BÌNH DƯƠNG – The Việt Nam Singapore Industrial Park Joint Venture Company (VSIP) plans to expand its scale in Bình Dương and Bắc Ninh provinces to offer more diverse services to investors.

Kelvin Teo, co- chairman of VSIP Group Management Board, said that two Memoranda of Understanding (MoU) had been signed with local authorities.

“These two expansions will potentially add 1,500ha to the current 6,660 ha of the existing seven VSIP projects,” he said. “We’re still studying their feasibilities.”

Teo also said that during 20 years operating in Việt Nam, VSIP had attracted US$9 billion investment from more than 630 multi-national companies.

The company has brought more than 174,000 jobs to the industrial service sector, supporting the rise of the country’s middle class.

“Factories no longer serve only the domestic market, but also multiple markets. VSIP is therefore exploring innovation hubs for Việt Nam,” Teo said. “We believe that Việt Nam can embrace greater sophistication expected of foreign factories, but we will need the Government’s support in readying the Vietnamese in education and skills development.”

Việt Nam – Singapore relations

Singapore has deep economic ties with Việt Nam, with bilateral trade growing steadily, doubling over the past decade to reach $16 billion in 2015. 

Singapore is Việt Nam’s sixth largest trading partner, while Việt Nam is Singapore’s 11th largest trading partner.

Speaking at the 20th anniversary of VSIP on Wednesday, Deputy Prime Minister Trương Hoà Bình praised the contribution of Singaporean businesses operating in Việt Nam.

Singaporean investors have made a hugely significant contribution to the Vietnamese economy across different provinces, in sectors such as oil exploration, industrial manufacturing, agriculture, forestry and seafood processing, and most notably in the fields of infrastructure, business services and real estate, Bình said.

He said that the Government pledged to continue putting in place policies to stabilise the investment environment, promote the reform of administrative processes for a more efficient approach, streamline the legal system and create favourable conditions for foreign enterprises.

Teo Chee Hean, Singapore’s Deputy Prime Minister, said that Việt Nam continued to enjoy one of the highest economic growth rates in our region. 

“Its young population, vibrant workforce and rising middle class are Việt Nam’s comparative advantages.  The Government has also progressively reformed and liberalised the economy,” he said.

“It has built up a strong network of bilateral and multilateral free trade agreements, and advocated for agreements connecting our region such as the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership. Such efforts will improve Việt Nam’s business environment, facilitate investments and open up new opportunities for foreign companies, including those from Singapore.” VNS