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Singapore’s Deputy PM visits VSIP Binh Duong, Block71

By Le Hoang

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HCMC – A delegation led by Singaporean Deputy Prime Minister and Coordinating Minister for Economic Policy Heng Swee Keat on September 14 paid a visit to the first Vietnam-Singapore Industrial Park (VSIP 1) in Binh Duong Province and Block71 Saigon in Thu Duc City.

The Singaporean deputy prime minister visited VSIP 1 to learn more about the contribution of the industrial park to Vietnam’s industrialization and the success of the VSIPs in the province.

VSIP 1, which covers 500 hectares, marked the cooperation of the Vietnamese and Singapore governments to develop industrial parks.

The third Vietnam-Singapore industrial park has recently got off the ground in the province, covering 1,000 hectares. Many projects have been registered for investment in VSIP 3, including a US$1 billion project invested by LEGO, a US$100-million project by Pandora Group, while over 40 other foreign and local firms are keen to set up shop in the park.

The VSIPs in Binh Duong Province are seeing Singaporean investors get involved in 56 projects, with total capital of US$1.1 billion.

Singapore is the third biggest investor in Binh Duong Province, with some 300 projects worth US$6 billion, according to the provincial government.

During his visit to Block71 Saigon, a strategic partnership project of NUS Enterprise, an arm of the National University of Singapore, and Becamex IDC, Becamex introduced the startup community operating at Block71 Saigon to the Singaporean deputy prime minister.

Besides, a series of programs to support the development of the innovation ecosystem and upcoming plans to expand the Block71 system in Vietnam were also presented at the meeting.

Block71 Saigon acts as a gateway to connect the Vietnamese technology startup community to a pool of global startups, supporting access to mentorship and growth in the local and global markets.

Over the past five years, Becamex IDC has made much investment in building an innovation ecosystem to promote the next stage of Vietnam’s economic growth.

At a meeting with Vietnamese Prime Minister Pham Minh Chinh on September 12 in Hanoi City, the Singaporean deputy prime minister said that Block71, Singapore’s innovation startup ecosystem, is operating effectively in HCMC and he looked forward to replicating this model in Hanoi in the near future.

He affirmed that the potential for the economic partnership between the two countries remains great.

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