Over the past 27 years, Binh Duong and Singapore have attained breakthroughs in cooperation and development, notably the construction of Vietnam – Singapore Industrial Parks (VSIP) in Binh Duong and many other provinces and cities in the country. Up to now, Singapore accounts for 1/5 of the total FDI capital invested in Binh Duong, with 260 enterprises, including large corporations that have invested, operated effectively and successfully in the province.

Industrial Park Model

It can be affirmed that Singapore’s investment in Binh Duong is important and increasingly resonant. VSIP has become a model of concentrated industrial park development both domestically and internationally. The effectiveness and wide spread of the VSIP brand is vivid evidence for a dynamic, innovative, integrated, and sustainable Binh Duong.

Starting in 1996, Sembcorp Industries Group of Singapore and Becamex IDC of Vietnam established the first VSIP Industrial Park in Binh Duong. According to Jaya Ratnam, Singapore Ambassador to Vietnam, the achievements of Binh Duong as well as the success of VSIP are proof of the successful cooperation between Vietnam and Singapore. The year 2023 marks the 50th anniversary of establishing diplomatic relations between the two countries and also the 10th anniversary of the Vietnam – Singapore strategic partnership. Up to now, there have been 12 VSIP industrial parks across the country, attracting total investment capital of about US$18 billion and has created more than 300,000 jobs in Vietnam.

During the recent official visit to Vietnam by Prime Minister of the Republic of Singapore, Lee Hsien Loong, leaders witnessed the announcement of Vietnam-Singapore investment cooperation memorandum documents, including the cooperation agreement to develop 12 new VSIP projects in localities of Vietnam. Prime Minister Lee Hsien Loong said that the activities of VSIPs show the two countries’ strong cooperation and common belief in development, and the VSIPs also show continuous innovation and progress. If VSIP 1 focuses on developing light industry, VSIP 3 is a green, smart industrial park.

Kelvin Teo, CEO of Sembcorp Development, said that the VSIPs formed and developed over the past 27 years are a solid symbol of good economic cooperation between Singapore and Vietnam. In the coming time, Sembcorp Development and Becamex IDC will continue to accompany Vietnam in general and Binh Duong in particular in innovation, especially in renewable energy, developing green and sustainable industrial parks.

Green and Sustainable Development Cooperation

Singapore is the third largest investing country in Binh Duong with nearly 300 projects and a total capital of nearly US$5.5 billion. In 2023, Singapore is leading with a total investment capital of over US$450 million, accounting for 27.5% of total investment capital in Binh Duong from the beginning of this year until now. One of Singapore’s major investment projects in 2023 in Binh Duong is the Crown Company factory, specializing in the production of aluminum cans in Phu Tan Industrial Park (Thu Dau Mot City), with a total investment capital of US$95 million…

Provincial leaders grant investment registration certificates to four Singaporean enterprises.

On August 28, 2023, Vo Van Minh, Deputy Secretary of the Provincial Party Committee, Chairman of Provincial People’s Committee, signed a decision allowing the establishment of the Vietnam – Singapore Innovation Center in Binh Duong, located at Eastern Interntional University (Hoa Phu Ward, Thu Dau Mot City). Cooperation center between Vietnamese partners (including Becamex IDC, VSIP, Eastern International University) and Singapore partners (Sembcorp, Singapore Polytechnic, 4.0 Industrial Transformation Alliance). The Vietnam – Singapore Innovation Center will continue to build and develop a close and sustainable relationship between Vietnam and Singapore. These are also necessary preparatory steps to move towards building a science and technology industrial park model, contributing to the implementation and development process of the Binh Duong Smart City project.

Minh said that Binh Duong appreciates the interest of foreign investors, including Singapore, in the socio-economic development as well as social activities of Singaporean businesses in the province. Binh Duong is putting more effort on attracting investment and strengthening cooperation with Singaporean partners. Binh Duong hopes that Singapore will continue to support the province in promoting cooperation in new fields, towards green and sustainable development such as renewable energy, science and technology, innovation, and supporting startups, developing high quality human resources. Binh Duong is constantly innovating to create an open investment environment, creating the most favorable conditions for investors to operate effectively, contributing to building the image of Binh Duong as friendly, dynamic, attractive, trustworthy destination for investors.

Source: Binh Duong News