Prime Minister Pham Minh Chinh and Singapore’s Prime Minister Lee Hsien Loong attended the groundbreaking ceremony for VSIP Industrial Parks.

During the official visit to Vietnam by Prime Minister of the Republic of Singapore Lee Hsien Loong, on August 29, at the Government headquarters in Hanoi, Prime Minister Pham Minh Chinh and Prime Minister Lee Hsien Loong, along with the wives of the two Prime Ministers, attended the Conference to Promote the Implementation of Vietnam - Singapore Investment Cooperation Projects.

At the conference, Prime Minister Pham Minh Chinh and Prime Minister Lee Hsien Loong witnessed the announcement ceremony of the Vietnam - Singapore Innovation Center in Binh Duong; the announcement of the decision to approve marine resource survey activities and develop electricity export infrastructure from Vietnam to Singapore; and the announcement of a memorandum of cooperation to develop 12 new VSIP projects in Vietnamese provinces and cities, including: Nam Dinh, Khanh Hoa, Ninh Binh, Hai Phong, Tay Ninh, Hai Duong, Thanh Hoa, Ha Tinh, Thua Thien Hue, Binh Phuoc, Quang Ngai, and Thai Binh.

The two Prime Ministers and delegates also performed the groundbreaking ceremony for new projects in the VSIP industrial park, including VSIP Can Tho, VSIP Bac Ninh 2, and VSIP Nghe An 2.

Also at the conference, Minister of Planning and Investment Nguyen Chi Dung gave VSIP representatives the decision to approve investment policies for new VSIP projects, including VSIP Lang Son and Son My 2 industrial park in Binh Thuan province.

Speaking at the conference, Singapore’s Prime Minister Lee Hsien Loong said that the year 2023 marks an important milestone, celebrating the 50th anniversary of establishing diplomatic relations and 10 years of the Strategic Partnership between Vietnam and Singapore. Singapore is honored to cooperate and participate in Vietnam's development.

Recalling attending the groundbreaking ceremony of the first VSIP in Vietnam 10 years ago, Prime Minister Lee Hsien Loong said that to date there have been 17 VSIPs in many provinces and cities in Vietnam. Currently, the two countries have established a digital - green economic partnership, creating conditions to promote cooperation in new fields, towards green and sustainable development, such as renewable energy, based on science, technology, and innovation.

Prime Minister Lee Hsien Loong hopes that governments at all levels will continue to create conditions and support for businesses to keep investing and do business effectively, contributing to promoting the Strategic Partnership between Vietnam and Singapore more realistic and effective.

At the conference, Prime Minister Pham Minh Chinh said that Vietnam is developing based on three pillars: building a socialist rule-of-law state; socialist democracy; and a socialist-oriented market economy. In that process, people are the center, subject, motivation, and goal of development. Along with that, implement a foreign policy of independence, self-reliance, diversification, multilateralization, being a good friend, a reliable partner, and a responsible member of the international community, and "4-nos" defense policy.

Prime Minister Pham Minh Chinh hopes that Singapore will continue to support Vietnam in accessing shifting investment sources, green and sustainable financial sources. Along with that, upgrading and expanding the scope of cooperation, promoting the role and effectiveness of the cooperation framework connecting the two economies; strongly promoting comprehensive cooperation in the field of innovation, supporting startups, and developing talents and high-quality human resources.

The Prime Minister proposed implementing an equitable energy transition roadmap, focusing on renewable energy and new energy sectors; continuing to expand and promote the effectiveness of the VSIP model toward sustainability; and moving towards forming industrial - innovation - urban - service - high-tech ecosystems in many localities.

Vietnam currently has 153 valid investment projects in Singapore, with a total registered capital of more than 690 million USD, ranking 10th out of 80 countries and territories with investment capital from Vietnam. Total two-way trade turnover between Vietnam and Singapore reached 9.15 billion USD in 2022 and 4.5 billion USD in the first 6 months of 2023.