Economy
Contracts worth $286.3 million inked at Việt Nam Int’l Defence Expo 2024
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HÀ NỘI- As of April 2016, Singaporean businesses have 1,600 projects in Việt Nam, capitalised at approximately US$36.3 billion, ranking third among 114 countries and territories investing in the country, statistics from the Foreign Investment Agency (FIA) revealed.
In past four months alone, the firms registered 50 new projects and raised investment in 23 existing projects, with a total sum of more than $730 million, consolidating its position as one of Việt Nam’s leading sources of foreign investment capital, FIA noted.
The average capital investment per Singapore-funded project in Việt Nam is $22.7 million, which is much higher than the average foreign investment of $13.8 million per project.
Processing and manufacturing remained the most attractive sector to Singaporean investors as it lured $16.1 billion, accounting for 44.3 per cent of Singapore’s total investment in Việt Nam. Real estate came second with $10.9 billion, totaling 30 per cent of Singaporean investment.
In addition to large localities which have social and infrastructure advantages such as HCM City, Hà Nội, Hải Phòng and Bình Dương, Singaporean firms have also spread their investment into others such as Nghệ An and Thái Nguyên in recent years, according to FIA.
However, the southern economic hub of HCM City continued to attract the lion’s share of Singaporean investments with $9.75 billion, making up 26.7 per cent of Singapore’s total registered capital. It was followed by Hà Nội with $4.65 billion or 12.8 per cent and central Quảng Nam Province with over $4 billion or 11.3 per cent. -VNS
