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How the Vietnam-Singapore Industrial Park grew 20-fold in 26 years

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Sharon See

Sharon See

Published Fri, Sep 16, 2022 · 05:50 AM
    • Vietnam-Singapore Industrial Park co-chair Kelvin Teo says its decision to not exit despite the 1997 Asian Financial Crisis likely helped co-developer SembCorp Development to "score points" and gain trust from its Vietnamese partners.
    • Vietnam-Singapore Industrial Park co-chair Kelvin Teo says its decision to not exit despite the 1997 Asian Financial Crisis likely helped co-developer SembCorp Development to "score points" and gain trust from its Vietnamese partners. PHOTO: YEN MENG JIIN, BT

    IN its early days, attracting foreign investors to the Vietnam-Singapore Industrial Park (VSIP) was a “hard sell”, said the Singapore chair of the industrial park’s operator.

    The year was 1996, about 2 decades after the Vietnam War and just 2 years after the United States lifted its trade embargo on the socialist republic.

    While Vietnam was industrialising rapidly thanks to a series of economic reforms introduced in 1986, many of its development indicators still lagged behind most of its Asean neighbours.

    Asean BusinessVietnamAseansembcorp industriesForeign investment

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