Viet Nam, Singapore Establish More Joint Industrial Parks

11:06:56 AM | 8/30/2023

Prime Minister Pham Minh Chinh and his Singaporean counterpart Lee Hsien Loong attended an announcement ceremony of Viet Nam-Singapore investment cooperation documents that took place in Ha Noi on August 29.

Announcement ceremony of Viet Nam-Singapore investment cooperation documents, Ha Noi, August 29, 2023 

At the event, the two leaders witnessed the announcement of investment cooperation documents for 12 new Viet Nam-Singapore Industrial Parks (VSIP) in 12 localities namely Nam Dinh, Khanh Hoa, Ninh Binh, Hai Phong, Tay Ninh, Hai Duong, Thanh Hoa, Ha Tinh, Thua Thien-Hue, Binh Phuoc, Quang Ngai and Thai Binh.

Vietnamese Minister of Planning and Investment Nguyen Chi Dung granted investment certificates for VSIP Lang Son (in Lang Son province) and Son My 2 Industrial Park (in Binh Thuan province).  

The two Prime Ministers attended the groundbreaking ceremony of VSIP Can Tho, VSIP Bac Ninh 2 and VSIP Nghe An 2. 

Also at the event, all relevant sides announced the establishment of Viet Nam-Singapore Innovation Center in the southern province of Binh Duong. 

Singaporean PM Lee Hsien Loong addresses the event 

Addressing the event, Singaporean Prime Minister Lee Hsien Loong highlighted the significance of the year 2023 as the two nations are celebrating the 50th founding anniversary of diplomatic ties. 

Singapore is glad and honor to make contributions to the development of Viet Nam over the recent time, shared Lee. 

VSIPs in Viet Nam have attracted the total investment capital worth US$18 billion and created 300,000 jobs, he noted. 

He expressed his belief that VSIPs will make more contribution to Viet Nam's economic development as well as the bilateral economic cooperation activities. 

With Viet Nam's sustainable development strategy and its net-zero emission target by 2050, both nations could tap into more opportunities to bolster collaboration, particularly in terms of energy and innovation, emphasized Lee Hsien Loong. 

PM Pham Minh Chinh at the event

According to PM Pham Minh Chinh, economic-trade-investment ties is the most crucial pillar in Viet Nam-Singapore strategic partnership. 

Singapore ranked second among 143 nations and territories investing in Viet Nam with US$73 billion in 3,300 projects. 

Meanwhile, Viet Nam has invested US$700 million in 150 projects in Singapore, mainly focusing on science and technology. 

Remarkably, 11 VSIPs in Viet Nam have been operating, creating an important impetus for socio-economic development and becoming a model in the effective, sustainable and long-term cooperation between the two countries, stressed Pham. 

Pham called on both sides foster their economic linkages, with a focus on new areas such as digital transformation, green conversion, circular economy, innovation, and human resource training. 

Viet Nam expects to expand and uphold the effectiveness of VSIPs in a more sustainable manner, towards the formation of industrial-innovation-urban-service-high tech ecosystems in many localities, he added.

Source: VGP