Singaporean Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat visited Vietnam-Singapore Industrial Park (VSIP) 1 in the southern province of Binh Duong on September 14, during which he hailed the VSIP as the most successful model in Vietnam-Singapore partnership.
Singaporean Deputy PM hails VSIP model (Photo: VNA)
BinhDuong (VNA) – Singaporean Deputy Prime Minister and CoordinatingMinister for Economic Policies Heng Swee Keat visited Vietnam-SingaporeIndustrial Park (VSIP) 1 in the southern province of Binh Duong on September14, during which he hailed the VSIP as the most successful model inVietnam-Singapore partnership.
First built in the southern industrial hub on thefoundation of the sound friendship and economic cooperation between the twocountries, the model has now been expanded to many localities in Vietnam,contributing to economic development in Binh Duong and the whole country, hesaid.
The Singaporean official lauded the developmentstrategy of VSIP Group with the application of smart and sustainableinnovations, including the VSIP 3 project.
According to Kelvin Teo, CEO of SembcorpDevelopment and Co-Chairman of the VSIP Group, to date, three VSIP projectshave been developed in Binh Duong, drawing nearly 600 investors from 22countries and territories with a total investment of over 8.6 billion USD, andgenerating about 150,000 jobs.
Vietnam-Singapore Industrial Park (VSIP) 1 in Binh Duong (Photo: VNA)
Particularly, the VSIP 3 project, which covers1,000 hectares, marks an important milestone in the 26-year VSIP company, ajoint venture between Vietnam's Becamex IDC Corporation and a Singaporeanconsortium led by Sembcorp Development. The industrial park has drawn manylarge-scale projects, including an over-1-billion USD factory by LEGO Group anda 100-million-USD project invested by Pandora Group.
VSIP Group has now operated 11 projects across thecountry with a total area of nearly 10,000 hectares, drawing 17 billion USD ofcapital and creating jobs for about 300,000 labourers.
Chairman of the People’s Committee of Binh Duongspoke highly of contributions of Singaporean investors, including the VSIP jointventure, to the socio-economic development of Binh Duong, expressing his hopethat more Singaporean businesses will invest in the province.
He also briefed the guest on the localsocio-economic situation, with gross regional domestic product (GRDP) growth of6.84% in the first half of this year, and 2.58 million USD of foreigninvestment in the first eight months of 2022. As of the end of August, BinhDuong had lured nearly 39.6 billion USD of FDI, ranking second among thelocalities nationwide in FDI attraction.
Among the 65 countries and territories investingin Binh Duong, Singapore ranks third with 277 projects worth 5.4 billion USD./.
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Singaporean Deputy PM hails VSIP model (Photo: VNA) 
Vietnam-Singapore Industrial Park (VSIP) 1 in Binh Duong (Photo: VNA) 
