The number of Singapore-invested industrial parks in Vietnam is set to increase by around 17 after Singapore Prime Minister Lee Hsien Loong visited Vietnam on Tuesday.

On Tuesday morning Lee and his Vietnamese counterpart Pham Minh Chinh witnessed the groundbreaking ceremony of three Vietnam Singapore Industrial Parks (VSIPs) in the northern province of Bac Ninh, the central province of Nghe An and the southern city of Can Tho.

They also witnessed the signings to approve the investment of four more VSIPs in four localities, and an agreement to develop 10 more VSIPs in upcoming years.

The two PMs were also present in the launch of the Vietnam-Singapore Innovation Center in Binh Duong, an industrial hub neighboring Ho Chi Minh City.

"Singapore is happy to contribute to Vietnam's development," Lee said.

Singapore is the second biggest foreign direct investor in Vietnam with over 3,270 projects worth a total capital of $73.4 billion.