Singaporean President visits VSIP Bac Ninh. Photo: VNA

President of Singapore Halimah Yacob visited the Vietnam-Singapore Industrial Park (VSIP) in Tu Son city, the northern province of Bac Ninh, on October 18 as part of her ongoing State visit at the invitation of President Nguyen Xuan Phuc.

At the working session, Secretary of the provincial Party Committee Nguyen Anh Tuan said with a favourable geopolitical position and business environment, Bac Ninh has attracted nearly 1,800 foreign-invested projects worth over USD 2.29 billion from 38 countries and territories. It is now home to 16 industrial parks, two of which are invested by VSIP.

Singapore is now the third biggest investor in Bac Ninh with over 55 project valued at USD 1.98 billion, or 8.65% of the total foreign direct investment in the province, mostly in manufacturing and processing, hi-tech, clean and eco-friendly technology, industrial and urban infrastructure.

Bac Ninh’s industrial production is estimated at USD 1 billion, while the sector employs about 12,000 workers.

Tuan said the Singaporean President’s visit takes place at a time when the two countries are looking towards the 50th anniversary of diplomatic ties and the 10th anniversary of their bilateral strategic partnership next year.

President of Singapore Halimah Yacob in Bac Ninh. Photo: VNA

The host asked the Singaporean President to support activities at VSIP Bac Ninh, make it easier for Singaporean investors and firms to continue doing business in the province in the near future, particularly those in the fields of digital transformation, energy and green transition, as agreed during her talks with President Nguyen Xuan Phuc.

Singaporean President Yacob discussed with representatives of VSIP Group its projects in Vietnam, including those in Bac Ninh, its development orientations, and the role of local authorities in the development of projects in industrial parks.

VSIP Group is investing in 11 industrial-urban infrastructure projects in eight cities and provinces over a total area of 10,000ha, attracting over 900 investors from 30 countries with total FDI of more than USD 17 billion and generating jobs for over 300,000 workers.

In Bac Ninh, VSIP invests in VSIP Bac Ninh in Tu Son city and VSIP Bac Ninh II in Yen Phong district.

The State visit to Vietnam from October 16 to 20 by Singaporean President Halimah Yacob aims to elevate bilateral relations and further intensify the strategic partnership between the two countries.

At the signing a Memorandum of Understanding to deepen energy cooperation between Vietnam and Singapore. Photo: Singapore's Ministry of Communications and Information

Earlier, she and President Nguyen Xuan Phuc also witnessed the signing of two Memorandums of Understanding (MOUs) - on energy cooperation and carbon credits collaboration.

Minister of Industry and Trade Nguyen Hong Dien and Singapore's Manpower Minister Tan See Leng signed an MOU on Energy Cooperation after we reaffirmed our commitment to support and facilitate both our countries’ energy transition. This MOU will allow the two countries to develop and finance renewable energy, develop interconnectors for increased grid resilience and stability and electricity trading, R&D, and deployment of low-carbon energy technologies, amongst other areas of collaboration.

Minister of Natural Resources and Environment Dr Tran Hong Ha and Minister Leng reaffirmed Vietnam and Singapore’s commitment to reducing their carbon footprint and combat climate change. This is the MOU on Carbon Credits Collaboration, the first of its kind signed between Singapore and a fellow ASEAN Member State.

This MOU will enable the two countries to collaborate on carbon credit pilot projects which would support both countries in meeting their climate targets, while also facilitating the transfer of correspondingly adjusted carbon credits that are generated.

Another MOU was signed between the General Department of Vocational Education (under the Ministry of Labour, Invalids and Social Affairs of Vietnam) and the Singapore Institute of Technical Education, thereby marking the official cooperation between the two sides in the fields of education and training.

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