Over nearly three decades, the VSIP model has evolved far beyond a traditional industrial park network, becoming a strategic platform that reflects the deepening economic connectivity, political trust, and long-term development vision shared by the two Southeast Asian nations.

First launched in 1996 in Binh Duong province (now part of Ho Chi Minh City) with strong backing from the governments of both countries, VSIP has continuously expanded across Vietnam. From an initial industrial cooperation project, the network has developed into one of the most successful foreign-invested industrial park models in the country.

Today, VSIP projects are operating in various provinces and cities throughout Vietnam, attracting more than 1,000 investors from various countries and territories, including numerous multinational corporations and globally recognised brands.

The industrial parks have generated hundreds of thousands of jobs while contributing significantly to Vietnam’s industrialisation and modernisation process through the development of modern, environmentally friendly, and highly integrated manufacturing zones.

Vietnamese and Singaporean leaders have repeatedly described the VSIP as a “beacon” of bilateral relations and a vivid example of effective economic cooperation between ASEAN member states.

The success of the VSIP also reflects the increasingly close economic ties between Vietnam and Singapore. Singapore has consistently remained among the largest foreign investors in Vietnam, with investments spanning manufacturing, logistics, urban development, infrastructure, finance, and high technology.

In recent years, the two countries have sought to elevate the VSIP model to a new stage of development. Rather than focusing solely on industrial production, next-generation VSIPs are expected to integrate advanced technology, services, smart infrastructure, and eco-urban development. The shift aligns with both countries’ broader priorities in green growth, digital transformation, and sustainable supply chain development.

During a recent phone conversation with Singaporean Prime Minister Lawrence Wong, Vietnamese Prime Minister Le Minh Hung proposed that Singapore continue expanding and upgrading the network of next-generation VSIPs associated with high-tech transfer and innovation cooperation.

Expressing strong support for the proposal, PM Lawrence said Singapore hopes to increase the total number of VSIP projects to 30 by 2026, coinciding with the 30th anniversary of the first VSIP project in Vietnam.

The continued expansion of VSIP projects comes as Vietnam and Singapore deepen their broader strategic partnership. The two countries established diplomatic relations in 1973 and upgraded ties to a Strategic Partnership in 2013. In 2023, both sides launched the Green Economy–Digital Economy Partnership (GE-DEP), focusing on emerging sectors such as renewable energy, digital transformation, artificial intelligence, and sustainable development.

A major milestone was reached in 2025 when Vietnam and Singapore elevated their relationship to a Comprehensive Strategic Partnership, opening a new chapter in bilateral cooperation.

Beyond economic cooperation, Vietnam and Singapore have also strengthened ties in science and technology, education, defence, human resource development, and people-to-people exchanges.

Singapore is widely recognised as one of Asia’s leading innovation-driven economies, while Vietnam offers a rapidly growing market, abundant human resources, and strong long-term growth potential. These complementary strengths continue to create favourable conditions for deeper cooperation in strategic sectors.

Education and workforce training have also become important pillars of bilateral relations. Thousands of Vietnamese officials, students, and professionals have participated in training and exchange programmes under the Singapore Cooperation Programme over the past three decades.

As regional and global uncertainties continue to evolve, Vietnam and Singapore are increasingly positioning their partnership around innovation, resilience, and sustainable growth.

Amid that broader relationship, the VSIP network remains one of the clearest and most enduring symbols of bilateral cooperation - a model that not only reflects the achievements of the past three decades but also points toward the future direction of Vietnam–Singapore relations.

Top leader To Lam to visit Singapore, attend Shangri-La dialogue

VOV.VN - Vietnamese Party General Secretary and State President To Lam and his spouse will pay a State visit to Singapore and attend the Shangri-La Dialogue from May 29 to 31, according to the Ministry of Foreign Affairs.