Illustrative image (Photo: cafebiz.vn)Hanoi (VNA) - Vietnam’s growingstature in the region and the world and its impressive containment of COVID-19have continued to consolidate its status as an attractive destination forSingaporean investors.
Singapore is currently Vietnam’s third-largestforeign investor, with a total registered capital of more than 55 billion USD.
It led all investors in the first eight monthsof this year, pouring 6.54 billion USD into Vietnam, or 33.5 percent of the totalFDI during the period, the Cong Thuong (Industry & Trade) newspaperreported.
Among the Singaporean firms, SembcorpDevelopment has long been present in Vietnam and worked with Becamex IDCVietnam to set up the Vietnam-Singapore Industrial Park (VSIP) joint venture.
Nine VSIP projects have been developednationwide to date, on a total area of more than 8,600 ha, supplying clean groundfor nearly 900 businesses with combined investment capital of more than 15billion USD.
Meanwhile, Ascendas teamed up with Vietnam’s Protradecompany to develop and manage the Protrade International Tech Park in southernBinh Duong province, along with the OneHub Saigon commercial complex in HCM City.
Apart from investment, bilateral trade alsosurged in recent years to some 21 billion USD in 2019. Notably, exportstructures are complementary, which is an optimal condition for agricultural,aquatic, and food products of Vietnam to expand their market shares in the citystate.
Douglas Foo, President of the Singapore ManufacturingFederation and Vice Chairman of the Singapore Business Federation, said that asboth countries have joined the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) and are members of ASEAN, their enterpriseswill have many more opportunities to capitalise on advantages and bolsterinvestment and business activities.
According to the Cong Thuong newspaper,Vietnam’s increasingly important role in the regional and world economies aswell as its impressive achievements in controlling COVID-19 have cemented itsreputation as a safe country and attractive investment destination forSingaporean companies.
Vietnam has also been making thoroughpreparations for welcoming FDI inflows by boosting ties between businesses anduniversities, colleges, and vocational training centres to develop humanresources, building a more favourable legal framework, and developing supportingindustries, which are all critical to continuing to attract foreign investors,including those from Singapore, the newspaper said./.
VNA
