Deputy Prime Minister Tran Hong Ha speaks at the groundbreaking ceremony for the Vietnam-Singapore Industrial Park (VSIP) in Ha Tinh, June 25, 2024.

The first phase of the project has a total investment capital of 61 million USD.

Speaking at the groundbreaking ceremony, Deputy Prime Minister Tran Hong Ha called the project proof of the strong, effective, and substantive cooperation between Vietnam and Singapore over the past 50 years.

VSIP Ha Tinh is expected to attract both domestic and international investors in various fields such as electronics, semiconductors, energy, auto parts, food processing, and logistics. It aims to create more than 30,000 jobs, providing a boost for economic development and restructuring of the province, Mr. Ha said.

“This industrial park must set higher criteria for attracting and selecting investors, who should bring new, clean technologies. It must strike a balance between economic development and the well-being of workers by ensuring adequate social infrastructure including schools, dormitories, and social housing,” he noted.

There are currently 18 VSIPs across Vietnam, which have attracted 930 investors from 30 countries and territories, with a combined investment capital of 21 billion USD.