Singaporean businesses seek investment in Việt Nam

July 16, 2019 - 08:35

Singaporean businesses expect to promote co-operation with Việt Nam in the field of smart urban development, the fourth industrial revolution and innovation.


Prime Minister Nguyễn Xuân Phúc (centre) speaks with Singaporean business leaders about investment opportunities in Việt Nam. — VNA/VNS Photo Dương Giang

HÀ NỘI — Singaporean businesses expect to promote co-operation with Việt Nam in the field of smart urban development, the fourth industrial revolution and innovation.

The information was released at the meeting between Prime Minister Nguyễn Xuân Phúc and a Singaporean business delegation, led by the Singapore Business Federation (SBF) and Enterprise Singapore, in Hà Nội on Monday.

SBF President Teo Siong Seng said in recent years, although the world had seen many economic fluctuations, Việt Nam maintained stable growth.

Expressing the honour of leading the delegation of 36 Singaporean enterprises to Việt Nam to seek business co-operation opportunities, Seng said Singapore would continue to contribute to Việt Nam’s growth, tightening the relationship between the two countries.

Phúc stated that there are many opportunities for Singaporean businesses to invest in Việt Nam.

He said the two countries have a strategic partnership, in which economic relations have developed very closely. Meanwhile, the two countries have a mechanism connecting the two economies that has been implemented for 14 years.

“It is an effective mechanism, bringing benefits to the two countries, in which the typical co-operation symbol is the model of Vietnam Industrial Park - Singapore (VSIP), which is very successful in many localities in Việt Nam,” Phúc said.

The Prime Minister said he hoped Singaporean businesses would continue to invest in Việt Nam in a number of advantageous areas such as infrastructure, logistics, banking and finance, information technology, electronics, education, health and the development of start-ups and equitisation of State-owned enterprises.

He also expected the two sides would co-ordinate well in smart urban development.

He appreciated Singapore's innovation experience, especially Singapore’s proposal to develop innovation centres.

“The investment in airports in Việt Nam is also very attractive as the country’s aviation market is growing strongly,” Phúc said.

At the meeting, Phúc stressed the Government always strives to maintain macroeconomic, political and social stability. Legal institutions are increasingly transparent, consistent with international practices and commitments, creating an environment for businesses to operate long-term in Việt Nam.

Phúc said Việt Nam continues to actively promote international integration with a focus on economic integration, strongly promoting the formation of major economic and trade co-operation frameworks such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and European Union – Việt Nam Free Trade Agreement (EVFTA) which were signed at the end of June.

In addition, the negotiation of ASEAN’s Regional Comprehensive Economic Partnership is speeded up and expected to be officially signed by the end of this year, he added.

The PM affirmed Việt Nam’s consistent policy of international economic integration and globalisation. That means if entering Việt Nam, Singaporean businesses can enter a large market with which Việt Nam has partnerships.

“The Government of Việt Nam commits to create favourable conditions for Singaporean businesses to succeed in Việt Nam and is willing to listen to the opinions of Singaporean businesses. I want foreign investors, including those from Singapore, to invest in long-term business in Việt Nam,” Phúc said. — VNS