Prime Minister Phạm Minh Chính and Singapore's Prime Minister Lawrence Wong at the groundbreaking ceremony for the Việt Nam-Singapore Industrial Park (VSIP) in the northern province of Thái Bình on Wednesday.— VNA/VNS Photo Dương Giang

HÀ NỘI — The groundbreaking ceremony for the Việt Nam-Singapore Industrial Park (VSIP) in the northern province of Thái Bình, alongside the signing of economic cooperation agreements between the two countries, marks a significant milestone in the flourishing bilateral relationship between Việt Nam and Singapore.

In his address on Wednesday morning, Prime Minister Phạm Minh Chính said such events were clear evidence of transforming political, diplomatic, economic and people-to-people relations into tangible material benefits.

Chính made the comments while attending the ceremony with Singapore's Prime Minister Lawrence Wong.

The event took place following a welcoming ceremony and talks at the Government Office in Hà Nội.

The VSIP Thái Bình, developed in Thụy Trường Commune, Thái Thụy District, Thái Bình Province, spans more than 333 ha.

The first phase covers 278 ha and is being developed by the Việt Nam Singapore Industrial Park and Township Development Joint Stock Company, with total investment exceeding VNĐ4.9 trillion (approximately US$ 212 million).

The project, focusing on infrastructure development and business operations, plays a crucial role in attracting investment and driving economic growth in the province.

It is expected to be a catalyst for the development of the provincial Economic Zone, serving as a model for high-tech, green industrial parks that provide high economic returns for the locality.

It will also create numerous jobs, boost income and improve living standards for the people of the district.

With over 4,000 investment projects in Việt Nam and a total capital of more than $80 billion, Singapore is the second-largest foreign investor in Việt Nam.

Of these, 20 VSIP projects are symbols of the effective, sustainable and long-term cooperation between the governments and business communities of the two countries.

Chính called on Singapore to continue expanding and optimising the first-generation VSIP industrial parks and to invest in the development of second-generation VSIPs with a focus on sustainability.

It should foster ecosystems in science, technology, innovation, industry, urban development, services and high-tech sectors in various regions of Việt Nam.

The collaboration will help the two economies complement each other, further strengthen their comprehensive, effective partnership and generate momentum for attracting new-generation investment projects.

“It will contribute to the socio-economic development of both countries, benefitting the nations, the peoples and the bilateral relationship”, he said.

He said the visit by Singapore's Prime Minister would bring fresh energy to bilateral cooperation.

The Việt Nam-Singapore economic cooperation is hoped to continue to thrive, breaking new ground and setting a dynamic and effective example of strategic partnerships within ASEAN, while also inspiring cooperation mechanisms regionally and globally, he said.

Prime Minister Lawrence Wong of Singapore said his recent talks with Chính were highly successful, resulting in numerous signed agreements.

Wong expressed his joy at witnessing the groundbreaking of the VSIP Thái Bình, which he described as a cornerstone of bilateral relations over the past three decades, underscoring Singapore’s trust in Việt Nam and its development potential.

Wong said the two sides agreed during their talks to develop the VSIP 2.0 network in a sustainable and smart direction, incorporating advanced manufacturing technologies to optimise the attraction of high-quality capital into Việt Nam.

This builds on agreements made during the recent visit of Vietnamese Party General Secretary Tô Lâm to Singapore, focusing on enhancing cooperation in digital economy, green economy, high-tech sectors and the development of more sustainable VSIPs.

The VSIP 2.0 parks will not just be industrial zones, but will also become hubs for science, technology, services and smart cities, incorporating features such as wastewater treatment, green transportation and environmental protection.

In addition to projects such as fibre-optic and power cable connections, the integration of VSIP Thái Bình into the 20-strong VSIP network across Việt Nam will help enhance connectivity and attract more investment into the country.

This will benefit both nations and foster economic connectivity within ASEAN.

Also at the event, under the witness of both Prime Ministers, representatives from various ministries, localities and business entities from both countries signed cooperation documents in areas such as industrial park development in Việt Nam’s provinces, promoting innovation, digital transformation and industrial development, supporting tourism and biofuel promotion, and building an integrated open innovation platform in the agricultural and food value chains.

Earlier, following the talks, the two Prime Ministers witnessed the signing of several important cooperation documents, including a memorandum of understanding (MoU) on the development of a Strategic Partnership Action Plan for the 2025-30 period between the Ministries of Foreign Affairs of both countries, a MoU to enhance cross-border e-commerce cooperation towards the ASEAN electricity grid between the Ministries of Industry and Trade of both countries, another a MoU on cooperation in digital development and innovation between the Vietnamese Ministry of Science and Technology and Singapore’s Ministry of Digital Development and Information and one on facilitating retail payments via QR codes between Việt Nam and Singapore.— VNS