Work starts on 7th Vietnam-Singaspanore Industrial Park

Vietnam and Singapore have cemented their strategic partnership as the first sod was turned Wednesday on a flagship industrial park in the north-central province of Nghe An that demonstrates the strong bilateral economic cooperation between the two countries.

>> An audio version of the story is available here

The groundbreaking ceremony for the Nghe An Vietnam-Singapore Industrial Park (VSIP Nghe An), the seventh of its kind in the country, was attended by Vietnamese Prime Minister Nguyen Tan Dung and Singaporean Minister for Trade and Industry Lim Hng Kiang.

“The success of this project will not only bring practical benefits to the two countries but also fortify their strategic partnership and commitment to connect the Vietnamese and Singaporean economies,” the Vietnamese premier said.

The VSIP Nghe An is an integrated township and industrial park developed by Vietnam Singapore Industrial Park Joint Venture Co. (VSIP JV), a joint venture between Vietnam’s Becamex IDC Corporation and a Singaporean consortium in which Sembcorp Development holds a 92.9 percent stake.

Sembcorp Development is a wholly-owned subsidiary of Sembcorp Industries, a leading Singaporean energy, water and marine group.

Becamex IDC owns 49 percent of the VSIP JV.

The VSIP Nghe An will span a total area of 1,475 hectares, with the first phase comprising 750 hectares and costing a total of VND1.65 trillion (US$73.97 million).

Nghe An, located 400 kilometers south of Hanoi and 70 kilometers from the border with Laos, plays a supporting role to the Vietnamese capital city.

The VSIP Nghe An will mostly target garment manufacturers, agribusinesses and fast moving consumer goods firms as its favorite tenants, who will be able to enjoy special economic zone incentives from local authorities, according to Sembcorp Development.

The latest facility adds to the list of six existing VSIPs across Vietnam, two of which sit in the southern province of Binh Duong, one in Quang Ngai Province in the central region, and one each in Bac Ninh Province, Hai Phong City and Hai Duong Province in the north.

The first VSIP was established in Binh Duong in 1996, and the second came on stream ten years later in the same province.

The VSIP reflects excellent bilateral economic ties between Vietnam and Singapore, Singaporean Prime Minister Lee Hsien Loong said in a statement prior to his Vietnam visit in 2013.

The existing VSIPs have collectively attracted investment worth $7.9 billion from 593 firms and generated 160,000 jobs.

Singapore is one of Vietnam’s top trade partners, with bilateral trade value expanding at an average pace of 20 percent annually in the last ten years.

Trade value topped $10 billion in 2014 and is expected to rise to $11 billion this year.

Singaporean investors have so far pledged $33 billion worth of investment in Vietnam, with most of the existing projects proving a success.

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Work starts on 7th Vietnam-Singaspanore Industrial Park

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