VSIP - Typical Evidence of Vietnam-Singapore Relations

On September 26, 2006, in Binh Duong province, Vietnam-Singapore Industrial Park (VSIP) celebrated the 10^th anniversary of its establishment. Present on the occasion were Prime Minister Lee Hsien Loong of Singapore, Prime Minister Nguyen Tan Dung of Vietnam and 500 local and foreign guests.

 

VSIP was established in 1996 by Vietnamese and Singaporean governments to create an ideal environment for foreign investors. In an area of 500 hectares, 230 projects of famous companies from 22 economies have invested over US$1.4 billion including Avon, Diethelm, Kimberly-Clark, Konica, Nitto Denko, Siemens, Rohto, Unilever and Roche. Presently, 150 factories are under operation with over 40,000 workers.

 

VSIP is also known as a perfect industrial zone with complete infrastructure and services for customers and investors. The joint venture is building another industrial zone with 345 hectares and 28 investors from 10 countries have already committed a total investment of US$200 million and the first factory will start operating by the end of this year. The success of VSIP has also contributed to the development of a modern trade-service-urban area complex worth US$58 by Goucoland company. Mapletree group (Singapore) has invested US$100 million to build a centre of storage and customs service for all industrial zones North of Binh Duong province.

 

Mr. Nguyen Hoang Son, Chairman of Binh Duong People’s Committee said, ”The event is not only important to Binh Duong and VSIP, but also to Vietnam as it marks the successful economic cooperation and friendship between Vietnam and Singapore, a turning point in the relationship between the governments and business communities of the two countries. It also helps Binh Duong promote further the favourable and efficient investment environment.