VSIP Hai Phong project covers nearly 1,600ha in the northern part of the Gam River, with the first phase costing approximately US$100 million. Once completed in the next 10 years, it will accommodate 150,000 residents and generate thousands of jobs for local people.

At the ceremony, Prime Minister Nguyen Tan Dung and his Singaporean counterpart Lee Hsien Loong, affirmed that VSIP projects demonstrate the effectiveness of cooperation between the two countries.

Mr Dung said the Vietnamese government acknowledges Singaporean businesses’ contributions to national development.

“We vow to create favourable conditions for foreign businesses, including those from Singapore, to establish long-term partnerships with their Vietnamese counterparts and operate efficiently in the country,” said Mr Dung.

He asked the project investor – Sembcorp of Singapore- and the Hai Phong Municipal People’s Committee to speed up land acquisition and the building of resettlement areas for displaced residents to ensure the project will be carried out on schedule.

Mr Dung also expressed his hope that VSIP Hai Phong will apply scientific and technological advances as well as managerial skills to production while keeping a close watch on environmental protection and ensuring social welfare.

For his part, PM Lee affirmed that Singapore is proud to be Vietnam’s development partner, and attributed the success of VSIPs to great support from the Vietnamese government and local administrations.

The success shows that Vietnam is an attractive destination for Singaporean businesses, said Mr Lee.

He also affirmed Singapore wants to work closely with Vietnam in the coming year to bring further prosperity to both nations.