Three Vietnam – Singapore industrial parks (VSIP) were started, 4 projects were approved for investment, 10 new projects were signed development cooperation minutes on the morning of August 29.
On the morning of August 29, Prime Minister Pham Minh Chinh and Prime Minister Lee Hsien Loong attended a conference to promote the implementation of investment cooperation projects between Vietnam and Singapore.
Leaders of the two countries witnessed the announcement of a memorandum of cooperation including: developing 10 VSIP projects in localities (Nam Dinh, Khanh Hoa, Ninh Binh, Hai Phong, Tay Ninh, Hai Duong, Thanh Hoa, Thua Thien Hue, Binh Phuoc, Quang Ngai); Decision approving VSIP’s investment policy in industrial parks in 4 localities (Lang Son, Thai Binh, Ha Tinh, Binh Thuan); The decision approving the marine resource survey by the Ministry of Natural Resources and Environment of Vietnam and the Letter of Intent from the Energy Market Authority (Singapore’s Ministry of Industry and Trade) on the proposal to develop Vietnam’s electricity export to Singapore by the Ministry of Natural Resources and Environment. Joint venture PTSC and Sembcorp.
The two leaders also participated in the groundbreaking ceremony of 3 industrial parks of VSIP in Bac Ninh, Can Tho, Nghe An; Launched Vietnam – Singapore Innovation Center in Binh Duong.
“Singapore is delighted to contribute to the development of Vietnam,” Prime Minister Lee Hsien Loong said at the conference. According to him, VSIP industrial parks are the clearest example.
When he arrived in Vietnam 10 years ago, Prime Minister Lee Hsien Loong attended the groundbreaking ceremony of the fifth VSIP in Quang Ngai. Up to now, the number of industrial zones present is 14, located in 10 provinces and cities, with a total capital of 18.7 billion USD, creating 300,000 jobs. And this number will continue to increase after today.
“This new addition demonstrates the strong relationship, the mutual trust between the two countries is constantly evolving,” he said.
Singapore Prime Minister also affirmed that the two countries will have many cooperation opportunities here, focusing on green economy, digital economy and innovation. In fact, during Prime Minister Pham Minh Chinh’s visit to Singapore in February, the two sides signed many contents on this issue. At the meeting yesterday (August 28), the two Prime Ministers agreed to consider the possibility of upgrading the bilateral relationship to a Comprehensive Strategic Partnership in the coming time.
In response, Prime Minister Pham Minh Chinh affirmed that the two sides had sufficient conditions and grounds to upgrade relations, especially after the visit of Prime Minister Lee Hsien Loong. Currently, economic cooperation is occupying an important position in the strategic partnership, which is always promoted for comprehensive development.
Vietnam is Singapore’s 12th largest trading partner; Singapore is Vietnam’s 15th largest trading partner. Total bilateral trade turnover in 2022 will reach about 9.15 billion USD, up 11.57% compared to 2021.
The lion island nation also leads ASEAN and ranks second in the world in terms of investment capital in Vietnam with 3,273 projects, spanning many fields, with a total capital of 73.4 billion USD.
Agreeing with his counterpart, Prime Minister Pham Minh Chinh said, will focus on digital transformation, green economy, circular economy, focus on innovation and human resource training. These are also areas where Vietnam has needs and needs to learn more from your country.
Before the business community, the Prime Minister pledged to bring strategic breakthroughs including institutions, infrastructure, and human resources into depth and efficiency. Administrative procedures and compliance costs will be reduced.
“We consider your success to be our success in the spirit of harmonizing benefits and sharing risks. I believe that businesses that come to Vietnam to invest will succeed. The two countries’ relations will become more and more fruitful. flowers bear fruit,” said Prime Minister Pham Minh Chinh.