The southern province of Binh Duong and the Vietnam-Singapore Industrial Park (VSIP) Group have agreed to expand the industrial park, which will include urban and social services in the future.

The consensus was reached during a meeting between Chairman of the provincial People’s Committee Tran Van Nam and Co-Chairman of the VSIP Group Kavin Teo on January 26.

Nam hailed the contributions of businesses, especially those from the two VSIPs, to the local socio-economic successes in 2014.

The province continues to promote sustainable development towards becoming a centrally-run first-tier city by 2020, he said, adding that it will prioritise projects with advanced technology and competitive products.

The provincial leader also pledged to further improve infrastructure and support investors.

Kavin Teo said effective management by the provincial authorities has increased investor confidence in the local business environment, noting that in 2014, the VSIP Group attracted 600 million USD in investment to 21 new and 26 current projects.

After nearly 20 years of development, the group has contributed to boosting local socio-economic growth, he said, adding that it now focuses on upgrading the VSIPs into urban-services-social welfare complexes.

Teo asserted that the success of the VSIPs in Binh Duong can serve as a foundation for the expansion of the model to other localities across Vietnam.-VNA