Vietnam Time

11/13/2017 2:32:31 PM

Vietnam attracts more Singaporean businesses' investment

(VNF) - Vietnam attracted more than 1,900 foreign direct investment (FDI) projects from Singaporean businesses in January-October, which were valued at  USD  41.7 billion. 

President Quang (R) talks to PM Lee Hsien Loong (source: CANDAM)

Singapore has so far invested in 48 out of the 63 cities and provinces in Vietnam, of which the southern metropolis of Ho Chi Minh City drew the biggest number of Singaporean projects (992) with total registered capital of USD 10.3 billion, followed by Hanoi capital (310 projects).
Investment flow from Singapore not only stands out in terms of the number of projects but also in terms of project value.

According to the Ministry of Planning and Investment, on average, a Singaporean project’s capital’s value is at USD  21.6 million, which is above the foreign project average in Vietnam of (USD 12.9 million)

Currently, Singapore is investing in 18 out of the 21 economic sectors in Vietnam, including the manufacturing and processing industry with 548 projects worth nearly USD 18 billion, making up 44 percent of the country’s total investment in Vietnam.

One highlights among the various Singapore’s FDI project in Vietnam is the Vietnam-Singapore Industrial Park (VSIP).

So far, the VSIP Group has invested in eight projects in Vietnam, including three in the southern province of Binh Duong, three in the northern provinces of Bac Ninh, Hai Phong and Hai Duong, and two in the central provinces of Quang Ngai and Nghe An.

At the moment, VSIPs in Vietnam have lured more than 720 investors from 30 countries and territories with total investment of nearly  USD 10 billion. Businesses at VSIPs also earned USD 32 billion from exports and generated jobs for about 200,000 workers.

In a meeting on the fringes of the APEC Economic Leaders’ Meeting on November 10 with Vietnamese President Tran Dai Quang, Singaporean PM Lee Hsien Loong urged Vietnam to offer more favourable conditions for Singaporean enterprises and investors to run investment in Vietnam.  President Tran Dai Quang, for his part, responded by expressing the willingness of Vietnam to encourage Singaporean companies to invest in the country./.

  ( VNF )
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