Construction of the Vietnam-Singapore Industrial Park (VSIP) Thai Binh officially began on Wednesday with a groundbreaking ceremony in northern Vietnam’s Thai Binh Province, marking it as the 20th VSIP project in the country.

The event was attended by Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong, who was on an official visit to Vietnam.

VSIP Thai Binh represents an investment of VND4,932 billion ($193 million) and spans 333.4 hectares in Thai Thuy District of the province, with 278 hectares designated for initial development.

The future park aims to attract high-tech, energy-efficient, and environmentally friendly projects, stated the project's investor, VSIP Urban and Industrial Park Development Joint Stock Company, a joint venture between Singapore’s Sembcorp and Vietnamese conglomerate Becamex IDC Corporation.

The investor added that it will collaborate with local authorities to select qualified secondary investors, ensuring that outdated and obsolete technologies that cause environmental pollution are not introduced into the park.

Strategically located in the Red River Delta and near the Hanoi-Hai Phong-Quang Ninh economic triangle, VSIP Thai Binh is expected to play a key role in driving regional economic restructuring and promoting sustainable growth.

During the ceremony, the two prime ministers praised the growing strength of Vietnam-Singapore diplomatic and economic relations, which is reflected in concrete projects that bring tangible benefits and material wealth to both nations.

PM Chinh highlighted that with over 4,000 investment projects totaling more than $80 billion, Singapore is Vietnam’s second-largest foreign investor. He called the network of 20 VSIPs a symbol of the two countries' long-term and effective cooperation.

PM Wong described the Thai Binh project as a milestone in the three-decade partnership and affirmed Singapore’s confidence in Vietnam’s growth.

Wong emphasized that once VSIP Thai Binh is connected to Lach Huyen Port in Hai Phong City via an expressway, it will play a crucial role in supporting major factories in the region as well as attracting investment in high technology and the manufacturing sector.

He believes that VSIP Thai Binh will help attract more investment projects to Vietnam, bringing benefits to both nations and enhancing economic connectivity between them, according to the Vietnam News Agency.

Both leaders voiced their support for upgrading the current VSIP model, referred to as VSIP 1.0, to second-generation industrial parks, or VSIP 2.0, which will feature smart technologies, digital and green transformation, artificial intelligence, and a strong commitment to environmental and social responsibility.

PM Chinh urged Singapore to continue promoting the development of VSIP 1.0 while investing sustainably in VSIP 2.0, which he envisioned as ecosystems of advanced science and technology, modern technology, and innovation.

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