The flow of Singapore’s investment capital into Vietnam has continued surging up. And Binh Duong has absorbed the most investment capital from the island country.
Tran Thanh Liem, Vice-Chairman of provincial People’s Committee said that 20 years ago, Singaporean Prime Minister Ly Quang Dieu arrived in Binh Duong for the first time. He and leaders of the province sought a location for building Vietnam-Singapore Industrial Park (VSIP). At that time, he realized a great potential for developing the economic and trade relations between the two sides while encouraging provincial leaders to continue being steadfast with the way of industrialization and making more efforts in FDI attraction.
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Apparel products being manufactured at Song Than 2 industrial park-based Chutex Co.
Supported by the governments of Vietnam and Singapore, VSIP Co.Ltd., a joint venture between Vietnam’s Becamex IDC Corporation and a Singapore consortium led by Sembcorp Development was established to carry out VSIP projects. Since then, VSIP has become one of the most successful cooperation model, which is seen as the pinnacle of bilateral cooperation between the two countries.
After nearly 20 years of operation, VSIP has developed its 7 projects in Binh Duong, Bac Ninh, Hai Phong, Hai Duong, Quang Ngai and Nghe An. These projects have so far absorbed more than 500 investors from 23 countries with a total investment capital of US$7.4bln, generating jobs for more than 140,000 laborers. This has not only expressed the high economic efficiency of the VSIP model, but also been considered as a lively evidence for the fine development of the friendly relationship and cooperation between Vietnam and Singapore.
So far, Binh Duong has attracted 138 projects from Singaporean investors with a total investment capital of US$1.722bln and Singapore has ranked fourth among 38 countries and territories making investment in the province.
Chu Ying Piao, CEO of Chutex Co. at Di An town-based Song Than 2 industrial park said: “Twenty years ago, I accompanied a diplomatic delegation of Singaporean government to arrive in Binh Duong for the first time to seek investment opportunities. At that time, I realized a great potential for trade cooperation in the province. In fact, Binh Duong created favorable conditions for us when beginning to realize our investment project herein. It is sure that Binh Duong will absorb more investors from Singapore in the coming time”.
Speaking at a recent meeting with Hoang Duc Hien, Singapore’s Ambassador to Vietnam, Tran Van Nam, Chairman of provincial People’s Committee emphasized: “Singapore just ranks fourth in investment capital among countries and territories which have FDI projects in Binh Duong, but cooperation relations between the two sides have created special hallmarks, in which VSIPs are seen as the pinnacle of the bilateral relationship. Binh Duong has always wanted to develop the fine relationship between the two countries into a new height”.
Mr.Hien said: “We have always considered Binh Duong as a reliable and comprehensive partner for economic development. And Binh Duong has become an attractive destination for Singaporean investors. This not only depends on the close relationship between the governments of the two countries, but also comes from the fine economic cooperation between Becamex IDC and SembCorp Industries. With the success of VSIP model, Binh Duong will further absorb investors from Singapore in particular and in the world in general, greatly contributing to building up a more prosperous and beautiful Vietnam.
Reported by Khanh Vinh-Translated by K.T
