Vietnam, Singapore deepen partnership with new industrial park project

At the groundbreaking ceremony for the Vietnam – Singapore Industrial Park II (VSIP II) Quang Ngai infrastructure development project in Binh Son district on March 12. (Photo: VNA)

Quang Ngai – The groundbreaking ceremony for the Vietnam – Singapore Industrial Park II (VSIP II) Quang Ngai infrastructure development project was held in Binh Son district in the central province of Quang Ngai on March 12.

National Assembly Chairman Tran Thanh Man attended the event along with Standing Deputy Prime Minister Nguyen Hoa Binh and National Assembly Vice Chairmen Tran Quang Phuong and Vu Hong Thanh, along with officials of ministries, sectors and the province.

The event took place at a time when Party General Secretary To Lam is paying an official visit to Singapore, demonstrating substantive and effective cooperation between the two countries.

The project received investment approval from the Prime Minister on December 22, 2023. Spanning 497.7 hectares with registered investment capital of some 161 million USD, it is designed to integrate green technologies, smart infrastructure, industrial symbiosis, and sustainable development principles, positioned to attract more investments to the province. Once operational, the park will serve as an investment destination for the world’s leading companies looking to expand their business and production.

To ensure the project proceeds on schedule and achieves its expected outcomes, Binh urged Singapore’s Sembcorp Industries and Vietnam’s Becamex IDC Corporation to continue leveraging their successful industrial park, urban, and service zone models. Besides, he ordered the corporations to develop VSIP II Quang Ngai into a smart, modern and sustainable industrial park, moving towards establishing ecosystems that integrate industry, innovation, urban development, services, and high technology.

Standing Deputy Prime Minister Nguyen Hoa Binh speaks at the event. (Photo: VNA)

Binh underscored that industrialisation must ensure harmonious development with the community, infrastructure, and development of the knowledge economy, asking ministries and sectors to support the investors with investment and construction procedures and assist them to handle challenges in a timely manner.

He requested the provincial People’s Committee to instruct relevant units to help VSIP Quang Ngai complete investment preparations and site clearance compensation in line with regulations.

The provincial People's Committee was requested to instruct relevant units to rapidly support VSIP Quang Ngai in completing investment preparations and land clearance compensation according to regulations.

Meanwhile, businesses must join hands with the Vietnam General Confederation of Labour to build comfortable housing facilities for workers and support local communities with social welfare and sustainable development initiatives, balancing business interests with shared risks and benefits, he added.

The Vietnamese Government will maintain a stable investment environment, speed up administrative reform, and improve legal system to create a transparent and healthy investment climate for both domestic and foreign firms, Binh underscored, expressing his hope that VSIP will continue symbolising the excellent cooperation between the two countries.

At the event, Secretary of the provincial Party Committee Bui Thi Quynh Van and provincial leaders presented investment certificates and Memoranda of Understanding (MoU) on investment to the investors of the project./.