VSIP starts paintings on business park venture in northern Vietnam province Thai Binh

Construction of the Vietnam-Singapore Industrial Park (VSIP) Thai Binh commenced on Wednesday in northern Vietnam, with the witness of Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong.

The VSIP Thai Binh project, located in Thai Thuy district, Thai Binh province, about 100 km away from Hanoi, will cover 333.4 hectares and have total investment capital of more than VND4,932 billion ($192.88 million).

It is 10 km from Diem Dien Port of Thai Binh and 40 km from Dinh Vu Port of the neighboring city of Hai Phong.

Its investor is VSIP, a joint venture between Singapore’s Sembcorp and Vietnam’s major developer Becamex.

VSIP Thai Binh is expected to be an ideal destination for key industries, including electronic components, mechanical engineering, supporting industries, and renewable energy, thanks to its connection with economic centers and global supply chains,

The industrial park will not only meet high standards of clean technology, reduce greenhouse gas emissions, and optimize energy consumption, but also focus on developing a modern, environmentally friendly industrial ecosystem.

The VSIP model of generation 1 has been very successful, PM Chinh said at the event.

Vietnam and Singapore agreed to upgrade this model to generation 2, towards sustainability, intelligence, digital transformation, green transformation, and application of AI, enhancing environmental and social responsibility.

Along with industrial development, VSIPs will develop science and technology, innovation, trade, services, and urban areas.

VSIPs in Vietnam will also increase their connectivity, said PM Lawrence Wong, citing VSIP Thai Binh as an example.

This IP will soon be connected to Lach Huyen Port in Hai Phong city by expressways. It will become extremely important in supporting large factories in the neighboring areas and attracting investment in high technology, manufacturing and processing industries, he added.

Two VSIP projects have just been granted in-principle approval, bringing the network of VSIPs to 20 in 14 Vietnamese provinces and cities.