The Prime Minister witnessed the handover of the Decision approving the investment policy of VSIP Nghe An II project.

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

Prime Minister Pham Minh Chinh attends and speaks at the Vietnam - Singapore Business Forum. Photo: VGP/Nhat Bac

Comrade Nguyen Duc Trung - Chairman of Nghe An Provincial People's Committee (fourth from right) attended the forum. Photo: Thuc Tran

At the forum, under the witness of Prime Minister Pham Minh Chinh, leaders of ministries and branches of the two countries and Chairman of Nghe An Provincial People's Committee Nguyen Duc Trung, Minister of Planning and Investment Nguyen Chi Dung presented the Decision of the Vietnamese Government on approving the investment policy of the Tho Loc Industrial Park Infrastructure Construction and Business Investment Project (Phase 1) - VSIP Nghe An II Project to the leaders of VSIP Group.

Under the witness of the Prime Minister, Chairman of Nghe An Provincial People's Committee, Minister of Planning and Investment Nguyen Chi Dung presented the Decision approving the investment policy to the leaders of VSIP Group. Photo: Duong Giang/VNA

Prime Minister Pham Minh Chinh and delegates from the two countries at the Vietnam-Singapore Business Forum. Photo: Duong Giang/VNA

The land use scale of VSIP Nghe An II project is 500 hectares in Dien Tho, Dien Phu, Dien Loc communes (Dien Chau district) in the Southeast Economic Zone. The project's operating period is 50 years from February 8, 2023. This is a project to build industrial, service and urban areas that converge green, smart and sustainable development factors.

VSIP Nghe An II will be the second VSIP Industrial Park in Nghe An, following the first VSIP Nghe An project in 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 these, 23 projects have come into operation, 5 projects are under construction, the remaining projects are completing procedures, with a total registered investment capital of 743.6 million USD. Of which, there are 19 foreign investors with a total registered capital of over 681 million USD.

Prime Minister Pham Minh Chinh affirmed that Singapore's success has contributed to inspiring and motivating Vietnam in its determination to build a strong and prosperous country. Photo: VGP/Nhat Bac

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

The signing of this memorandum of understanding once again demonstrates the desire of the parties to establish a long-term cooperative relationship and further develop industrial park projects in Vietnam. The industrial parks continue to commit to meeting green, smart and sustainable standards, using 4.0 technology in infrastructure development and management to operate businesses more effectively.

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

Prime Minister Pham Minh Chinh received Mr. Tow Heng Tan - Vice Chairman of the Board of Directors of Sembcorp Group. Photo: VGP/Nhat Bac

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

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

The Prime Minister asked Sembcorp to continue coordinating with Vietnamese agencies, Lang Son and Nghe An provinces to implement the VSIP project. Photo: VGP/Nhat Bac

In a discussion with the Prime Minister, Mr. Tow Heng Tan - Vice Chairman of the Board of Directors of Sembcorp Group affirmed that he will continue to promote activities in Vietnam, wishing to continue to cooperate closely and receive support in implementing the VSIP project and renewable energy projects; and made a number of recommendations related to amending and adjusting the Land Law.

Prime Minister Pham Minh Chinh assessed that VSIP projects operate very effectively, creating jobs for hundreds of thousands of Vietnamese workers, and are symbols of successful bilateral cooperation; and welcomed the Group's plan to implement investment and business activities in Vietnam.

Tho Loc Industrial Park (phase 1), where VSIP Group is implementing investment in construction of VSIP Nghe An 2 Project. Photo: Pham Bang

The Prime Minister asked Sembcorp to continue to coordinate with Vietnamese agencies, Lang Son and Nghe An provinces to implement the VSIP project; at the same time, research and implement VSIP projects in a number of other localities, towards being both a smart, modern and sustainable industrial park and a high-tech urban and service area...