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Investment minister pays visit to Singapore

Update: November, 06/2014 - 10:03
Minister of Planning and Investment Bui Quang Vinh (L) meets with Singaporean Minister of Trade and Industry Lim Hng Kiang. — VNA/VNS Photo

SINGAPORE (VNS) — Minister of Planning and Investment Bui Quang Vinh paid a working visit to Singapore from November 3-5 with the goal of furthering economic connectivity between Viet Nam and Singapore.

Vinh held working sessions with Singaporean Minister of Trade and Industry Lim Hng Kiang and leaders of International Enterprise (IE) Singapore and Sembcorp Development Ltd. He also chaired a seminar calling on Singapore to invest in Phu Quoc Island in the southern province of Kien Giang.

At the seminar, Vinh gave detailed explanations about the violent incidents that took place in May in HCM City, in the central province of Ha Tinh and the southern provinces of Dong Nai and Binh Duong, prompted by China's illegal placement of oil rig Haiyang Shiyou-981 in Viet Nam's exclusive economic zone. He affirmed that the Vietnamese Government would ensure safety and security for foreign investors and improve administrative procedures to facilitate their operations in the country.

The minister also informed the Singaporean partners that his ministry was drafting a law on special economic zones, focused on Phu Quoc in Kien Giang Province, Van Don in northern Quang Ninh Province and Bac Van Phong in central Khanh Hoa Province. Vice Chairman of Kien Giang provincial People's Committee Le Khac Ghi reiterated the province's commitment to creating favourable conditions for foreign investors.

Singaporean businesses said they were aware of Phu Quoc's great potential. Representatives from Singapore's three leading groups in marine transportation and luxury tourism expressed their hope that Phu Quoc would be a stop for round-the-world tours.

At his working session with leaders of Sembcorp Development Ltd, Vinh said the group's five Viet Nam-Singapore Industrial Parks (VSIP) in Viet Nam had helped create jobs for more than 140,000 Vietnamese labourers. He proposed speeding up the building of the sixth VSIP in the central province of Nghe An.

Singapore is now the third-largest foreign investor in Viet Nam with 1,330 valid projects worth over US$32.6 billion. — VNS

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