Singaporean businesses pour more than US$70 billion into Vietnam
VOV.VN - Singapore is one of Vietnam’s leading investors, injecting more than US$70 billion into 3,031 valid projects, a meeting in Hanoi heard on August 27.
The first eight months of 2023 saw 100 countries and territories invest in Vietnam, with Singapore taking the lead, according to the 17th Singapore-Vietnam Connectivity Ministerial Meeting.
The island state funneled more than US$3.83 billion into projects of various kinds in Vietnam, making up 21.2% of the total foreign investment in the country.
Singaporean businesses have been operating in various fields in Vietnam, from production and logistics to living and consumption services.
The Vietnam - Singapore Industrial Park (VSIP) model is a success story in economic cooperation between the two countries. Twelve such VSIPs have been established across Vietnam and the two countries have agreed to raise the number to 15 in the coming years.
These VSIPs have so far operated efficiently, using more than 7,000ha of land, attracting about US$18 billion in investment capital and creating more than 312,000 jobs.
Meanwhile, bilateral trade has grown by 11% annually, from US$15.45 billion in 2018 to US$31.3 billion in 2022, making Vietnam Singapore’s 11th largest trading partner.
Economic cooperation between Vietnam and Singapore spans across five pillars: energy cooperation; sustainable development; infrastructure; digital and innovation; and connectivity covering such areas as education, finance, information technology and telecommunications, tourism, investment, trade and services, and transportation.
These areas will be part of the renewed Vietnam-Singapore economic connectivity agreement to be signed during the August 27-29 visit to Vietnam by Singaporean Prime Minister Lee Hsien Loong.
The 2005 agreement was focused on finance; education and training; transportation; information and communications technology; investment, trade and services.
At the August 27 meeting co-chaired by Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Singaporean Second Minister for Trade and Industry, and Minister for Manpower Tan See Leng, the two sides informed each other about the implementation of the Memorandum of Understanding on Digital Economy - Green Economy between Vietnam and Singapore signed in 2022. They also discussed directions to expand cooperation in new fields such as energy and sustainable development.
The Vietnamese side proposed that the Singaporean side work closely with Vietnam to implement new initiatives within the framework of the connectivity agreement, and at the same time encourage Singaporean businesses to come up with new cooperation initiatives and increase investment in Vietnam.
