Singapore businesses continue to promote investment in Vietnam On July 20 in Ho Chi Minh City, the Vietnam Chamber of Commerce and Industry (VCCI) organized the Business Forum [...]
On July 20 in Ho Chi Minh City, the Vietnam Chamber of Commerce and Industry (VCCI) organized the Vietnam Business Forum South-Singapore (VSBF) aims to connect and seek cooperation opportunities between businesses of the two countries.
Speaking at the forum, Dr. Doan Duy Khuong, Vice President of VCCI, said that VSBF 2016 is an important event that contributes to deepening the good cooperative relationship in many fields between Vietnam and Singapore, especially after the two countries agreed to upgrade their relationship to a Strategic Partnership in 2013. This is also a business promotion activity and a practical promotion of international economic integration in the new context when both countries have joined the Trans-Pacific Partnership Agreement. (TPP) and ASEAN Economic Community (AEC).
VSBF 2016 is expected to bring valuable business opportunities, as well as access to capital, resources and a reliable business network to promote the bilateral economy between the two countries.
Ms. Leow Siu Lin, Consul General of Singapore in Ho Chi Minh City, said that Singaporean businesses consider Vietnam an attractive investment destination with a young population, abundant labor source, good skills and a large market in Southeast Asia.
In terms of investment, accumulated until April 2016, Singapore ranked 3rd among countries and territories investing in Vietnam with 1,600 valid projects, total investment capital reaching nearly 36.28 billion USD.
In Ho Chi Minh City alone, Singaporean enterprises are the number 1 investors. By the end of June 2016, Singaporean enterprises had invested 9.44 billion USD with 847 projects in Ho Chi Minh City focusing on fields such as logistics, services, real estate...
Singaporean enterprises are present in most economic sectors of Vietnam, from oil and gas exploration, industrial production to agro-forestry-seafood processing, especially concentrated in the fields of infrastructure, services and real estate business. Many investment projects of Singaporean enterprises in Vietnam operate effectively, typically the Vietnam-Singapore Industrial Park (Industrial Park) Joint Venture Company (VSIP). 7 VSIP Industrial Parks in Vietnam currently attract investment of over 8 billion USD, creating jobs for more than 155,000 workers.
Representing Singaporean businesses, Ms. Koh Chong Yu, Director of the Department of International Enterprise Development (IE Singapore) in Ho Chi Minh City, said that currently, not only Singaporean businesses but also many foreign businesses and corporations headquartered in Singapore always want to expand to other countries in Asia.
Singapore businesses want to cooperate with Vietnamese businesses in fields such as services, oil and gas, and tourism, which still have a lot of potential in Vietnam. At the same time, Singapore wants to support Vietnamese businesses to participate in the global supply chain, especially in the context that both countries participate in the Trans-Pacific Agreement (TPP).
Speaking to Singapore businesses, Mr. Dang Xuan Quang, Deputy Director of the Foreign Investment Department (Ministry of Planning and Investment) said that although in the first 6 months of 2016, Vietnam's economy showed signs of slowing down (up 5.52% compared to 6.32% in the same period last year). However, overall, Vietnam's economic picture still has many positive bright spots. In the first 6 months of 2016, the whole country had over 54,500 newly registered enterprises with a total registered capital of 427,800 billion VND, an increase of 20% in the number of enterprises and an increase of 51.5% in registered capital, the number of enterprises returning to operation was over 14,900 enterprises, an increase of 75% over the same period in 2015.
In particular, Vietnam is still an attractive destination, attracting FDI enterprises. Overall, in the first 6 months of 2016, the total newly registered and increased capital was nearly 11.3 billion USD, an increase of 105.4% over the same period in 2015, the amount of disbursed capital is estimated at 7.25 billion USD. With this growth rate, it is expected that by the end of 2016, disbursement will be over 15 billion USD, a level highest ever.
Mr. Quang also said that currently, Vietnam is prioritizing attracting investment in high-tech, environmentally friendly projects. At the same time, Vietnam has a separate Decree on the PPP public-private partnership model to encourage private enterprises to invest in infrastructure./.
Le Anh
Chinhphu.vn
Procedures
