SINGAPORE - The fifth Vietnam-Singapore Industrial Park was launched by the prime ministers of the two countries in Quang Ngai on Friday.
Prime Minister Lee Hsien Loong and his Vietnamese counterpart, Mr Nguyen Tan Dung, have also agreed to elevate the two nations' relationship into a strategic partnership.
The 600ha industrial project, to be complemented by a 520ha commercial and residential development nearby, is the first of its kind in central Vietnam.
The $337m investment is a joint venture between Sembcorp Development and a Vietnamese state-owned enterprise.
In his speech at the ground-breaking, Mr Lee noted that the four earlier industrial parks have brought in US$6 million of investments per hectare, almost double Vietnam's national average.
Some 500 companies have signed up, employing about 140,000 workers.
"The (industrial parks) are concrete symbols of the excellent economic cooperation between Singapore and Vietnam," he said.
"They bring together Vietnam's vast industrial land and manpower resources and Singapore's experience with industrial park management and integrated urban infrastructure solutions."
The parks "fit within the larger context of Singapore's broader relationship with Vietnam", he said.