WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 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
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
20:15, 2024/08/11
Growing number of FDI firms moving to Vietnam
Over the past 20 years, Vietnam has emerged as a significant manufacturing hub, deeply integrated into global supply chains.
11:26, 2024/08/02
Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
The project, once completed, is expected to enhance the logistics ecosystem for Vietnam’s central region.