Today we took a bus ride out to the province of Binh Duong. There, we rolled up onto the campus of VSIP (Vietnam Singapore Industrial Park) for our last two company visits. VSIP is my group’s focus company, so I had my game face on and notebook at the ready.
Our presenter was delightful. She started the meeting with a brief overview of Vietnam’s economy. This was important to emphasize the importance of foreign direct investment (FDI). Japan is the leading investor in Vietnam, followed by Korea and Singapore. This is a critical example of the influence globalization has on Vietnam’s economy. Foreign investment is only possible through the interconnectedness between countries and companies.
What makes this partnership between Vietnam and Singapore so interesting is their respective strengths. In a way, Singapore industrialized first. Therefore, they have all the money and experience from industrialization, but not necessarily the space to further develop. Vietnam, on the other hand, has the opposite situation. As such, VSIP receives support from the government to government initiative and is successful as a company.
Personally, I think VSIP is providing a really valuable service for Vietnam. They’re opening the doors to foreign investors. Not only do they have their own onsite water treatment and backup generator for their tenants, they have their own onsite customs office to assist foreign companies. VSIP allows space for development. In past classes, we’ve talked about the rapid urbanization of Vietnam. Companies like VSIP and Phu My Hung are what allow for this expansion to occur in a progressive and controlled manner.
After the VSIP company visit, we went to a mall on the VSIP site. It was so cool to be in a mall — a super familiar environment for someone from King of Prussia — and yet see all sorts of new and unfamiliar things. For example, we walked into a Japanese dollar store equivalent. I was amazed at the quality and variety of their items. Honestly, I’d love one of those back home!
Optics and electrical components aren’t my area of interest, so a lot of the manufacturing details in II VI went straight over my head. Either way, I loved the tour of II VI’s facility. It was great seeing all of the parts in motion.