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 50^th anniversary of diplomatic establishment and the 10^th 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.