Construction of new Việt Nam-Singapore IP begins in Lạng Sơn

June 14, 2024 - 18:12
The industrial park is expected to create about 40,000 jobs upon completion.
Officials view the scale model of the Việt Nam Singapore Industrial Park project in Lạng Sơn at the event. — VNA/VNS Photo Văn Đạt

LẠNG SƠN — The Lạng Sơn Provincial People’s Committee and the Việt Nam Singapore Industrial Park and Township Development Joint Stock Company (VSIP JSC) on Friday commenced the construction of VSIP Lạng Sơn project – the 16th of its kind in Vietnam.

The VSIP Lạng Sơn covers an area of nearly 600ha in two communes of Hồ Sơn và Hòa Thắng in Hữu Lũng District.

The project has a total investment of VNĐ6.4 trillion (US$250 million) with the investor VSIP JSC contributing over VNĐ954 billion ($37.5 million).

The first phase of the project is expected to be completed and go into operation in the third quarter of 2025 while the second phase will complete in September 2026 and the third phase in September 2027. The industrial park is expected to create about 40,000 jobs upon completion.

Speaking at the groundbreaking ceremony, Lạng Sơn Provincial People’s Committee chairman Hồ Tiến Thiệu said that the park would bring great benefits to the investors, help to increase the province’s industrial production value and goods production value, create more jobs and incomes for local people, and contribute to the local socio-economic development.

It also helps show the province’s efforts in implementing administrative reforms, improving business investment climate and attracting investors, he said.

Singaporean Ambassador to Việt Nam Jaya Ratnam said that the Việt Nam-Singapore IPs (VSIPs) are a symbol of bilateral relations between Singapore and Việt Nam.

The unprecedented expansion of the chain of VSIPs in recent years reflects not only the strong interest of foreign investors in Việt Nam but also the success of the Vietnamese government in creating a favourable investment environment, he said.

The diplomat expressed his hope that the VSIP Lạng Sơn will play a key role in facilitating higher-quality investments from Singapore, especially in infrastructure development, supply chain services and logistics, green economy and agricultural processing, which are areas with strong potential and ample room for further development.

The Singapore business federation will work with the Lạng Sơn authorities to explore opportunities in those areas for companies from Singapore. — VNS