Investments in Vietnam-Singapore Industrial Parks hit US$11b: PM Lee (Singapore Business Review)

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.

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Singapore Business Review

13 September 2018

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