|This month, NTUC opened its first hypermarket in HCM City, the first in a series of hypermarkets planned for the Vietnamese market.—Photo tintuc.wada.vn
HA NOI (VNS)— Viet Nam's long-term potential for business was promising, said Teo Eng Cheong, chief executive of International Enterprise Singapore, a government agency driving Singapore's external economy.
Teo cited the country's rapid urbanisation, large domestic economy and abundant natural resources as inviting opportunities for businesses.
He highlighted the consumer sector as a growing area, fuelled by an expanding urban population, better educational qualifications and rising disposable incomes.
This month, NTUC opened its first hypermarket in HCM City, the first in a series of hypermarkets planned for the Vietnamese market.
With urban populations in Viet Nam's three largest cities (Ha Noi, HCM City and Hai Phong) expected to triple by 2020, demand for urban solutions and infrastructure development will likely increase.
Sembcorp Development currently operates four Viet Nam - Singapore Industrial Parks (VSIPs), with progress underway on a fifth VSIP in central Quang Ngai Province.
In the tourism and hospitality sector, Viet Nam received 6.8 million international tourists and 32.5 million domestic tourists in 2012, generating revenue of nearly US$7.7 billion. Last November, Banyan Tree opened Viet Nam's first large-scale luxury integrated resort in central Viet Nam.
Singapore is the third-largest foreign investor in Viet Nam, with cumulative registered capital of $27.2 billion across more than 1,000 projects to date.
In the first three months of 2013, Singapore overtook Thailand and Japan as the top foreign investor. Singapore is Viet Nam's sixth-largest trading partner, with total trade reaching S$15.8 billion in 2012 (about $12.6 billion). — VNS