Foreign investors hailed the Viet Nam-Singapore Industrial Park (VSIP) as a showcase for Viet Nam's IP in terms of investment environment, technical infrastructure and supporting services. Since its establishment in 1996, VSIP has always taken the lead in attracting investment.

   VSIP has attracted 230 projects with combined capital of over 1.2 billion USD over the past 10 years. The projects have brought in annual revenue of 2.8 billion USD, export revenue of US$1.3 billion, and created 400,000 jobs.

   The VSIP's environment is clean enough for pharmaceutical production, according to Won Ho Song, Deputy General Director of the Korea United Pharma International (Kupi). He also spoke highly of the services, especially the support for completion of investment procedures, provided by VSIP at no cost.

   Mickey Chan, President and Chief Executive Officer of the Hong Kong Kingmaker Footwear Holdings Limited praised the IP for its cheap labour cost and quick completion of administrative procedures.

   Meanwhile, the New Toyo's Deputy General Director Huynh Quang Dang said his company had never had any difficulties while operating in the VSIP.

   According to General Director Liao Wen Chung of the Taiwanese Daily Full International Printing Vietnam, VSIP was the best choice for his company and he intends to introduce VSIP to his friends in Taiwan.

   Tran Van Loi, vice chairman of the Binh Duong People's Committee and Director of the VSIP management board said that one of VSIP's main advantages was having its own management board and the right to grant investment licenses to projects worth up to US$40 million. This has helped reduce investors' waiting time.

   VSIP was developed as a joint-venture between the Binh Duong Trade-Investment and Development Company of Viet Nam and a consortium of seven foreign companies. It has a total capital of US$98 million, with 49 percent contributed by the Vietnamese investor.

   The first stage of the construction of VSIP began in June 1996 and it was completed in July 1997. After a stagnant period due to the impact of the Asian financial crisis, VSIP's operation has been blooming since 2002, and attracts about 30 investment projects annually.

   VSIP has now completed infrastructure on 300 ha of land for the first and second stages of construction and has already leased over 95 percent. About 70 percent of the 200 ha third stage has also been leased.

   VSIP started earning profits in 2002 and has now contributed US$3 million to the State budget.

   VSIP has been the first industrial park in Viet Nam to build a plant to treat waste water with a capacity of 30,000 cu.m per day prior to the construction of its technical infrastructure. All projects operating at VSIP must comply with the regulations on environment protection, waste water treatment and acreage of land with green trees.

   A Viet Nam-Singapore Technical Training Centre has also been set up at VSIP and provides a large number of technical workers for almost all the factories in the industrial park.

   Following the success of VSIP, the joint-venture company commenced another project in early 2006 to build VSIP II on 345 ha at the Binh Duong industrial-service-urban complex.

   So far, VSIP II has attracted 25 projects from 10 foreign countries and territories with a combined registered capital of US$150 million. The largest is a 56 ha storage facility built at a cost of US$100 million by the Mapletree group of Singapore, which will become the largest storage facility in Viet Nam once it has been completed.