Singapore - a market attracting investment with great potential

After more than half a century of cooperation, the relationship between Vietnam and Singapore has made great strides, especially recently, Vietnam and Singapore have upgraded their relationship to a Comprehensive Strategic Partnership. This not only affirms the cooperative relationship between the two countries but also opens up opportunities to attract investment and promote economic growth in Vietnam in general and in the province in particular.

Ba Thien 2 Industrial Park (Binh Xuyen), invested by Vina CPK Joint Stock Company (Singapore), is a priority choice for businesses. Photo: The Hung

Promoting the available advantages and potentials, Vinh Phuc identified the “key” to sustainable growth as attracting investment and developing industry with the motto “All investors coming to Vinh Phuc are citizens of Vinh Phuc ”. In particular, not attracting investment at all costs, but implementing in a selective direction, prioritizing investment projects using high technology, bringing great added value, and being environmentally friendly. Thanks to that, from a purely agricultural province, Vinh Phuc has gradually become one of the provinces with the leading industrial development in the North.

In 1998, the province had only 8 FDI projects and 1 DDI project. Now, the province has 1,314 projects, of which 477 FDI projects with a total investment capital of more than 8.53 billion USD come from 20 countries and territories. Singapore alone has 12 investment projects in the province with a total investment capital of nearly 500 million USD, ranking 6th in terms of countries and territories with investment capital in the province. The investment projects have been creating jobs for many workers, contributing positively to the development of the province.

Typically, the Vinh Phuc ICD Logistics Center Project has become a successful symbol of the mutually beneficial cooperation between Vinh Phuc and Singapore. This is the first "super port" of the smart logistics network in the ASEAN region, with the integrated function of a Distribution Center and an ICD.

Currently, part of phase 1, the extended air cargo warehouse (OACT), of the project has been completed and put into operation. This is the first off-airport cargo loading (BUP) model deployed in Vietnam. Through OACT, it will contribute to reducing costs for businesses and reducing intermediary steps on the route from the departure point to the destination.

Recently, the Provincial People's Committee issued a Decision approving the adjustment of the investment policy of the Vinh Phuc ICD Logistics Center Project. The adjustment includes the investment scale, total investment capital and investment progress of the project.

Accordingly, phase 1 of the project focuses on investing in the construction of a synchronous traffic and infrastructure system along the traffic routes, building a concentrated technical infrastructure area, expected to be completed in 2025. Phase 2 will build the ICD operator's house; repair workshop and yard; part of the ICD yard, the next cargo warehouse, expected to be completed by the end of 2026. Phase 3 will build the next 3 cargo warehouses, expected to be completed by the end of 2027. Phase 4 will deploy the construction of the remaining 2 warehouses, the SCC Distribution Center and the remaining part of the ICD yard, expected to be completed by the end of 2028, with the orientation of becoming Asia's first green logistics port.

Vietnam Garment Manufacturing Company Limited creates jobs and stable income for many workers in the area. Photo: The Hung

Possessing a prime geographical location, near Noi Bai International Airport, synchronously connected to the Hanoi - Lao Cai Expressway and national and provincial highways in the region, Ba Thien 2 Industrial Park, the infrastructure investor is Vina - CPK Joint Stock Company from Singapore, is a key industrial park of the province that has been attracting many domestic and foreign enterprises.

The representative of the Industrial Park said: With the orientation of being a model Industrial Park, on a total area of over 308 hectares, the Ba Thien 2 Industrial Park project is designed with full auxiliary infrastructure, open traffic roads, a standard wastewater treatment system, and synchronous green infrastructure. Up to now, Ba Thien 2 Industrial Park has attracted more than 80 projects with a total investment capital of nearly 1 billion USD. Of which, mainly foreign investors, creating jobs for more than 23 thousand workers, contributing to promoting economic growth in the area.

Creating a foundation for the province to enter a new, stronger and more sustainable growth phase, the province continues to promote administrative procedure reform, enhance investor support activities, attract FDI projects, including Singaporean investors. At the same time, it actively removes difficulties and obstacles for production and business activities of enterprises, creating a favorable environment to attract resources and strategic investors.

In particular, priority is given to attracting projects and investors, including Singaporean investors, to invest in key and priority areas of the province such as high-tech, new technology, and environmentally friendly projects... associated with digital economy, green economy, circular economy, and global value chains.

Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/128815/Singapore---thi-truong-thu-hut-dau-tu-giau-tiem-nang