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INVESTMENTINDUSTRIAL ZONE

VSIP draws total investment of over 9 billion USD after 20 years

Updated at Friday, 16 Sep 2016, 14:21
The Hanoitimes - A ceremony celebrating the 20th anniversary of the Vietnam-Singapore Industrial Parks (VSIP) was held in the southern province of Binh Duong on September 14. The VSIP has so far attracted 630 enterprises from 30 countries and territories and a total capital of over 9 billion USD.
Deputy Prime Minister (PM) Truong Hoa Binh and Singaporean Deputy PM and Coordinating Minister for National Security Teo Chee Hean attended the event.
At the ceremony.
At the ceremony.
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. 
Seven VSIPs have been established across three regions of Vietnam in the past 20 years. From the initial industrial park, the later facilities have developed into industrial-urban-service complex, attracting industries of high value and high-quality workforce. 
The VSIP has contributed significantly to Vietnam's economic growth in the recent 20 years and has been considered to be a symbol of the close cooperation between Vietnam and Singapore. 
According to the VSIP’s Board of Directors, VSIP has so far attracted 630 enterprises from 30 countries and territories and a total capital of over 9 billion USD, generating jobs for 174,000 Vietnamese workers. 
Speaking at the ceremony, Deputy PM Binh said the VSIP chains have contributed to boosting the two countries’ ties.
The Deputy PM 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 investors in particular. 
He expressed his hope that the VSIP chains will continue to be a symbol of the close cooperation between the two countries. 
Addressing the event, Deputy PM Teo Chee Hea said that the first success of VSIP in 1996 has paved the way for the VSIP chains in Vietnam.
The VSIP 1 in Binh Duong province
The VSIP 1 in Binh Duong province
He also expressed his wish that VSIP projects will continue to reap more achievements, contribute to economic growth as well as promote close cooperation between Singapore and Vietnam in the coming years.
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. 
Thu Minh
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