Singaporean Deputy PM hails VSIP model (Photo: VNA)

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, according to the VNA.

First built in the southern industrial hub on the foundation of the sound friendship and economic cooperation between the two countries, the model has now been expanded to many localities in Vietnam, contributing to economic development in Binh Duong and the whole country, he said.

The Singaporean official lauded the development strategy of VSIP Group with the application of smart and sustainable innovations, including the VSIP 3 project.

According to Kelvin Teo, CEO of Sembcorp Development and Co-Chairman of the VSIP Group, to date, three VSIP projects have been developed in Binh Duong, drawing nearly 600 investors from 22 countries and territories with a total investment of over 8.6 billion USD, and generating about 150,000 jobs.

Vietnam-Singapore Industrial Park (VSIP) 1 in Binh Duong (Photo: VNA)

Particularly, the VSIP 3 project, which covers 1,000 hectares, marks an important milestone in the 26-year VSIP company, a joint venture between Vietnam's Becamex IDC Corporation and a Singaporean consortium led by Sembcorp Development. The industrial park has drawn many large-scale projects, including an over-1-billion USD factory by LEGO Group and a 100-million-USD project invested by Pandora Group.

VSIP Group has now operated 11 projects across the country with a total area of nearly 10,000 hectares, drawing 17 billion USD of capital and creating jobs for about 300,000 labourers.

Chairman of the People’s Committee of Binh Duong spoke highly of contributions of Singaporean investors, including the VSIP joint venture, to the socio-economic development of Binh Duong, expressing his hope that more Singaporean businesses will invest in the province.

He also briefed the guest on the local socio-economic situation, with gross regional domestic product (GRDP) growth of 6.84% in the first half of this year, and 2.58 million USD of foreign investment in the first eight months of 2022. As of the end of August, Binh Duong had lured nearly 39.6 billion USD of FDI, ranking second among the localities nationwide in FDI attraction.

Among the 65 countries and territories investing in Binh Duong, Singapore ranks third with 277 projects worth 5.4 billion USD.

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