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Minister Lim Hng Kiang at Ground Breaking Ceremony of the 7th Vietnam-Singapore Industrial Park
16 September 2015
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MINISTER LIM HNG KIANG AT GROUND BREAKING CEREMONY OF THE 7TH VIETNAM-SINGAPORE INDUSTRIAL PARK
NGHE AN, VIETNAM
1. Minister for Trade and Industry Lim Hng Kiang and Vietnam Prime Minister Nguyen Tan Dung officiated the ground breaking ceremony of the 7th Vietnam-Singapore Industrial Park (VSIP) today in Nghe An Province, Vinh City, Vietnam.
2. Jointly developed by Sembcorp and its Vietnamese joint venture partner Becamex IDC Corporation, the 7th VSIP is another key initiative between Singapore and Vietnam. Since the establishment of the first VSIP in 1996 in Binh Duong province, these projects have paved the way for increased investments from Singapore to Vietnam. The seven VSIPs across Vietnam contribute to Vietnam’s development by creating jobs, attracting foreign investments and moving its economy up the value-chain.
3. "The ground-breaking ceremony today not only commemorates the launch of a new VSIP. It is also testament to the success of this signature initiative between Singapore and Vietnam,” said Minister Lim. “Strong investment flows and interest from companies across a diverse range of industries have helped VSIPs flourish and expand, while concurrently improving the lives of the local community.”
4. The event was also attended by Singapore’s Ambassador to Vietnam Mr Ng Teck Hean, Sembcorp Group President and CEO Tang Kin Fei as well as officials from the VSIP Joint Venture Co., the Nghe An People’s Committee, the Ministry of Trade and Industry and International Enterprise Singapore. Prior to the ceremony, Minister Lim also called on Prime Minister Dung, during which they affirmed the strong bilateral relations between Singapore and Vietnam, as well as the success of the VSIP projects.
5. Bilateral trade between Singapore and Vietnam doubled over the past decade to reach S$20.4 billion in 2014, and continues to grow steadily. Singapore is currently Vietnam’s third largest investor and the top investor among the ASEAN countries with more than US$32 billion in total investments.
Ministry of Trade and Industry
16 September 2015
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MINISTRY OF TRADE AND INDUSTRY
Ms Janice Ong
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DID: 6332 8613
Email: janice_ong@mti.gov.sg