Singapore-invested industrial parks in Vietnam are appraised, by Vietnamese media and government, as models for sustainable investment cooperation.

The ground-breaking ceremony to build the fifth Vietnam- Singapore Industrial Park held in Vietnam’s central Quang Ngai province on Friday was seen as a typical symbol for the newly- launched strategic partnership between the two countries.

According to local Vietnam Investment Review, the event is of significance with the attendance of Singaporean Prime Minister Lee Hsien Loong during his on-going visit to Vietnam.

The newspaper quoted remarks by Vietnamese PM Nguyen Tan Dung and his Singaporean counterpart, saying that Vietnam-Singapore industrial parks (VSIPs) are seen as models for sustainable investment cooperation between the two countries.

Licensed on April 23, 2012, a VSIP in Quang Ngai province was built on an area of 1,746 hectares, with an estimated investment of 125.35 million US dollars in the first phase.

The first VSIP was established in 1996, followed by another two in southern Binh Duong province, one in northern Bac Ninh province and one in the northern port city of Hai Phong.

To date, the first VSIP is fully rented and has created jobs for 96,367 people. The second VSIP has 98 percent of its area covered, providing jobs for 26,043 workers.

The two VSIPs in Binh Duong province have recorded a total registered capital of 4.7 billion US dollars by 425 investors from 22 countries and regions.

The VSIP in Bac Ninh province is home to electronic factories, and those firms engaged in medicines, accessories, mechanics and logistics. As much as 900 million dollars have been invested in this industrial park by 46 investors, including giants PepsiCo and Nokia.

Around 17 businesses have committed to investing in the VSIP in Hai Phong. Japan’s Kyocera Mita Group built a factory in 2011, which is now operational.

After 17 years of development, VSIPs have contributed to Vietnam’s economic development and reinforced their status as sustainable investment destinations in the region, according to the Vietnamese Ministry of Planning and Investment.

Singapore investors are changing their business lines from investing in real estate and industries to education, services, retail and healthcare.

As of August this year, Singapore had 1,180 foreign direct investment projects in Vietnam, with total registered capital of over 28.66 billion US dollars, ranking second among nearly 100 countries and regions investing in Vietnam, according to the ministry.

By Agencies
globaltimes.cn

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