Viet Nam has decided to cancel construction of Vietnam-Singapore industrial park in Phu Quoc island district. — Photo baodatviet.vn

KIEN GIANG (Biz Hub) — Viet Nam has decided to cancel a plan to build a Singapore-style industrial park in Phu Quoc island district, a major tourist destination in the southern Kien Giang Province.

The planning and investment ministry has informed Singapore of the new decision, following Deputy Prime Minister Hoang Trung Hai's order.

The decision was made as part of a plan to revise a general construction plan for Phu Quoc till 2030.

Last year, the Kien Giang Province authorities had asked the Investment and Industry Development Corporation (Becamex IDC) to conduct a feasibility study for the Vietnam-Singapore Industrial Park (VSIP) in Phu Quoc.

Becamex IDC and Vietnam-Singapore Industrial Parks Joint Venture Co. Ltd (VSIP) in southern Binh Duong province planned to construct the nearly 3,000ha project, which was to focus on hi-tech and environment-friendly industries.

Phu Quoc, the largest island in Viet Nam, has a total area of 593sq.m. Under a master plan for economic and social development of Kien Giang, Phu Quoc will be converted into a special economic and administrative zone by 2020.

The Vietnam Singapore Industrial Park (VSIP) was established in 1996 on the basis of co-operation and support by the governments of Viet Nam and Singapore.

VSIP has attracted nearly 500 businesses and US$6.4 billion in investment and US$8 billion in export product value so far, while creating more than 140,000 jobs for the Vietnamese people.

VSIP, comprising many leading groups such as Sembcorp Industries, Ascendas, United Overseas Land and KMP Group, besides Mitsubishi Corporation, has developed five such projects in Binh Duong, Bac Ninh, Hai Phong and Quang Ngai. — VNS