PM witnesses the handover of the Decision approving investment in building the VSIP Nghe An II project

PM Pham Minh Chinh makes a speech at Viet Nam - Singapore Business Forum. Photo: VGP/Nhat Bac

On February 10, as part of his official visit to Singapore, Prime Minister Pham Minh Chinh attended and gave a speech at the Vietnam-Singapore Business Forum. The forum was jointly organized by the Ministry of Planning and Investment of Vietnam, the Embassy of Vietnam in Singapore and the Singapore Business Federation (SBF).

At the forum, under the witness of Prime Minister Pham Minh Chinh, leaders of ministries and agencies of the two countries and Chairman of Nghe An People's Committee Nguyen Duc Trung, Minister of Planning and Investment Nguyen Chi Dung handed over the Decision of the Government of Vietnam on approving the investment policy of VSIP Nghe An II - investment in construction and business of infrastructure in Tho Loc Industrial Park (phase 1) to leaders of VSIP.

Under the witness of PM and Chairman of Nghe An People's Committee, Minister of Planning and Investment Nguyen Chi Dung hands over the Decision on approving the investment policy to leaders of VSIP. Photo: TTXVN/Duong Giang

VSIP Nghe An II has an area of 500 hectares in Dien Tho, Dien Phu and Dien Loc communes (Dien Chau district) in the Southeast Economic Zone. The operation term of the project is 50 years from February 8, 2023. This is a project to build industrial, service and urban parks that converge green, smart and sustainable development factors.

VSIP Nghe An II will be the second VSIP Industrial Park in Nghe An, after the first VSIP Nghe An project since 2015 in Hung Nguyen district. As of January 2023, VSIP Nghe An has attracted 39 land lease investment projects, with an occupancy rate of 88%. Of which, 23 projects have been put into operation, 5 projects are under construction, the remaining projects are undergoing procedures, the total registered investment capital reaches USD 743.6 million. Among them are 19 foreign investors with a total registered capital of over USD 681 million.

Also at the forum, Becamex IDC Industrial Development and Investment Corporation (Vietnam) and Sembcorp Development LTD (Singapore) signed a memorandum of understanding on cooperation in forming and developing 5 green, smart and sustainable industrial parks in Vietnam within the next 3 years.

The signing of this Memorandum of Understanding once again demonstrates the desire of the parties to establish long-term cooperation and further development for industrial park projects in Vietnam. Industrial parks continue to be committed to meeting green, smart and sustainable standards, using 4.0 technology in infrastructure development and management to operate businesses more efficiently.

PM Pham Minh Chinh receives Mr. Tow Heng Tan - Vice Chairman of the Board of Directors of Sembcorp. Photo: VGP/Nhat Bac

Earlier, on the same day, Prime Minister Pham Minh Chinh had a meeting with Mr. Tow Heng Tan - Vice Chairman of the Board of Directors of Sembcorp. Chairman of Nghe An People's Committee Nguyen Duc Trung and leaders of ministries, departments and agencies also attended the meeting.

Sembcorp invests in Vietnam through Sembcorp Development (SCD) in the field of industrial park infrastructure, real estate... and Sembcorp Utilities (SCU) in the energy sector. The joint venture of SCD and the Industrial Development and Investment Corporation (Becamex) has established the Vietnam - Singapore Industrial Park Company to implement VSIP projects.

Currently, there are 12 VSIP projects in 9 provinces and cities of Vietnam, which have come into operation with a high occupancy rate (about 83.2%), attracting total investment capital of USD 17.6 billion for about 900 projects, creating jobs for nearly 300,000 workers.

Talking with the Prime Minister, Mr. Tow Heng Tan - Vice Chairman of Sembcorp affirmed that he will continue to promote activities in Vietnam, wishing to continue close cooperation and receive support in implementing VSIP and renewable energy projects; making a number of recommendations related to amending and adjusting the Land Law.

Prime Minister Pham Minh Chinh said that VSIP projects work very effectively, creating jobs for hundreds of thousands of Vietnamese workers, being a symbol of successful bilateral cooperation. He also welcomed the Group's plan to implement business investment activities in Vietnam.

The Prime Minister suggested that Sembcorp continue to coordinate with Vietnamese, Lang Son and Nghe An agencies to implement the VSIP projects; At the same time, researching and implementing VSIP projects in some other localities, in the direction of being both a smart, modern and sustainable industrial park, as well as an urban, high-tech service area...

Pham Bang