Singaporean businesses praise Vietnam’s investment climate | Halong Bay Airport

Singaporean businesses praise Vietnam’s investment climate

Singaporean businesses described Vietnam as a lucrative market thanks to its strong economic recovery and healthy business climate at an investment promotion forum held  in Singapore on April 28.

The forum was the result of a joint effort by International Enterprises Singapore (IE Singapore), the Singapore Business Federation (SBF), the Vietnamese Embassy, and the Vietnam Ministry of Planning and Investment (MPI).

It attracted roughly 120 high profile foreign  firms operating in a wide array of fields including finance, processing, service, infrastructure development, and real estate, all of whom expressed a keen interest in doing business in Vietnam.

Participants had a chance to talk to PMI Minister Bui Quang Vinh and representatives from a number of Vietnamese ministries and agencies who introduced Vietnam’s incentive policies and investment opportunities and provided tips on ironing out snags in their business operations in Vietnam.

Speakers at the event also highlighted the significance of the forum which is taking place at a time when Vietnam-Singapore economic and investment cooperation has proved more efficient after the two nations agreed to upgrade the ties of friendship and comprehensive cooperation to a strategic partnership in September 2013.

They highlighted numerous opportunities for Vietnam and Singapore as they are both members of the ASEAN Economic Community which is expected to be established in 2015, and are participating in Trans-Pacific Partnership (TPP) Agreement negotiations.

Tan Soon Kim, a senior official from IE Singapore, said many Singaporean businesses are showing a keen interest in the Vietnamese market and they can cooperate with Vietnam in many other areas– health care, education and training, telecommunications, and logistics.

Kim said he will call on Singaporean businesses to full utilize investment opportunities in Vietnam, not only in major cities like Hanoi and HCM City but also other localities nationwide.

Minister Vinh went to great lengths to point out that Singapore is Vietnam’s third largest FDI investors, with 1,258 valid projects worth over US$ 30 billion.

He highly valued Singaporean-invested projects which have made remarkable contributions to Vietnam’s socio-economic development, as well as its economic restructuring process.

He also emphasized that with a strategic position, an open and dynamic economy and competitive environment, Singapore has become an attractive destination for many multi-national groups and big regional investors, including Vietnam.

Vietnam is actively improving its business climate to create the best possible conditions for both domestic and foreign investors, Vinh said while voicing his hope that Singapore a will continue expanding investment in Vietnam and look forward becoming Vietnam’s No1 FDI investor.

Vietnamese officials and businesses from Kien Giang, Nghe An and Thanh Hoa provinces also took time at the forum to introduce their investment potential to Singaporean businesses.

Phu Quoc island

On the occasion, Minister Vinh encouraged Singaporean firms to invest in building Kien Giang province’s Phu Quoc island into a luxury resort, and a leading science and technology center in Vietnam and the larger Southeast Asian region.

He reiterated that Prime Minister Nguyen Tan Dung and Singaporean counterpart agreed to cooperate and provide favourable conditions for Singaporean investors in Phu Quoc island in the time ahead.

Kien Giang provincial People’s Committee Vice Chairman Nguyen Thanh Nghi said the Vietnamese government is mapping out a plan to develop a special economic zone in Phu Quoc island with the most investment incentives.

Nghi suggested Singaporean enterprises invest in ecological resorts, urban areas, and high-tech industrial zones, covering around 4,000 hectare in Phu Quoc.

Chia Tech Keng from, a representative from Arcanum Associates LLT – a Singaporean consultancy service provider – showed his interest in Phu Quoc and encouraged other firms to look into investment in the potential island.

The Kien Giang delegation  is expected to deliver a speech introducing the province’s potentials to Singaporean investors at the 10th Vietnam-Singapore Ministerial Meeting on Economic Connectivity in Singapore on April 29.

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