The Vietnam Singapore Industrial Park (VSIP) is a world-class industrial park that was initiated by the Governments of Vietnam and Singapore. In March 1994, the VSIP project was first proposed by former Vietnamese Prime Minister Vo Van Kiet to his contemporary Singaporean counterpart Goh Chok Tong. Almost two years later, the project was officially launched on January 31, 1996 in Singapore. On 14 May 1996, the two Prime Ministers gathered again at the project site in Binh Duong to attend the groundbreaking ceremony of the first part of the project, VSIP I, (500ha). For the past 14 years of development, VSIP I has become the leading industrial park in Vietnam, and has proven to be a very attractive investment destination, technology transfer and environment protection for many multinational companies for the domestic as well as export markets.