Singaporean investors keen on Vietnamese market
(VOV) - Singaporean businesses strongly believe in Vietnam’s long-term development potential based on its huge domestic consumption and rich natural resources.
The Chief Executive Officer of International Enterprise (IE) Singapore, Teo Eng Cheong made the statement on June 2.
Teo said the consumer sector in Vietnam has developed quickly thanks to urban population growth, improvement in human resources training and increasing incomes of labourers.
This is a good opportunity for foreign businesses to operate in such fields as education, safe water and medical care in the country, he emphasized.
To seize the opportunity, Singapore’s NTUC Group has just opened the first supermarket in HCM City in the hope of developing the group’s supermarket chain nationwide, said Teo.
He argued that the demand for urban infrastructure construction will increase rapidly when the population in Hanoi, HCM City and Hai Phong triple by 2020.
At present, Singapore’s Sembcorp group is investing in the fourth Vietnam-Singapore Industrial Park (VSIP) and will develop the fifth VSIP model in the central province of Quang Ngai.
In 2012, Vietnam welcomed 6.8 million foreign visitors and served 32.5 million local visitors, earning roughly US$7.7 billion in revenue. Singapore’s Banyan Tree capitalised on this growing market by opening a luxury resort in the central region of Vietnam last November.
Singapore now ranks third among nations and territories investing in Vietnam, with over 1,000 projects capitalized at US$22 billion. It is also the sixth trading partner of Vietnam with a total turnover reaching nearly US$13 billion last year.