Vietnam-Singapore industrial parks' success due to Hanoi's tremendous efforts: PM Wong

The success of the Vietnam-Singapore industrial parks (VSIPs) is very much the result of Vietnam's tremendous efforts to reform its economy, said Prime Minister Lawrence Wong on March 26.

- Alyssa Woo

HANOI - The success of the Vietnam-Singapore industrial parks (VSIPs) is very much the result of Vietnam's tremendous efforts to reform its economy, said Prime Minister Lawrence Wong on March 26.

"We think there's scope to do more, upgrade the VSIPs, and then maybe even consider projects in third countries," he said in an interview with Singapore media at the end of his two-day visit.

Since the establishment of the first VSIP in 1996, there are now 20 VSIPs across the country that pull in over US$23 billion (S$30.8 billion) in investments and support more than 320,000 jobs.

"Vietnam has made tremendous efforts since the start of its reform process to open up, to attract investments, and it's continuing to do so with great determination because it's at a stage where it doesn't want to fall into the middle-income trap," said PM Wong.

"Vietnam sees potential for the next few years, and it hopes to achieve 8 per cent growth this year. It hopes to get double-digit growth in the coming years in order to achieve its goals of becoming an upper middle-income country by its 100th anniversary," he added.