The construction of three Vietnam-Singapore Industrial Park (VSIPs) in southern Can Tho City, northern Bac Ninh Province, and north-central Nghe An Province commenced during a conference to promote cooperation projects between Vietnam and Singapore in Hanoi on Tuesday.

Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lee Hsien Loong attended the conference, together with hundreds of leaders of ministries, agencies, localities, and enterprises from the two countries.

The two government leaders also witnessed the announcement of the construction approval for four VSIPs in northern Lang Son and Thai Binh Provinces, north-central Ha Tinh Province, and south-central Binh Thuan Province.

The conference also featured the announcement of memoranda of understanding on studying the feasibility of such industrial parks in many Vietnamese localities, including Binh Phuoc, Tay Ninh, Khanh Hoa, Thua Thien-Hue, Thanh Hoa, Nam Dinh, Ninh Binh, Hai Duong, and Hai Phong.

Unlike Bac Ninh and Nghe An, which have been home to a VSIP each, the VSIP Can Tho is the first one of its kind in the southern city and the Mekong Delta as a whole.

Secretary of the Can Tho Party Committee Nguyen Van Hieu told Tuoi Tre (Youth) newspaper that the city considers the VSIP Can Tho a key project which will help the city boost industries, services, trade, and hi-tech agriculture.

The industrial park will help create jobs for local laborers and those in neighboring provinces, the municipal official noted.

Many other cooperation projects between the two countries were also launched at the conference, such as the Vietnam-Singapore Innovation Center in Binh Duong Province, located in southern Vietnam, and renewable energy projects.

Speaking at the conference, Singaporean PM Lee recalled that he attended the groundbreaking ceremony for the VSIP Quang Ngai, the fifth VSIP in Vietnam, 10 years ago.

VSIPs have since spread to many localities across Vietnam, attracting a total investment of US$18 billion and creating 300,000 jobs, Lee added.

“The success of VSIPs over the past years could not have been achieved without the support of Vietnamese authorities,” he said.

Vietnamese PM Chinh emphasized that Singapore is an important partner of Vietnam. The two countries have a good foundation to upgrade their ties to new heights.

The Vietnamese government chief affirmed that the VSIP model is a success and will achieve more success in the coming time.

“Your success is our success. With the spirit of mutual benefits and risks, Singapore will get success when investing in Vietnam,” PM Chinh asserted.

There are currently 14 VSIPs in 10 localities in Vietnam, Nhan Dan (People) newspaper reported.

Singapore ranks second among the 143 countries and territories investing in Vietnam, with nearly 3,300 projects worth $73.5 billion.

Meanwhile, Vietnam is running 153 investment projects in Singapore with a total investment of more than $690 million, ranking 10th among the 80 foreign investors in the city-state.

The two countries reported trade amounting to $9.15 billion last year and $4.5 billion in the first half of 2023.

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