A groundbreaking ceremony was held for the Vietnam-Singapore Industrial Park in the northern province of Thai Binh (VSIP Thai Binh) on March 26, the Government News has reported.

Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong attended the ceremony, held at the Government Office in Hanoi, as part of the Singaporean leader’s ongoing official visit to Vietnam.

The project will cover 333ha in Thai Thuy district.

It is being developed by the Vietnam Singapore Industrial Park and Township Development Joint Stock Company, with total investment exceeding VND4.9 trillion ($221 million).

The project, focusing on infrastructure development and business operations, plays a crucial role in attracting investment and driving economic growth in the province.

With over 4,000 investment projects in Vietnam and a total capital of more than $80 billion, Singapore is the second-largest foreign investor in Vietnam.