Singapore studies expansion of the VSIP industrial park in Bac Ninh, with VSIP III planned for 2026

Deputy Secretary of the Bac Ninh Provincial Party Committee and Chairman of Bac Ninh People’s Committee Pham Hoang Son hosted and met with Mr. Rajpal Singh, Ambassador Extraordinary and Plenipotentiary of the Republic of Singapore to Vietnam. At the meeting, Ambassador Rajpal Singh praised Bac Ninh’s recent socio-economic development achievements. Vietnam-Singapore relations were upgraded to the Comprehensive Strategic Partnership in 2025, marking a shift from broad cooperation to comprehensive, substantive, and long-term collaboration. The ambassador noted that Bac Ninh is an attractive destination for foreign investors, including Singaporean companies, thanks to a favorable investment climate, advantageous geography, and a high-quality workforce. Many large Singaporean firms are currently operating successfully in the province, and Singapore values the ongoing cooperation with Bac Ninh, with the ambassador affirming his role as a bridge to help Singaporean enterprises expand investments and requesting local leaders to facilitate greater corporate activity. Looking ahead to 2026, the 30th anniversary of VSIP development in Vietnam, Singapore plans to expand the industrial park system, including researching the VSIP III project in Bac Ninh, with a target of about 30 projects nationwide. The ambassador urged the province to provide favorable conditions so the project can be implemented within 2026. Beyond trade and investment cooperation, Singapore commits to continued support for Vietnam, including Bac Ninh, in areas such as education and training of high-quality human resources and capacity-building for local officials as needed, contributing to sustainable bilateral relations. Bac Ninh’s Chairman, Pham Hoang Son, stated that there are about 236 active Singapore-invested projects with total registered capital approaching USD 18 billion, ranking third among 44 investing countries/territories in the province. Companies like Fukang Technology and New Wing are among those contributing positively to socio-economic development. The chairman emphasized Bac Ninh’s focus on key infrastructure projects, such as Gia Binh International Airport and the Hanoi–Quang Ninh high-speed railway, to create momentum for investment and growth. Building on a strengthening cooperative framework, especially after the two countries upgraded to the Comprehensive Strategic Partnership, Bac Ninh leaders seek continued support from the Singapore Embassy to connect local firms and major groups for exploration and investment. They also advocate enhanced cooperation in training high-quality human resources and opportunities for Bac Ninh’s students to study and conduct research in Singapore. Regarding the proposed VSIP III development, Bac Ninh will promptly update its planning this year and direct relevant departments to work closely with the Singapore partner to advance the next steps, aiming to implement the project as soon as possible with high efficiency, thus driving continued economic and social development and reinforcing ties between Bac Ninh and Singapore partners.