Singapore, Vietnam to set up 12 joint industrial parks

Prime Ministers Lee Hsien Loong and Pham Minh Chinh of Singapore and Vietnam, respectively, attended a ceremony to unveil the investment cooperation documents for these 12 industrial parks.

The new Vietnam-Singapore Industrial Parks (VSIPs) will be located in Nam Dinh, Khanh Hoa, Ninh Binh, Hai Phong, Tay Ninh, Hai Duong, Thanh Hoa, Ha Tinh, Thua Thien-Hue, Binh Phuoc, Quang Ngai, and Thai Binh.

Nguyen Chi Dung, Vietnam's Minister of Planning and Investment, granted investment certificates for VSIP Lang Son in Lang Son Province and Son My 2 Industrial Park in Binh Thuan Province.

Both prime ministers also attended the groundbreaking ceremonies for VSIP Can Tho, VSIP Bac Ninh 2, and VSIP Nghe An 2.

Additionally, the establishment of a Vietnam-Singapore Innovation Centre in the southern province of Binh Duong was announced, according to Vietnamese media.

VSIPs in Vietnam have garnered a total investment capital of $18 billion and have created 300,000 jobs.

Singapore is the second-largest investor in Vietnam among 143 countries and territories, with an investment of $73 billion in 3,300 projects.

Conversely, Vietnam has invested $700 million in 150 projects in Singapore, primarily in the fields of science and technology.

Fibre2Fashion News Desk (DS)