Chairman of the HCM City People’s Committee Phan Văn Mãi (L) greets representatives of Singaporean businesses at a meeting on December 19. — VNA/VNS Photo

HCM CITY — Many Singaporean businesses and investors have given priority to HCM City in their operational expansion plans, especially in the fields of finance, trade and high technology.

Representatives of Singaporean firms expressed their interest in the city at a meeting with local leaders jointly held by the HCM City Investment and Trade Promotion Centre (ITPC) and the Singaporean Consulate General on December 19.

Reviewing progress in Việt Nam-Singapore relations, Chairman of the municipal People’s Committee Phan Văn Mãi said two-way trade exceeded US$9.1 billion last year, and Singapore has become Việt Nam’s fifth biggest trading partner and the largest foreign investor in the Association of Southeast Asian Nations (ASEAN).

Singapore has been the biggest foreign investor in HCM City, he said, adding that by the end of November, the country had 1,821 projects worth $14.2 billion, or nearly 25 per cent of total FDI in the southern largest economic hub.

Being aware of the importance of FDI to local economic development, HCM City has taken many measures to accelerate administrative reform and create favourable conditions for foreign firms to operate in the city, the official said.

Expressing appreciation for HCM City's consistent organisation of business meetings, Kho Ngee Seng Roy, Consul General of Singapore in HCM City, stated that the city is the primary destination that Singaporean businesses consider when exploring investment opportunities in Việt Nam.

The Consul General emphasised that the number of Singaporean businesses investing in the city will continue to rise. Companies in real estate, logistics, finance and banking, energy, infrastructure, and ride-sharing services are committed to partnering with HCM City for the long-term development of business ventures in the region.

According to Lê Thị Huỳnh Mai, director of the municipal Department of Planning and Investment, HCM City is working to become a centre of high tech and digital technology, and a regional finance centre.

Therefore, in the short and medium terms, HCM City prioritises investment projects in digital economy, Industry 4.0-based economy, automation, precision mechanics, new materials, pharmaceuticals, high-tech agriculture, environmental technology, and clean energy, she said.

At the same time, the city is calling for foreign investment in research and development activities, innovation, startups and technology transformation, the official continued.

For the long run, it targets high-tech projects that satisfy environmental standards, and offer the transformation of knowledge, technology and administration, she added, noting that the southern economic hub is also working to lure investments in transport and social infrastructure.

Mai pledged that HCM City will work harder to remove obstacles for businesses and create optimal conditions for them to operate effectively, safety and sustainably in the city. — VNS