Hanoi: Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong attended the groundbreaking ceremony of the Vietnam-Singapore Industrial Park in the northern province of Thai Binh (VSIP Thai Binh) on March 26. The 333ha VSIP Thai Binh, costing nearly 221 million USD, is located in Thuy Truong commune, Thai Thuy district. The first phase, led by the VSIP Urban and Industrial Park Development JSC, involves reclaiming 278 ha for construction.

According to Vietnam News Agency, the event marks a significant development in the economic collaboration between Vietnam and Singapore. The Vietnam-Singapore Industrial Park is expected to boost the local economy and create new opportunities for businesses in the region. The involvement of both countries in this project underscores the strong bilateral ties and mutual interests in enhancing industrial growth.

The project, situated in a strategic location, aims to attract foreign investment and provide a boost to the industrial sector in Thai Binh province. The development of this industrial park is seen as a crucial step in improving infrastructure and advancing economic development in the area. The collaboration between Vietnam and Singapore in this venture reflects a shared commitment to fostering economic progress and regional prosperity.