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VietNamNews

PM greets S'pore Minister of Trade

Update: September, 17/2015 - 09:15
Prime Minister Nguyen Tan Dung receives Singaporean Minister of Trade and Industry Lim Hng Kiang yesterday. — Photo chinhphu.vn

HA NOI (VNS) — Prime Minister Nguyen Tan Dung received Singaporean Minister of Trade and Industry Lim Hng Kiang yesterday. The two attended the ground-breaking ceremony of a Viet Nam-Singapore Industrial Park (VSIP) in the central province of Nghe An.

Upon welcoming the minister, the PM congratulated his guest on the success of Singapore's recent general election.

He affirmed that the two countries' governments, ministries and sectors have actively implemented mechanisms to boost their comprehensive cooperation in trade, economics and investment.

Singapore's direct investments in Viet Nam have steadily increased over the years, reaching a total of US$33 billion. The VSIP model has already been successfully implemented in several Vietnamese localities and contributed to developing the nations' strategic partnership.

PM Dung promised that Vietnamese Government would create favourable conditions for foreign firms, especially those from Singapore, to make long-term investment and business in Viet Nam.

Minister Lim Hng Kiang said that Singapore's Government and enterprises always pay special attention to furthering investment in Viet Nam, as seen in the fact that Singapore is now the country's third largest investor.

VN-Singapore venture

The Viet Nam-Singapore Industrial Park Joint Venture Company (VSIP JV) held a ground breaking ceremony yesterday to mark the construction on an industrial-urban-service park in the central province of Nghe An's Hung Nguyen District.

The project is being built by VISP Nghe An, a member of the VISP JV, which is a joint venture between Viet Nam's Becamex IDC Corporation and a Singapore consortium led by Sembcorp Development.

The VSIP Nghe An is designed to be a mixed industrial park focusing on light and clean industries such as animal food processing, consumer production, electronics, automobile assembly, building materials and other supporting industries.

In phase one, 198 hectares of land will be dedicated to industrial purposes and 81 hectares of land are for commercial and housing purposes. The total cost of this phase is estimated at US$76.4 million.

In phase two, the project is set to be part of planning for the province's 1,096 hectare Southeast Economic Zone.

VSIP Nghe An hope to attract 150 hi-tech, clean and environmentally-friendly enterprises. It will also develop a commercial urban area which can accommodate 150,000 people with all basic infrastructure facilities, such as schools, hospitals, shopping centres and services.

PM Dung said VSIP Nghe An, once operational, will contribute to the socio-economic development of NgheAn in particular and the north central region.

He said the project will benefit the two governments and their nations' enterprises while helping cement the strategic partnership and their agreement to connect the two economies in the context of the formation of the ASEAN community with economy and trade as key pillars.

VSIP Nghe An is the seventh VSIP JV park in Viet Nam. Others were built in southern Binh Duong Province, northern Bac Ninh and Hai Duong provinces and Hai Phong City and central Quang Ngai Province.

The VSIPs have so far attracted $7.9 billion from 593 domestic and foreign businesses, generating about 160,000 jobs for local residents.

Also yesterday, during a working session with Nghe An authorities, PM Dung gave specific directions to develop the central province into a basically industrialised locality by 2020.

Strategically positioned as a gateway to Laos, Thailand and Cambodia and a north-south economic and cultural linkage, Nghe An boasts a vast area and plentiful natural and human resources.

The economy expanded by 7.24 per cent last year and is expected to hit 8-9 per cent this year, with the income per capita doubling to VND29 million ($1,300) from 2012.

The PM asked the province to accelerate administrative reform and improve the business climate while promoting trade and tourism. — VNS

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