Illustrative image (Photo: VNA) Hanoi (VNA) – A conference linking hundreds of Hanoi and Singaporeanenterprises was held in the capital city of Hanoi on March 7.
The eventwas co-hosted by the municipal Department of Industry and Trade, the VietnamTrade Office in Singapore, the Singapore ChineseChamber of Commerce and Industry (SCCCI) and the Vietnam Chamber ofCommerce and Industry (VCCI).
Speaking at the event, Vice Chairman of the municipal People’s CommitteeNguyen Manh Quyen affirmed that in order to draw foreign investment capital, Hanoihas been launching synchronous policies and mechanisms such as stepping up theconstruction of infrastructure in industrial zones and clusters.
Singapore currently ranks second among 140 countries and territories investingin Vietnam and is also the second biggest investor in Hanoi, mostly in realestate, construction, lodging and dining services, science, technology andeducation, he said.
Hanoi willhelp investors learn about laws, policies andinvestment procedures; and connect with foreign partners, he added.
Since 1986, the capital city has drawn about 61.4 billion USD in FDI. In2022 alone, the figure reached 1.77 billion USD, up 15% annually, placing thecity at the sixth place nationwide in terms of FDI attraction.
So far, Singaporehas poured 11.4 billion USD into Hanoi, including roughly 616 million USD lastyear, the highest among partners, accounting for 34.7% of the total capital inthe city.
VCCI’sPermanent Vice President Nguyen Quang Vinh said Hanoi exported goods worth 615million USD to Singapore last year, or 3.6% of the total, mostly machinery,tools and spare parts making up 46.7%, wood and wooden furniture 3%,electronics and accessories, computers and components 2.5%.
SCCCIPresident Kho Choon Keng said SCCCI groups about 5,000 memberenterprises operating in various areas. The delegation is accompanied by over30 major Singaporean groups and firms wishing to seek cooperation opportunitieswith Hanoi partners.
He addedthat a number of Singaporean companies seek opportunities in infrastructure,production, logistics, transport, education, tourism, finance and agriculturein Vietnam and Hanoi in particular.
In thecoming time, Singaporean firms will expand cooperation in new realms such as sustainabledevelopment, renewable energy and digital economy, he said.
Singaporeanbusiness representatives suggested Hanoi upgrade infrastructure in industrialparks, simplify administrative procedures, and step up the adoption of moderntechnology in handling administrative procedures related to businessregistration, taxation, insurance and land.
Hanoi firms wished toconnect with Singaporean counterparts in developing new, eco-friendly andenergy-efficient products while tapping advantages brought about by free tradeagreements to which Vietnam and Singapore are members./.
