The groundbreaking ceremony for VSIP Thai Binh, the 20th of this kind in Viet Nam at the Government Office in Ha Noi, March 26, 2025 - Photo: VGP/Nhat Bac

The event was held at the Government Office in Ha Noi as part of Prime Minister Lawrence Wong's ongoing two-day official visit to Viet Nam.

The industrial park covers an area of 333h in Thuy Truong Commune of Thai Binh's Thai Thuy district, with total investment exceeding VND4.9 trillion (US$221 million).

This is the 20th VSIP in Viet Nam. VSIPs are symbols of the effective, sustainable and long-term cooperation between the governments and business communities of the two countries.

Prime Minister Pham Minh Chinh addresses the groundbreaking ceremony of VSIP Thai Binh

Addressing the event, Prime Minister Pham Minh Chinh called on Singapore to continue expanding and optimizing the first-generation VSIP industrial parks and to invest in the development of second-generation VSIPs with a focus on sustainability.

Singaporean Prime Minister Lawrence Wong speaks at the groundbreaking ceremony of VSIP Thai Binh

For his part, Singapore Prime Minister Lawrence Wong said that VSIP is a reflection of Singapore's trust in Viet Nam and its growth potential.

Lawrence Wong said that the two sides agreed to develop the VSIP 2.0 network sustainably and smartly. Accordingly, VSIP 2.0 is not only an industrial park but also a hub of sci-tech, services, smart city development, wastewater treatment, green transportation, environmental protection, cost saving and efficiency.

Singapore is the second largest foreign investor in Viet Nam with over 4,000 investment projects worth more than US$80 billion./.