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VietNamNews

Singapore execs back Viet Nam

Update: June, 06/2014 - 09:04

The forum entered its second day on June 5 with Singaporean investors being apprised about opportunities in banking, aquaculture, tourism, and housing. — Photo hanoimoi

HCM CITY (VNS) — Viet Nam is safe for investors and foreign investors feel very confident about investing in the country, Singaporean business executives said.

Talking to Viet Nam News on the sidelines of the 2014 Viet Nam – Singapore Business Forum in HCM City yesterday, companies agreed that the protests against China's placement of an oil rig in the East Sea at some industrial zones have not affected investment flows into the country.

They also hailed the Government's actions to mitigate the consequences of the riots.

Theodore Chuang, general director of the Ascendas Protrade Singapore Tech Park in the southern province of Binh Duong, said the Government took quick and effective steps to manage the situation and that was very important.

"Investors are still interested in coming and the confidence is not shaken much," he said adding foreign companies are receiving strong support from Binh Duong authorities and law enforcement authorities.

Other executives concurred, saying that FDI inflows would only be affected in the short term. In the long term, even Chinese investors want to invest in the country, they said.

Benjamin Yap, senior partner at PBC Partners & THTLaw, said the protests would not cause major long-term damage.

He said a client, a Chinese company, has no plans to pull out of Viet Nam. "If Chinese continue to invest in Viet Nam, why wouldn't Singaporean companies?"

He said soon after the protests some companies thought about moving to other countries but then realised that investment conditions in those places, including infrastructure, are not as good as in Viet Nam.

Michael Husbands, director of Hospitality Services in Asia, said his company is investing in resorts and hotels in the country and many of his clients are waiting to enter Viet Nam.

Admitting the riots have had an effect in the short term, he said: "Not many investors want to invest right now but they will invest; they have the money and they will come in.

"Viet Nam is perfect and I think people know it too. Outside investors know that it is a good place to invest and major projects will come in."

Neil MacGregor, managing director of Savills, said: "We believe Viet Nam remains a key destination for real estate investment in the Southeast Asia region, and we will continue to see demand from a variety of investors from Japan, Singapore, Korea, and elsewhere."

The forum entered its second day yesterday with Singaporean investors being apprised about opportunities in banking, aquaculture, tourism and housing.

Today they will visit Binh Duong to study the investment environment and explore opportunities available at industrial parks. — VNS

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