Singapore is biggest foreign investor in January-August

VGP - Singaporean capital keeps on flowing into Viet Nam, making it the largest foreign investor in the country in the first eight months this year.

October 13, 2020 5:04 PM GMT+7

Singapore tops list of foreign investors in VN

In the reviewed period, Singapore pledged to pour US$6.54 billion, accounting for 33.5% of all foreign direct investment (FDI) inflows to Viet Nam.

Among Singaporean investors in Viet Nam, Sembcorp Development is a major one as it has cooperated with Becamex IDC Viet Nam to establish the Viet Nam-Singapore Industrial Park (VSIP).

There are currently nine VSIPs, totaling more than 8,600ha of land throughout Viet Nam, providing production infrastructure for almost 900 enterprises with total capital of more than US$15 billion.

Other leading Singaporean businesses in Viet Nam include Ascendas, which has entered a joint venture with Protrade to develop and operate the 500ha Protrade Industrial Park in Binh Duong Province, and the 12ha OneHub Saigon project in the Saigon Hi-Tech Park (SHTP).

Attractive destination

Deputy Minister of Planning and Investment Tran Quoc Phuong told a recent online Viet Nam-Singapore investment promotion conference that Viet Nam has persisted with proactive and effective solutions to simultaneously contain the COVID-19 outbreak and keep the economy ticking over.

He said foreign investors, including Singaporean, have growing opportunities to invest and do business successfully in Viet Nam since the country’s legal framework is constantly being improved and channels connecting the domestic and foreign markets are being expanded, and the Government and provinces are determined to improve the business environment.

The Government encourages Singaporean firms to, among other things, invest in the hi-tech industry, set up innovation and R&D centres, develop industrial park infrastructure, and take part in the equitisation of State-owned enterprises, he added.

Singapore has become the third largest foreign investor in Viet Nam with more than US$55 billion of registered capital.

Bilateral trade reached US$21 billion in 2019. The two countries’ goods structures are complementary, allowing Vietnamese businesses to expand their farm produce, seafood and foodstuff market shares in Singapore./.

By Vien Nhu