VSIP commitment to a long-term vision

Nearly a decade ago, L.D.Hung moved from his hometown at Quang Ngai Province to the South with a vision to better his life. After years away from home, Hung left behind a successful career at Binh Duong province for a position in VSIP Quang Ngai, where a prosperous life and a promising job is no longer a dream.

This is one of the stories that we see happening every day at the Vietnam Singapore Industrial Parks (VSIP). In just one day, we have heard so much about the meaningful connection between VSIP and its employees. We also met other employees who saw Binh Duong province as their hometown, who told us about simpler days in the past and their decade-long journey with VSIP. By seeking job opportunities at VSIP Binh Duong, many employees had also excitedly volunteered to return and work for new VSIP projects in their hometown. Although they have all started their careers differently, their stories always end with a sense of pride for contributing to the success of a role model for industrial parks in Vietnam.

According to the 2015 National Internal Migration Study, the Vietnamese workforce has undergone a significant transition from rural to urban areas which caused more difficulties for remote areas in term of recruiting laborers. It also caused the gap in the economic development and social environment throughout the country as laborers keen to seek higher paying job opportunities relocate to bigger cities. In this context, VSIP has a unique business approach to develop a network of integrated township and industrial parks that bring in comprehensive solutions for work, live and play toattract better investment into Vietnam. Therefore, people from smaller provinces benefit by living in their hometowns with stable incomes, and are further equipped to contribute to local economic development.

This strategy was set out following VSIP experience in industrial development, in resonance with the Singapore partner's future-forward vision in urban planning. The venture aims to help an entire generation of workers from different provinces like Hung to grow, and guides them to contributing to the economic development in their home provinces, VSIP is playing a role in directing and leading workforce migration in the country, with a long-term vision to benefit all provinces. During the journey in Vietnam of more than 20 years, VSIP has been committed to pioneering the industrial park model in line with international quality standards, and has helped triggered the economic potential while contributing to the overall development of the provinces where its parks operate –Binh Duong, Bac Ninh, Hai Phong, Hai Duong, Nghe An and Quang Ngai.

The power of a role model industrial parks network

With seven parks in Binh Duong, Bac Ninh, Hai Phong, Quang Ngai, Hai Duong and Nghe An totaling a gross area up to 6,660 hectares, VSIP has thus far attracted investments from 658 companies. The operations of these companies have brought in US$9.1 billion in investment, leveraging a combined strength of more than 179,000 workers. Through enabling further business growth around the areas of operation, VSIP has also seen the wider impact of its operations and have been encouraged to see local SMEs take root in the surrounding communities. As a result of its operations, VSIP have seen greater development and infrastructure growth as well as employment for local residents in the provinces.

Nguyen Van Hung, Co-chairman of VSIP Group, shared “VSIP sees improving life for local communities and contributing to the comprehensive development of Vietnam as part of our mission. We also leverage the experience that Singapore partners bring in developing sustainable business models, which not only creates economic value but also has long-term benefits for the community.

To ensure that we stay ahead of the competition we constantly look for differentiators and value added services for our customers, VSIP is managed completely as a commercial entity, with strong systems and processes that include a corporate governance structure and enterprise risk management capabilities. Exploring innovation hubs for Vietnam is a key focus for VSIP’s next chapter of development with a belief that Vietnam can embrace the greater sophistication expected of foreign factories. There is less emphasis on low wages, with growing importance placed on advanced infrastructure and developing workers’ skills.VSIP has proved the long-term value of its strategy for both business and Vietnamese labors.
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