Vietnam’s southern province of Binh Duong, around 48 kilometers north of Ho Chi Minh City, will kick off the work on Vietnam-Singapore III Industrial Park (VSIP III) in mid-March, according to a local official.

Vo Van Minh, chairman of Binh Duong People’s Committee, said that VSIP III, covering 1,000-hectares, is expected to further lure foreign investors to the province.

The Vietnam-Singapore Industrial Park II in Binh Duong Province. Photo: VSIP

“The project with a total investment of VND6.4 trillion (US$280 million) got the green light from the Government in November 2016. This is the tenth project of VSIP, a leading industrial park developer in Vietnam,” Minh said.

He added that once completed, VSIP III will prioritize both high-tech tenants and labor-intensive industries such as apparel and footwear.

Binh Duong, home to more than 3,400 companies from 64 countries and territories, is

one of the fastest-growing provinces in the key southern economic zone and among the hottest investment destinations in Vietnam.

Industrial estates have helped Binh Duong transform from a rural area into an industrial hub. From an economy based on agriculture with poor infrastructure some twenty years ago, the province is now the third-largest FDI destination in the country behind only Hanoi and Ho Chi Minh City.

Statistics show that industries and services account for 97% of the province’s total economic output.

In the first two months of this year, Binh Duong posted on-year growth of 6.1% in industrial production value. The locality obtained a trade surplus of US$2 billion during the period, and export value up 8.7% against the previous year and budget revenues reaching 20% of the year’s target.