PM Lee hails 5th Vietnam-Singapore Industrial Park as symbol of close bilateral ties
The fifth Vietnam-Singapore Industrial Park (VSIP) - the latest symbol of close bilateral ties - was launched in Quang Ngai on Friday by the prime ministers of both countries.
Singapore's Prime Minister Lee Hsien Loong and his Vietnamese counterpart, Mr Nguyen Tan Dung, agreed to elevate the two nations' 40-year-old relationship into a strategic partnership.
The $337m investment is a joint venture between Sembcorp Development and a Vietnamese state-owned enterprise. It is also the first of its kind in central Vietnam: a 600-hectare industrial project, to be complemented by a 520-hectare commercial and residential development nearby.
In his speech at the groundbreaking, PM Lee noted that the first four VSIPs have brought in US$6 million of investments per hectare - almost double Vietnam's national average. Some 500 companies have signed up since the first park was launched in 1996, employing about 140,000 workers.