Mr. Lee is now on his four-day visit, beginning yesterday to Việt Nam at the invitation of PM Dũng.

The project covers an area of 1,600 hectares, including 500 hectares for industrial development and the rest for urban development.

VSIPs are among the most successful joint ventures in terms of industrial infrastructure development in Việt Nam. Their two main shareholders are Singapore-based SembCorp and Việt Nam-based Becamex.

Four VSIPs have been established here with the total area of over 4,850 hectares, including one in the northern province of Bắc Ninh, and VSIP 1 and VSIP 2 in the southern province of Bình Dương.

Symbol of the Việt Nam–Singapore cooperation

For four years of realizing the Framework Agreement on Việt Nam-Singapore Connection, the bilateral linkages have been flourishing in all fields, particularly trade, investment, transport, education and telecommunication.

Singapore is among Việt Nam’s top investment and trade partners. By November 2009, it had around 760 projects with the total registered of nearly US $17 billion, boasting itself as the fifth biggest investor in Việt Nam.

At the ground-breaking ceremony, the two PMs hoped that the VSIP Hải Phòng project would continue successful stories of its siblings in Bắc Ninh and Bình Dương.

PM Nguyễn Tấn Dũng took this occasion to praise for Singaporean investors’ valuable contributions and pledged to continue creating favorable conditions for foreign investors.

He believed that the project would produce various job opportunities for local residents and an impetus to the socio-economic development of Hải Phòng and the Red River Region.

PM Lee Hsien Loong highly spoke of Việt Nam’s high GDP growth rate recorded during the past consecutive years and an abundant diligent young labor force - a motive for Việt Nam’s development and regional economic integration.

He was convinced that the 4 th VSIP will be a great success which prove the fruitful cooperation between Singapore and Việt Nam.

By Hải Minh