With its advantage in terms of industrial development, Binh Duong is currently the best choice of foreign investors, including Singaporean ones when deciding to "pour capital". Especially, the model of Vietnam - Singapore Industrial Parks (VSIP) which is operating very successfully, attracting many projects, creating many jobs and greatly contributing to the socio-economic development of Vietnam in general and Binh Duong in particular has created great attraction for investors from this island nation.
Breakthrough from VSIP
Over the past 25 years, Binh Duong and Singapore have made breakthroughs in cooperation and development, especially the construction of VSIPs in Binh Duong and many provinces and cities across the country. Up to now, Singapore has accounted for one fifth of the total FDI capital in Binh Duong with 275 enterprises, including large corporations that have invested, operated effectively and successfully in the province.
Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee receives Kelvin Teo, Director of Singapore’s Sembcorp Development Corporation
Singapore's investment in Binh Duong is important and resonates increasingly. The birth of VSIPs with the cooperation of investment capital of experienced partners, led by Singapore’s Sembcorp Industries and Becamex IDC. Together with VSIP I, VSIP II, VSIP IIA, the newly started VSIP III has continued marking the increasingly effective relationship of friendship, cooperation and investment for sustainable development of Singapore and Binh Duong.
Kelvin Teo, Director of Sembcorp Development said that VSIPs formed and developed over the past 25 years are a solid symbol of the fine economic cooperation between Singapore and Vietnam. Sembcorp Development and Becamex IDC will accompany Vietnam in general and Binh Duong province in particular in innovation, especially in renewable energy and development of green and sustainable IPs. VSIP III in Binh Duong will be a model industrial park in the region in terms of really possible achievements in applying technology and innovation, developing a green and sustainable IP as the orientation that the two sides are aiming at.
Connecting, expanding investment
To date, Singapore is the third largest investor in Binh Duong with 275 projects capitalized at over US$5.4 billion. In addition to investment in infrastructure development of IPs, investors from Singapore have also poured capital into projects making electronic components, electrical equipment, pharmaceutical products and medical products, warehousing, logistics services and real estate...Some Singaporean projects with great capital include Mapletree Group’s high-tech IP; Ascendas-Protrade IP; VSIP I, II and III; Uniben Joint Stock Company’s project, Guoco Land’s project...
Lim Hua Tiong, General Director of New Motion Industry Co., Ltd., said: “Our company has investment capital of US$ 185 million, specializing in manufacture of television screens, display screens, investment in warehouse services. Many Singaporean companies have chosen Binh Duong to invest in. This also proves that the local dynamic and favorable investment climate is always an attractive destination for Singaporean enterprises in particular and foreign investors in general when choosing a location to deploy projects. Our company has also selected Binh Duong province for investment because of the local favorable investment climate”.
An important key for Binh Duong to promote investment attraction from Singapore's key market is that the province's economic development policy in the coming time will focus on industries and fields that Singapore investors are interested in. These are processing and manufacturing industries, industries with high technology content such as electronics, real estate business, construction, transportation and warehousing, commerce, finance... Accordingly, the province is implementing many measures to attract strategic partners from Singapore to invest in the local IPs with clear and favorable planning and preferential policies for enterprises.
Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee affirmed that Binh Duong always identifies Singapore as a strategic investment partner. Therefore, the province has been proactive to implement many solutions to promote cooperation and attract investment from Singapore. Along with creating favorable conditions for VSIP Group to continue implementing projects in the province, as well as continuing researching and implementing new projects in the field of commerce, urban development, transport infrastructure in VSIPs, Binh Duong has constantly innovated to create an open investment climate, facilitating investors ‘development in IPs, contributing to building a friendly and dynamic Binh Duong image, which is an attractive, reliable destination for investors.
Reported by Ngoc Thanh-Translated by Kim Tin
