Fifth Vietnam-Singapore IP gets off ground
(VOV) - Prime Minister Nguyen Tan Dung and his Singaporean counterpart Lee Hsien Loong attended the ground-breaking ceremony of a Vietnam-Singapore Industrial Park (VSIP) in Quang Ngai province on September 13.
The Integrated Township and Industrial Park, the fifth of its kind in Vietnam, will be built on an area of 600ha in Son Tinh district. It is designed following the successful operations of the previous four VSIPs in Binh Duong, Bac Ninh and Haiphong.
So far these VSIPs have attracted 490 investors from 22 countries and territories with a total capitalisation of more than US$6 billion, and generated steady jobs for 140,000 workers.
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At the ceremony, both PMs Dung and Lee noted that since the first park took shape in 1996, VSIPs have symbolised successful economic cooperation between the two countries, significantly contributing to Vietnam’s socio-economic development.
Dung said that the Vietnamese government creates the best possible conditions for foreign investors, including those from Singapore, to operate efficiently in the country.
“We are improving infrastructure, completing legislation, simplifying administrative procedures, and actively taking part in free trade area (FTA) negotiations, including the Trans-Pacific Partnership (TPP), to create the best business environment for foreign investors,” he said.
He revealed that the Danang-Quang Ngai expressway, which is under construction, will run through urban areas and industrial parks along central coastal provinces, facilitating local development.
At the ceremony, Quang Ngai handed over investment licences to three foreign projects totalling US$115 million, which are expected to generate 11,000 jobs.