Singapore tops list of investors in VN
VGP - In the first nine months of this year, Singaporeans invested an additional US$813.5 million in Ho Chi Minh City, accounting for one fourth of all FDI capital the city attracted during the reviewed period.
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Viet Nam-Singapore Industrial Park (VSIP) is a successful symbol of the two countries' strategic partnership |
Singapore has topped 106 foreign investors in Ho Chi Minh City, with 1,100 projects capitalized at US$10.73 billion. Major investors include Kepple Land and Capital Land.
In another southern province, Binh Duong, Singapore has become the third largest foreign investor this year, with total registered capital of US$198 million, accounting for 16 percent of the province’s total.
There are more than 70 Singaporean projects with a total registered capital of about US$3.6 billion in Dong Nai, placing Singapore fourth among foreign investors in the province.
Singaporean Consul General in Ho Chi Minh City Kho Ngee Seng Roy said his country’s investments in industrial real estate in Binh Duong, Ho Chi Minh City and Dong Nai have yielded outstanding achievements. Many additional Singaporean businesses are researching the Vietnamese market, while those that already invested in Vietnam plan to expand operations and increase investment capital to take the opportunities associated with the shift of investment from other countries to Vietnam and free trade agreements (FTAs).
Attractive destination
According to Douglas Foo, President of the Singapore Manufacturing Federation (SMF) and Vice President of the Singapore Business Federation (SBF), Vietnamese and Singaporean businesses have more opportunities to promote trade and investment, as the two countries are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Association of Southeast Asian Nations (ASEAN).
The country is preparing to attract FDI through cooperation programs between universities, colleges, vocational training centers and businesses.
In addition, experts are also urging it to improve its legal framework in order to simplify and make it more attractive, and develop support industries to attract Singaporean and other foreign investors.
Viet Nam plays an increasingly important role in the regional and global economy, and its efficient control of the Covid-19 pandemic proves the country is a safe, attractive destination for Singaporean enterprises, he said.
By Hoang Ha
