Nghe An Province in north-central Vietnam has secured a significant investment from Singapore with the approval of the Vietnam-Singapore Industrial Park (VSIP) Nghe An 3 project, valued at US$52.5 million.

The announcement was made on Wednesday during Vietnamese Party General Secretary To Lam’s official state visit to Singapore, following his high-level talks with Singaporean Prime Minister and Secretary-General of the ruling People's Action Party Lawrence Wong.

The project approval was among several cooperation agreements exchanged between the two countries.

Nguyen Duc Trung, secretary of the Nghe An Party Committee, and Dang Khanh Toan, secretary of the Party Committee in northern Nam Dinh Province, presented decisions approving the investment for the VSIP Nghe An 3 and VSIP Nam Dinh’s phase one to representatives of Sembcorp and VSIP Group.

VSIP Nghe An 3 will span over 181 hectares in Hung Nguyen District, within the Southeast Economic Zone, making it the third VSIP in this north-central province.

VSIP Group’s presence in Nghe An began in 2015 with the VSIP Nghe An 1 industrial, urban, and service project, spanning 750 hectares in Hung Nguyen District and carrying a price tag of $359 million.

In February 2023, VSIP Group initiated the 500-hectare VSIP Nghe An 2, also known as Tho Loc Industrial Park’s phase one, in Dien Chau District, with a $164.6-million investment.

To date, VSIP Nghe An Co., Ltd. has attracted 54 secondary projects with a total registered capital of over VND64.7 trillion ($2.5 billion).

Notably, foreign direct investment (FDI) in VSIP projects accounts for 53.1 percent of all FDI inflows into Nghe An.

In 2024, Nghe An attracted nearly $1.75 billion in FDI, ranking eighth among Vietnam’s 63 provinces and cities. VSIP Nghe An Company alone secured eight FDI projects totaling nearly $1.4 billion.

VSIP is recognized as a successful FDI project in Nghe An and is poised to become a key driver of the province’s industrial development. 

As for Singapore’s Sembcorp Industries, it has invested in 18 VSIP projects across 13 Vietnamese provinces and cities, creating over 300,000 jobs. 

VSIP, a joint venture between Vietnam and Singapore, is considered a symbol of economic cooperation between both nations.

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