The  Vietnam-Singapore Industrial Park (VSIP) Quang Ngai complex, the fifth of its kind in Vietnam, had its groundbreaking ceremony held Friday in the central province, an event attended by the Prime Ministers of the two countries.

The complex is expected to cover 1,120 hectares and requires a total investment of more than US$125 million.

The investment is a joint venture between Quang Ngai and Sembcorp Industries, a leading corporation in Singapore.

Speaking at the ceremony, Vietnamese Prime Minister Nguyen Tan Dung emphasized the significance of the construction of the project as it started on the occasion of the 40th anniversary of diplomatic ties between Vietnam and Singapore.

His Singaporean counterpart Lee Hsien Loong also asserted that the VSIPs are the symbol for the successful economic ties between Vietnam and Singapore.

But he also noted that the success of the VSIP Quang Ngai relies on the support of Vietnamese government in terms of infrastructure and investment incentives.

In response, PM Dung affirmed that the Singapore-invested in Quang Ngai will help the province attract more domestic and international investors, as well as generating jobs for local people.

He also ensured that the country’s government will always create favorable conditions for foreign investors, including those from Singapore.

“Vietnam has been improving its infrastructure and completing its legal system, while reforming administrative procedures in order to facilitate investors’ activities in the country,” he pressed.

The first of the parks was established in Binh Duong in 1996, and the VSIP II is also located in the southern province. The two remaining facilities are in northern Bac Ninh and Hai Phong provinces.

The four operational VSIPs have attracted more than $6 billion from about 500 companies from 25 nations and territories, and generated jobs for about 140,000 workers nationwide, VNA quoted PM Lee as saying.