Friendship mark

Starting success of VSIP trademark is the VSIP I at Thuan An town, Binh Duong province built in Jan. 1996 on an area of 500ha. This is the only industrial park in Vietnam established on an agreement between Vietnamese and Singaporean governments and initiated by the late PM Vo Van Kiet and Singapore former PM Goh Chok Tong with the good will of cooperation and building a modern IP to speed up development of Vietnamese economy.

VSIP I is managed by VSIP Joint Venture Company – a joint venture between Becamex IDC (Binh Duong) and experienced foreign partners led by SembCorp Industries (Singapore).

With the mission of developing and managing VSIP to bring an international business environment for investors, VSIP I has rapidly become the whole country’s leading destination on foreign investment attraction in the 1997-2006 period. After that, VSIP II and VSIP IIA were established in 2006-2008 on an area of 2,045ha at Binh Duong industry-service-urban complex and Tan Uyen district.

With advantage of the leading trademark of industrial park and advantages of geological position, synchronous and modern infrastructure facility as well as simple investment procedures, both VSIP I and VSIP II in Binh Duong have constantly led the whole country in success as well as local and foreign investment attraction.

Until now, these 2 IPs have lured 425 projects, capitalized at US$4.7bil, of which many big groups and companies have focused on hi-tech fields such as electronic components, utensil households, mechanics and many more.

Important contributions

Looking back the developing stage at Binh Duong, VSIP model has created many important contributions and positive impacts to spur the local socio-economic development. Specifically, businesses at these IPs have greatly contributed to local budget. In addition, These VSIPs have contributed to expand market, spur integration and improve technology application.

Through these IPs, big corporations have transferred advanced technology to Binh Duong and developed some important fields. Many new technologies have been emerged in the province. They include automobile production and assembling, digital exchange, cable production and so on, creating many new products with international quality, contributing to bring commodities made in Binh Duong to foreign markets.

Possibly speaking, over the past 17 years these VSIPs in Binh Duong have proved an effective cooperation of Vietnamese and Singaporean businesses. VSIPs’ successes in Binh Duong have created motivations, contributing to spur Vietnamese economic development. By policies of facilitating businesses’ development, renovating technology, improving goods competition and so on, VSIPs have created a good image on Vietnamese investment environment. This is also a precious fruit of the friendship, cooperation and developing investment between Vietnam and Singapore.

Aside from creating impetus for economic development as well as job placement for 125,000 laborers, VSIPs in Binh Duong have contributed greatly to the State budget. They paid US$60mil to the State budget in 2011, $64mil in 2012 and strive to pay $65mil in this year.

VSIPs in Binh Duong in investors’ eyes

Noburu Masuda, president of Japan’s Finecs Group said that through surveys conducted at many localities, Finecs highly values position of VSIP and gives priorities in its investment strategy at abroad. Together with the IP’s perfection, development of urban and service areas next to IPs is a very important factor to help investors feel secure in mind and satisfy.

Olcer Emre, general director of P&G Vietnam Company, said “investing in Vietnam for 17 years, we think that Vietnam’s investment environment is very advantageous. When building factories at VSIP I, we realize VSIP is a global trademark with modern and perfect infrastructure facility, contributing to help our company gain effective operation. Therefore, we have continued choosing VSIP II to build more factories”.

How Kam Chiong, general director of Amway Vietnam Co.Ltd. said that the decisive factor for investors’ success lies in proper selection of investment environment. After a survey, the company chooses VSIP in Binh Duong for its investment because the IP has gathered advantages of planning, infrastructure facility, traffic network and advantaged connection.

Reported by T.Minh – Translated by A.C