, Prime Minister Nguyen Tan Dung called on “provincial leaders, agencies, sectors, and people in the project areas to support and strictly coordinate with the investor to keep the project on track and ensure its quality, safety, efficiency, the environment, and social security for local residents. I hope that once the newly-established VSIP in Nghe An is successful, it will boost the socio-economic development of Nghe An and the entire region and benefit both nations. Moreover, it will contribute to strengthening the bilateral strategic partnership and connecting the two economies.”

On top of investment attraction and economic development, VSIP projects also focus on the sustainable growth in localities. The models in Binh Duong, Bac Ninh, and Hai Phong have lured 490 domestic and foreign investors, invested more than 6.2 billion USD and generated jobs for 140,000 people.

Nguyen Xuan Thuy, Director of Quang Ngai’s Industry and Trade Department, said “when the Vietnam-Singapore Industrial Park was built in the province, it helped us in many fields, including infrastructure, accommodations for workers, and the establishment of urban centers. Industrial parks like VSIP support the Dung Quat Economic Zone.”

Singapore’s direct investment in Vietnam has steadily increased in recent years, reaching nearly 33 billion USD with almost every project producing positive results and benefiting both countries.

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