Investment
VSIP is the biggest Singaporean investor in Vietnam
Deputy PM Truong Hoa Binh and Singaporean Deputy PM, Coordinating Minister for National Security Teo Chee Hean have recently attended the 20th anniversary of the establishment of Vietnam-Singapore Industrial Park (VSIP) in the southern province of Binh Duong.
Speaking at the ceremony, Deputy PM Binh hailed the developments in Viet Nam-Singapore Strategic Partnership relations with more than 1,600 valid projects, worth US$38 billion.
Singapore’s projects have been launched effectively and widespread around the nation in terms of oil exploration, industrial production, agricultural processing, infrastructure, services and real estate which help create jobs, increase exports and boost up economic growth for Vietnam. The success and symbol of the VSIP is considered as a crucial mark contributing to the two nations’ economic, trade and investment relations, he added.
The Vietnamese Government highly appraised contributions of the Singaporean businesses in Viet Nam, affirming to stabilize the investment environment, accelerate administrative procedure reform, complete the legal system and facilitate foreign investors in general and Singapore ones, in particular, the Deputy PM said.
He expected that with the support of the two Governments, the VSIP continues to be a cooperative symbol of the two sides, making contribution to deepen Viet Nam-Singapore Strategic Partnership relations.
The Singaporean Deputy PM lauded the ceremony, which has marked the development in the two nations’ relations as well as hailed Viet Nam’s outstanding achievements in all fields. As many as seven VSIPs have been built nationwide over the recent 20 years. A total number of 630 enterprises from 30 nations and territories have poured US$9 billion in the VSIPs, generating 170,000 jobs and contributing US$32 billion to the total export turnover.
Deputy Prime Minister Truong Hoa Binh has said the chains of Vietnam-Singapore Industrial Parks (VSIP) have contributed to deepening the two countries’ ties and wishes they will continue to be a symbol of the close cooperation between the two countries. He said the Vietnamese government highly values contributions by Singaporean firms in Vietnam, and vows to accelerate administrative procedures and offer all possible support to foreign businesses in general and Singaporean ones in particular.
Teo Chee Hean, for his part, recalled that the idea of building a Singapore-standard industrial park in Vietnam was first raised by PM Vo Van Kiet during the visit by his Singaporean counterpart Goh Chok Tong in 1994. Two years later, the first VSIP – a joint venture between Vietnam’s Becamex IDC and a consortium of three companies from Singapore led by SembCorp Group, was inaugurated in Binh Duong.
Over the course of 20 years, seven VSIPs have been established across three regions of Vietnam. From the initial industrial park, the later facilities have developed into industrial-urban-service complex, attracting industries of high value and high-quality workforce.
Chairman of the VSIP’s Board of Directors and Becamex IDC’s General Director Nguyen Van Hung said VSIP has so far attracted 630 enterprises from 30 countries and territories and a total capital of over 9 billion USD, generating jobs for 174,000 Vietnamese workers.
On the occasion, VSIP announced the signing of a memorandum of understanding to survey the possibility of expanding the two facilities in Binh Duong and Bac Ninh, adding an extra 1,500ha to the total 6,660ha of seven VSIPs in Binh Duong, Bac Ninh, Hai Phong, Quang Ngai, Hai Duong and Nghe An.
Singapore has more than 1,600 valid investment projects with a total registered capital of over 37.9 billion USD in Vietnam at present, mainly in manufacturing and processing, making Singapore the third largest investor in the country, after the Republic of Korea and Japan.
Foreign direct investment (FDI) from Singapore has entered 18 of 21 economic sectors in Vietnam, with the major investment areas being processing and manufacturing, where Singaporean firms have been involved in 494 projects with total registered capital of over 16 billion USD, accounting for more than 44 percent of the island country’s investment.
Singaporean investment is present in 46 of 63 provinces and cities of Vietnam. The southern city of Ho Chi Minh attracts the most FDI from Singaporean firms with 799 projects and nearly 10 billion USD registered capital, followed by the capital city of Hanoi with 256 projects and nearly 5 billion USD registered capital.
The signing ceremony
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The Vietnamese Government highly appraised contributions of the Singaporean businesses in Viet Nam, affirming to stabilize the investment environment, accelerate administrative procedure reform, complete the legal system and facilitate foreign investors in general and Singapore ones, in particular, the Deputy PM said.
He expected that with the support of the two Governments, the VSIP continues to be a cooperative symbol of the two sides, making contribution to deepen Viet Nam-Singapore Strategic Partnership relations.
Deputy PM Truong Hoa Binh and Singaporean Deputy PM, Coordinating Minister for National Security Teo Chee Hean
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Deputy Prime Minister Truong Hoa Binh has said the chains of Vietnam-Singapore Industrial Parks (VSIP) have contributed to deepening the two countries’ ties and wishes they will continue to be a symbol of the close cooperation between the two countries. He said the Vietnamese government highly values contributions by Singaporean firms in Vietnam, and vows to accelerate administrative procedures and offer all possible support to foreign businesses in general and Singaporean ones in particular.
Teo Chee Hean, for his part, recalled that the idea of building a Singapore-standard industrial park in Vietnam was first raised by PM Vo Van Kiet during the visit by his Singaporean counterpart Goh Chok Tong in 1994. Two years later, the first VSIP – a joint venture between Vietnam’s Becamex IDC and a consortium of three companies from Singapore led by SembCorp Group, was inaugurated in Binh Duong.
Over the course of 20 years, seven VSIPs have been established across three regions of Vietnam. From the initial industrial park, the later facilities have developed into industrial-urban-service complex, attracting industries of high value and high-quality workforce.
Chairman of the VSIP’s Board of Directors and Becamex IDC’s General Director Nguyen Van Hung said VSIP has so far attracted 630 enterprises from 30 countries and territories and a total capital of over 9 billion USD, generating jobs for 174,000 Vietnamese workers.
On the occasion, VSIP announced the signing of a memorandum of understanding to survey the possibility of expanding the two facilities in Binh Duong and Bac Ninh, adding an extra 1,500ha to the total 6,660ha of seven VSIPs in Binh Duong, Bac Ninh, Hai Phong, Quang Ngai, Hai Duong and Nghe An.
Singapore has more than 1,600 valid investment projects with a total registered capital of over 37.9 billion USD in Vietnam at present, mainly in manufacturing and processing, making Singapore the third largest investor in the country, after the Republic of Korea and Japan.
Foreign direct investment (FDI) from Singapore has entered 18 of 21 economic sectors in Vietnam, with the major investment areas being processing and manufacturing, where Singaporean firms have been involved in 494 projects with total registered capital of over 16 billion USD, accounting for more than 44 percent of the island country’s investment.
Singaporean investment is present in 46 of 63 provinces and cities of Vietnam. The southern city of Ho Chi Minh attracts the most FDI from Singaporean firms with 799 projects and nearly 10 billion USD registered capital, followed by the capital city of Hanoi with 256 projects and nearly 5 billion USD registered capital.
