Vietnam - Singapore Industrial Parks to be Expanded in Binh Duong and Bac Ninh

Xuan Ha

14:27 15/09/2016


Vietnam - Singapore Industrial Park announced the explansion plan of 1,500 hectares for two parks in Binh Duong and Bac Ninh, alongside a third park to be constructed in Binh Duong in 2020. 

Vietnam - Singapore Industrial Parks to be Expanded in Binh Duong and Bac Ninh

Singapore's Deputy Prime Minister Teo Chee Hean at the ceremony. Photo credit: BizLIVE

Mr. Kelvin Teo, co-chairman of Vietnam - Singapore Industrial Park (VSIP) announced expansion plan for VSIP Binh Duong and VSIP Bac Ninh, as well as a new VSIP in Binh Duong. The news broke at the 20th anniversary ceremony of VSIP in Binh Duong New Township.

At the ceremony, Mr. Kelvin Teo and secretaries of Binh Duong and Bac Ninh provinces signed Memorandum of Understanding on further expansion of VSIP. The signing is witnessed by Republic of Singapore's Deputy Prime Minister Teo Chee Hean and Viet Nam's Permanent Deputy Prime Minister Truong Hoa Binh.

"I had the honor to accompany the late Prime Minister Lee Kwan Yew on my first trip to Vietnam in 1990. So far, I have been to Vietnam for 10 times and each time, I saw your country grew tremendously," said Mr. Teo Chee Hean.

Mr. Teo Chee Hean said that next week, Singapore's minister of trade and industry will meet with Vietnam's minister of planning and investment to discuss about more trade opportunities.

Mr. Truong Hoa Binh praised the bilateral cooperation of the two countries. "Vietnam and Singapore have been strategic partners since 2013. From that point onwards, the total investment from Singapore into Vietnam to this day has reached $38 billion. I believe with both governments' support, VSIP will continue to be a beacon of Vietnam and Singapore's cooperation," he said.

The first VSIP materialized as a token of diplomatic and trade agreement between Vietnam and Singapore, approved by Prime Minister Vo Van Kiet of Vietnam and Prime Minister Goh Chok Tong of Singapore in March 1994. Together, they witnessed the groundbreaking ceremony of VSIP 1 on May 14, 1995.

After 20 years of operation, all VSIP sites have attracted more than 600 companies with total registered investment of $9 billion. The total export value from VSIP is $32 billion as of September 2016. Firms in all VSIP sites employ more than 170,000 workers nationwide.

Until September 2016, VSIP has presence in Binh Duong, Bac Ninh, Hai Phong, Quang Ngai and Nghe An. Aside from developing industrial parks, VSIP has grown into a real estate developer with urban housing complexes in Binh Duong, Hai Phong and Bac Ninh.