Singapore leads foreign investment in HCM City - Singapore leads foreign investment in HCM City - Website Ho Chi Minh City
Singapore led foreign investors in Ho Chi Minh City in the first months of this year, according to a municipal official at a recent Vietnam-Singapore business forum.
In the three months of 2014, the country’s economic hub granted licences to 71 foreign-invested businesses with total investment capital of nearly 750 million USD, 4.5-fold increase against the same time last year.
The total included nine Singaporean enterprises capitalised at over 200 million USD, comprising 31 percent of the total foreign investment in the city, said Le Manh Ha, Vice Chairman of the Ho Chi Minh City People’s Committee.
Singaporean companies have so far invested in over 667 projects capitalised at nearly 7 billion USD.
Along with existing fields, Singapore investors are interested in technology, which is suitable to the city’s economic restructuring orientation as well as its capacity for skills and human resources, Ha said, adding the city is committed to creating favourable conditions for Singaporean businesses to carry out their long-term investment in the hub.
HCM City and Singapore are also seeing sound development in other areas such as trade, culture and education.
In 2013, Singapore was the city’s third biggest trade partner, with two-way trade of 3 billion USD.
Norman Lim, Chairman of the Singaporean Businesses’ Association, said this year many Singaporean firms are eyeing on Vietnam’s agro-forestry products and seafood, so Singapore promotion agencies have boosted cooperation programmes with their Vietnamese partners in these sectors.
Leow Siu Lin, Consul General in HCM City, highlighted the relations between the two countries, saying the ties were being stepped up by both governments and peoples, including their respective business communities.
In regards to social disturbances in May, she said the Singaporean Government and business community highly appreciate the timely measures taken by the Vietnamese Government, which showed the resolve to maintain a favourable, stable and safe investment environment for enterprises.
Edlyn Khoo, Director of International Enterprises (IE) at Singapore's Ho Chi Minh Centre added that the city is a national leader in attracting investment from Singapore, followed by Hanoi and Quang Ngai, Bac Ninh, Binh Duong and Ba Ria - Vung Tau provinces.
She emphasised that Singapore’s future goal is to strengthen its partnership with HCM City as well as with and other provinces in Vietnam. Singapore wishes to expand cooperation with Vietnam in a host of areas, including trade, import-export, technology transfer and preservation of food and farm produce to increase the value of Vietnam’s agricultural sector.
In addition, Singapore’s famous brand names are keen on the Vietnamese consumer market, and hope to cooperate in franchising opportunities in such fields as retail, food and services, Khoo concluded.