Implementation of investment cooperation projects between Vietnam and Singapore promoted

Update: 30-08-2023 | 10:55:06

In the framework of activities to celebrate the 50th anniversary of diplomatic relations and the 10th anniversary of the Vietnam - Singapore strategic partnership, a "conference to promote the implementation of Vietnam - Singapore investment cooperation projects" took place solemnly in Hanoi on August 29, with the attendance of the Prime Ministers of the two countries, leaders of ministries and sectors of Vietnam and Singapore; together with leaders of Becamex IDC, VSIP and representatives of many provinces and cities across the country. At the event, two investors of VSIP Group, including Becamex IDC and Sembcorp, announced the establishment of the Vietnam Singapore Innovation Center in Binh Duong.

The announcement of memoranda of understanding on investment cooperation between Vietnam and Singapore under the witness of Vietnamese Prime Minister Pham Minh Chinh (5th middle row from the right); Singaporean Prime Minister Lee Hsien Loong (5th middle row from the left)

VSIP spreading widely

At the working session, representatives of VSIP Group and localities reported to the Prime Ministers of the two countries on the Feasibility Study Agreement for the development of industrial parks (IPs), urban-service center in the spirit of working that was announced in March 2023. The focus of the conference was to tighten the fine and sustainable relationship between the two countries through a series of development projects and policies that were promoted at the conference. Accordingly, VSIP Group simultaneously started the construction of VSIP Bac Ninh II, VSIP Nghe An II and VSIP Can Tho. In addition, VSIP Group will invest in developing IPs in Thai Binh, Binh Thuan and Ha Tinh on the basis of approved investment guidelines for sustainable and environmentally friendly development, bringing the total number of VSIP projects to 16.

Handing over decisions to accept VSIP's industrial park investment policy in localities

Previously in May 2023, VSIP also received the approval of investment policy for its project in Lang Son province. VSIP has gradually become a model of -Urban - Service Industrial Park model, recognized by domestic, foreign investors and residents. VSIP has so far attracted US$ 18.7 billion in investment capital with nearly 900 partners from 30 countries and territories, creating millions of direct and indirect jobs around the IPs, contributing to changing the appearance of areas where VSIP is present.

Especially, at the conference, two investors of VSIP Group, comprising of Becamex IDC and Sembcorp, jointly announced the establishment of the Vietnam - Singapore Innovation Center in Binh Duong. The center inherits the areas that have been researched and invested by Becamex IDC, Sembcorp such as Industry 4.0 Vietnam - Singapore Innovation Center, Advanced Manufacturing and Startup Center, Sembcorp - EIU Center for sustainable development solutions, Block71 Saigon... to continue developing towards innovation, improvement of sci-tech research capacity, development of high-quality human resources, affirmation of Binh Duong - Becamex brand in industrial, technological development. The Vietnam - Singapore Innovation Center is a step in the comprehensive transformation process of Binh Duong province, an urgent solution in the local strategy on socio-economic development, avoiding the middle-income trap towards building up a model of science and technology IP in the future.

Delegates attending the conference

In addition, the establishment of this center demonstrates the commitment of Becamex IDC and Sembcorp in accompanying enterprises on the journey of industrial transformation 4.0. Through cooperation with Singapore's leading partners in the field of training, promotion and technology transfer 4.0 in production, the center was established with the vision of accelerating the application of 4.0 technology, improving Vietnam’s competitiveness with its position as the production center of Asia. The Vietnam - Singapore Innovation Center in Binh Duong will play an important role in developing the local industrial production ecosystem, training workforce to be ready for the future and promoting transformation and continuously upgrading manufacturing enterprises with comprehensive activities: Education and training, research and development, technology introduction, readiness assessment and consultancy to support enterprises to apply appropriate 4.0 technology solutions to help improve productivity and business management processes of enterprises.

The event is a demonstration to the efforts and companionship by Binh Duong province, Becamex IDC and partners for the startup and innovation community in Vietnam in the journey of industrial transformation 4.0. It can be said that building and developing a sustainable innovation startup ecosystem with high-efficiency and creating added values for the economy is not a short path. But, with strong aspirations, high determination and great efforts, Binh Duong promises to truly become a fertile "land of innovation" for good seeds to be germinated, grown up on a global and regional scale.

Importance of Vietnam - Singapore Innovation Center

The Vietnam - Singapore Innovation Center in Binh Duong has been approved by provincial People's Committee of Binh Duong province for establishment. Provincial leaders strongly support and emphasize the importance of the center for the comprehensive development of Binh Duong through linkages with training institutions and Innovation Centers in the community and integrating into provincial master plan.

Announcement ceremony of Vietnam - Singapore Innovation Center

The Vietnam - Singapore Innovation Center in Binh Duong is established to promote the implementation of the orientation of Binh Duong province, Becamex IDC, VSIP in pioneering economic development based on innovation, research and development of science and technology. The center is positioned as a platform to attract active participation and cooperation among subjects of the innovation ecosystem under the three-side cooperation model, creating conditions for enterprises and institutions to uphold their potential, upgrading capacity through research and development activities, transfer and application of science and technology, towards commercialization and brand development in terms of technology. All will help enterprises reach deeper development in the global value chain towards products with higher technology content, adapting to the world's trend of green and sustainable development. Therefore, the center will play a strategic role, contributing to the province’s necessary transformation, creating new growth platforms to maintain sustainable growth during the journey of overcoming the middle-income trap.

The Vietnam - Singapore Innovation Center will further build and develop a close and sustainable relationship between Vietnam and Singapore. And Becamex IDC and Sembcorp, the founding shareholders of the center have developed the model of Vietnam - Singapore Industrial Park (VSIP) across the country for more than 27 years. Based on the strategic cooperation relationship between the two countries, the center will continue creating new opportunities to promote learning, share knowledge and experience on innovation with Singaporean partners, namely the National University of Singapore, Singapore Polytechnic, Nanyang Polytechnic, Enterprise Singapore... over the past time as a foundation and continue connecting with other domestic and international innovation partners.

The center continues inheriting the space that has been invested and developed by Becamex IDC, VSIP and Binh Duong province in order to further perfect the local ecosystem at the needs of enterprises and the economy through (1) training, attracting and retaining high-quality, dynamic and creative human resources to Binh Duong; (2) improving sci-tech research and development capacity, (3) supporting enterprises and innovative ones to improve productivity, develop business activities and make technology transform 4.0. These are the necessary preparatory steps to build up a model of the sci-tech IP, contributing to the implementation and development of the Binh Duong Smart City project in the coming time.

“Vietnam - Singapore Industrial Park (VSIP) Co.Ltd. is a joint venture between Singapore’s Sembcorp Group and Becamex IDC. After 27 years of establishment and development, it has become VSIP Group with 17 projects across the country with a total area of nearly 10,000 hectares, attracting US$ 17 billion in investment capital and 880 partners from 30 countries and territories; creating millions of direct and indirect jobs around the IPs, contributing to changing the image of areas where VSIP is present.

The Vietnam - Singapore Innovation Center has completed and put its component centers into operation:

Advanced Manufacturing and Startup Center

Cybersecurity Center

Reported by P.V-Translated by Kim Tin

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Implementation of investment cooperation projects between Vietnam and Singapore promoted

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