Vietnamese Ambassador Tào Thị Thanh Hương beats the gong to open the trading session that marked the Singapore Exchange’s 20th anniversary. — Photo courtesy of SGX
SINGAPORE — Vietnamese businesses had a chance to connect with the Singaporean market and seek potential partners from around the world at a forum held at the Singapore Exchange (SGX) on Monday.
Addressing representatives of over 150 companies from Việt Nam, Europe, the US, the Republic of Korea and Japan, Vietnamese Ambassador to Singapore Tào Thị Thanh Hương noted the Vietnamese Government has been issuing policies to attract capital to new economic sectors while making efforts to equitise State-owned enterprises to attract more foreign investors.
The country’s young start-up ecosystem now consists of some 3,000 companies, one-third of which are engaged in the technology sector, she said, adding that the Government is also working hard to create the best possible conditions for start-ups to grow and stretch their reach to the world.
Hương said the forum provided a chance for Vietnamese firms to learn more information, connect with partners to expand operations in the region and the world, and find resources to boost production. It was also an occasion for them to seek Singaporean and international enterprises interested in investing in Việt Nam through mergers and acquisitions (M&As).
In 2018, the total value of M&A deals in Việt Nam reached US$9.9 billion. In the first 10 months of 2019, Singaporean companies made $2 billion worth of such contracts with Vietnamese firms, according to the diplomat.
Before the forum, SGX invited Ambassador Hương to beat the gong to open the trading session that marked the exchange’s 20th anniversary. She said the listing on the region’s leading stock markets like Singapore will help companies swiftly carry out M&As thanks to the intensive connectivity among global investors, banks and businesses in those markets.
SGX CEO Loh Boon Chye said Singapore and Việt Nam have strong relations in various fields at present. Việt Nam, one of the countries with vigorous economic growth in Southeast Asia, is also an important market of SGX.
Over the last two years, Vietnamese investors have realised considerable benefits from Singapore’s capital market, he said, noting that more than 40 enterprises listed on SGX have had business links with Vietnamese partners.
He expressed his hope that many Vietnamese firms will be listed on this exchange in the future. — VNS