Work on the construction of the third Viet Nam - Singapore Industrial Park (VSIP) in Viet Nam kicked off on December 11 in northern Bac Ninh province.

The ground-breaking ceremony was attended by Deputy Prime Minister Hoang Trung Hai and Singaporean Senior Minister Goh Chok Tong, who is on a visit to Viet Nam, among other guests.

Singaporean Senior Minister Goh Chok Tong expressed his belief in the third VSIP’s future growth and affirmed Singapore’s willingness to share its development experiences with Viet Nam to fortify the two countries’ cooperation.

The third VSIP, located in Dinh Bang commune in Tu Son district, about 20 km from Ha Noi, covers a total land area of 700 ha, of which 500 ha is reserved for industrial area. The zone hopes to attract 2 billion USD in investment and generate jobs for 40,000 workers.

It has drawn 15 projects with a combined registered capital totalling 200 million USD, of which seven projects with a combined investment of 120 million USD were given licences on this occasion.

The VSIP, an initiative of the governments of Viet Nam and Singapore, was first launched in Viet Nam in January 1996.

The first VSIP, about 17km north of Ho Chi Minh City, spans 500 ha and is a fully integrated industrial park with a comprehensive range of infrastructure, including power, water, sewerage treatment and telecommunications.

It has attracted 235 manufacturing companies which have poured in more than 1.6 billion USD and employed 45,000 people.

The second VSIP has been built in the Binh Duong new township, about 32km north of Ho Chi Minh City.

Offering an on-site logistics centre with on-site customs office, the VSIP II has attracted 93 customers with investment of 236 million USD.

The fourth VSIP is planned to be built in the northern port city of Hai Phong. (VNECONOMY)