The move would utilize existing advantages of a region with a population of 20 million and huge potential for development, Phuc said in a meeting with Neil McGregor, president and CEO of Sembcorp on November 13. 

Phuc suggested the Singaporean group to establish a VSIP in the country’s Central Highlands. The region is specialized in cultivating industrial crops, including coffee, rubber and cashew, and is in need of investors to develop the processing industry. 

Sembcorp has been one of the pioneer enterprises in investing in Vietnam with nine VSIPs over the last 20 years, which are now the symbol of economic, trade and investment cooperation between Vietnam and Singapore, Phuc added. 

Those VSIPs have created jobs for 220,000 laborers, focusing on diversifying sectors such as infrastructure, manufacturing and processing, construction, among others, contributing significantly to economic development of provinces. 

At the meeting, McGregor said the Sembcorp has been reviewing new locations in Vietnam to establish VSIPs, including the Central Highlands and Quang Tri province. Meanwhile, the group also gives solutions to enhance high-added value production and eco- friendly technologies in VSIPs.

Sembcorp is working with the Ministry of Industry and Trade to facilitate investment in Vietnam’s energy sector, McGregor added. 

The PM said Vietnam’s GDP in 2018 could reach over 6.7% with the support of foreign investors. In its course for development, Vietnam has a high demand for power consumption, especially clean energy, which opens up more opportunities for foreign investors.