Nearly three decades ago, initiated by the late Prime Minister Vo Van Kiet and former Singaporean Prime Minister Goh Chok Tong, the first Vietnam–Singapore Industrial Park (VSIP I) was established. Since then, the VSIP model has expanded across all three regions of Vietnam – North, Central and South. VSIP has become a model example of centralized IP development both domestically and internationally.
Role model from Binh Duong’s breakthrough
Recently, under the witness of Vietnamese Prime Minister Pham Minh Chinh and Singaporean Prime Minister Lawrence Wong, the VSIP Thai Binh project was officially launched, alongside the signing of memorandums of understanding for cooperation in developing green, smart and sustainable IPs in Vietnam. At the ceremony, Prime Minister Pham Minh Chinh emphasized that the VSIPs have become a symbol of successful cooperation and the first-generation VSIP model had achieved great success. He expressed hope that the next-generation “VSIP 2.0” will achieve even greater results. Prime Minister Lawrence Wong described VSIP as a “cornerstone” of bilateral relations over the past 30 years, meeting international standards from the outset, especially in infrastructure. VSIPs demonstrate Singapore’s confidence in Vietnam’s potential and development.
Thus, starting from Binh Duong, the VSIP model has now spread across the country after nearly 30 years of operation. The efficiency and wide influence of the VSIP brand stands as the vivid proof of a dynamic and innovative Binh Duong with sustainable development. To date, the VSIP Joint Venture Company has successfully developed 18 industrial–urban–service parks (covering over 10,000 hectares) under the VSIP brand in provinces and cities throughout Vietnam, including Binh Duong, Bac Ninh, Hai Phong, Hai Duong, Nghe An, Quang Tri, Quang Ngai, Binh Dinh, Lang Son, Ha Tinh, Can Tho and Thai Binh. These IPs have attracted over 880 projects from 30 countries and territories, with total registered capital of US$ 15 billion, creating jobs for more than 300,000 workers.
Jaya Ratnam, Ambassador of Singapore to Vietnam remarked that the better the bilateral relation between Vietnam and Singapore, the more progress is seen in the ties between Binh Duong and Singapore. In 1996, the establishment of VSIP I laid the first brick in the Binh Duong–Singapore partnership. Today, the number of VSIPs has grown to 18 nationwide. Binh Duong has truly set the VSIP standard for Vietnam. VSIP I in Binh Duong has focused on light industry while VSIP III is a green and smart industrial park, with an on-site solar energy plant and is home to the world’s first carbon-neutral factory by Denmark’s LEGO Group.
Towards new-generation IPs
After more than two years of implementation, on April 9, LEGO Group officially inaugurated LEGO Manufacturing Vietnam factory in VSIP III. At the ceremony, Deputy Prime Minister Mai Van Chinh praised LEGO’s commitment to green, sustainable and environmentally friendly development, aiming for zero carbon emissions. He affirmed that LEGO’s presence has demonstrated Binh Duong’s appeal in attracting top global manufacturers.
Following LEGO’s investment, other high-quality foreign investment projects have been successively launched in VSIP III, further confirming the park’s development direction that is greener, smarter, more sustainable and more inclusive. The infrastructure system of VSIP III is gradually being completed, positioning it as one of Vietnam’s first IPs to adopt the “smart and sustainable” IP concept. It continues being an attractive destination for high-tech, modern and environmentally friendly projects.
Nguyen Phu Thinh, General Director of the Vietnam–Singapore Industrial Park Joint Venture Company noted that investors, especially from Europe and the United States, have very high expectations regarding infrastructure quality and support services. VSIP considers green development as an essential part of infrastructure planning. An integrated green zone, with effective management and planning, sends positive signals to investors, inspires workers and residents, making them be proud of their living and working environment. “To prepare infrastructure for welcoming higher-quality investment projects, VSIP Group continues expanding new Ips to attract more "giants" aiming for sustainable standards and advancing the development of IPs from a simple model to the green, smart and sustainable one. The VSIP III in Binh Duong is a typical example for this”, said Mr. Thanh.
Binh Duong continues writing its remarkable development story. During the development process, today’s VSIPs have transformed from traditional IPs into integrated industrial–urban–service complexes. No matter how much it advances in scale, the founders of VSIP remain steadfast in one goal: the scale of an IP is not just about economic strength, but also about the quality of the living and working environment for each individual within it.
According to Nguyen Van Hung, CEO of Becamex IDC, Becamex IDC, together with Binh Duong province and other partners, including Sembcorp Development Group (Singapore), is researching new areas and exploiting areas to develop the industrial park - urban - service model... “"We always uphold the spirit of dynamism, creativity and openness, which has helped VSIPs become a model for strategic thinking and a long-term vision for the development of Vietnam in general and Binh Duong in particular in the future", said Mr. Hung.
As a leading enterprise of the province in infrastructure development and investment attraction, Becamex IDC began cooperating with Sembcorp in 1996 to establish the first VSIP in Binh Duong. Today, VSIPs not only yield significant economic results, but also generate a positive ripple effect, thereby creating momentum to activate the space for synchronous development of socio-economy and infrastructure, not only for Binh Duong but also for many localities in the country.
Continuing its journey to create ideal environments, with comprehensive infrastructure and abundant resources to attract and promote high-tech production nationwide, VSIP Group is actively developing new areas under the industrial–urban–service park model. This approach has made VSIP be a symbol of strategic thinking and visionary development for Vietnam in general and Binh Duong in particular.
Reported by Ngoc Thanh-Thanh Tuyen-Translated by Kim Tin
