Investments in Vietnam-Singapore Industrial Parks hit US$11b: PM Lee

It has generated more than 200,000 jobs.

The seven Vietnam-Singapore Industrial Parks (VSIPs) have brought in more than $15.09b (US$11b) of investment capital from 800 international companies, prime minister Lee Hsien Loong said during his speech at the World Economic Forum on the Association of Southeast Asian Nations (ASEAN) held in Hanoi.

With this, the VSIPs have generated more than 200,000 jobs, the prime minister revealed.

“The Vietnam-Singapore Industrial Parks are a strong pillar of our deep economic relations, and they form invaluable infrastructure for Vietnam and Singapore companies to benefit from the Fourth Industrial Revolution,” Lee commented.

In addition, Lee said that Singapore’s ASEAN chairmanship pushed for the ASEAN agreement on e-commerce which will streamline e-commerce regulations for businesses to market and sell their products easily within ASEAN.

Meanwhile, the ASEAN Single Window will expedite cross-border customs cargo clearance to cut transaction costs using a single online platform. Moreover, the ASEAN Smart Cities Network, comprising 26 pilot cities including Hanoi has been rolled out.

“It is a network that provides a platform for cities to cooperate and to share experiences,” he explained. “The network is also working with external partners as well as the private sector.”

According to him, the network completed its first round of meetings in July and was able to roll out projects. Amongst them are the collaboration with Chonburi’s Amata Smart City in Thailand as well as the Yokohama Urban Solution Alliance on a smart energy management system and there will be many more collaborations to come.

Also read: Singapore hopes ASEAN could step up smart city initiatives: PM Lee

In addition, Lee said that Singapore looks to boost regional economic integration and adoption of technology through upgrading three centres for the Initiative for ASEAN Integration. Said centres are found in Vietnam, Cambodia, and Laos and shall be upgraded to become Singapore Cooperation Centres.

“The new Centres will expand our range of technical assistance beyond classroom-based courses, which will allow Singapore to share our experiences and practices more effectively, so that we can better learn from each other,” Lee said.