31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / News
Construction of US$280-million Vietnam-Singapore Industrial Park III kicks off
Nguyen Tung 22:22, 2022/03/19
The VSIP III covers an area of 1,000 hectares, will be a successful example in Vietnam-Singapore cooperation, and evidence that Vietnam continues to be an attractive destination for investors

The upcoming Vietnam-Singapore Industrial Park III (VSIP III) should be constructed in a greener, smarter, more sustainable, and inclusive trading estate that is in line with the global trend for environmentally-friendly development.

 Prime Minister Pham Minh Chinh at the ceremony. Source: VGP

Prime Minister Pham Minh Chinh gave the remarks during the groundbreaking ceremony of the VSIP III in the southern province of Binh Duong, with an investment capital of over VND6.4 trillion (US$280 million) today [March 19].

For the past few years, Binh Duong has emerged as a country’s magnet of foreign and domestic investment capital, which helps transform the people’s lives every day, Chinh said.

Binh Duong currently stands second out of 63 provinces/cities in terms of FDI attraction, with a total of $40 billion in capital commitments from 65 countries and territories.

“This shows the province is going in the right direction that focuses on promoting the smart city and high-quality projects using modern, environmentally-friendly technologies,” Chinh said.

The VSIP III covers an area of 1,000 hectares, will be a successful example in Vietnam-Singapore cooperation, and evidence that Vietnam continues to be an attractive destination for investors, Chinh said.

The prime minister said Vietnam aims to become an upper-middle-income country by 2030 and a high-income one by 2045.

 Overview of the event. 

“The challenge is huge, but Vietnam is confident to achieve this target thanks to the determination of the people and the strong international partnership,” he added.

In this regard, Chinh said Vietnam will focus its development based on technologies and innovation, in which the people are the core and main driving forces for growth.

“Vietnam would not sacrifice social advancement and justice for purely economic gains,” he said.

Regarding Vietnam-Singapore relations, Chinh said the partnership is progressing strongly in all spheres. By 2023, both countries will celebrate the 50th anniversary of diplomatic establishment and the 10th anniversary of strategic partnership.

“VSIP is the symbol in bilateral relations,” Chinh said, for which he expects this latest VSIP industrial park to reflect the global development trend, namely the Industry 4.0, and support the country’s objectives for sustainable and rapid development.

“The Vietnamese Government is committed to creating favorable conditions and maintaining political stability to support investors to be successful in the country,” Chinh stressed.

With free trade agreements that Vietnam is a part of, investors coming to Vietnam would not only have access to a domestic market with over 100 million people, but also a freeway to the world’s largest and most dynamic markets.

RELATED NEWS
TAG: Vietnam-Singapore VSIP III FDI vietnam vietnam binh duong singapore vietnam
Other news
13:21, 2022/21/10
Economic cooperation - a highlight of Vietnam-Oman relationship
This year marks the celebration of the 30th anniversary of diplomatic relations between Việt Nam and Oman.
19:44, 2022/44/08
JBIC prioritizes partnership with Vietnam
304 JBIC-funded projects in the fields of energy and supply chain development have been effective and have contributed to promoting green growth in Vietnam.
22:22, 2022/22/19
Vietnam and India open new direct flights
The operations of six new air routes will facilitate Vietnamese passengers' travel to places of pilgrimage in India and Indian citizens visiting Vietnam.
18:51, 2022/51/11
More foreign investors land in Vietnam's industrial parks
The reopening of the borders, the government's active support for investors, and the resilience of domestic firms would open up a promising future for the industrial property market in 2022 and subsequent years.
10:49, 2022/49/07
ADB, LDC sign US$100 million loans to support smallholder farmer livelihoods
The loan will support LDC’s operations in India, Indonesia, Pakistan, Thailand, and Vietnam by financing coffee, cotton, and rice inventories for over 50,000 smallholder farmers across these countries.
16:31, 2022/31/04
Vietnam’s selective FDI attraction strategy yields early results
The amount of FDI capital pouring into fields of high environmental risks, obsolete technologies or labor-intensive industries has been on the decline.