Singapore keen to invest in Vietnam’s potential areas

News - Singaporean businesses are seeking investment opportunities in areas of Vietnam’s strengths including financial and banking services, insurance, training, wholesales, retail, and information and communication.

The Vietnam-Singapore Business Forum opened in Hanoi on November 30, attracting 300 delegates from both countries including more than 100 Singaporean entrepreneurs.

The event gave businesses a good opportunity to set up relations between potential partners, have access to capital resources, and seek business opportunities in Vietnam and Singapore.

In his speech, Chairman and Director General of KimderWorld Group, Singapore, Ricky Tan, said the Vietnamese Government’s changes in its policies have helped foreign businesses operate better. However, there have been differences in the enforcement of laws by Vietnamese localities, causing particular barriers for foreign businesses including those from Singapore. Therefore, in order to create an attractive investment environment in Vietnam, law enforcement in the country need to be done in a synchronous manner to help investors do business legally.

Cooperation in economics, trade, and investment between Vietnam and Singapore has expanded in recent times after a framework agreement on connectivity was signed.

Over the past 10 months, Singapore has had 81 new investment projects in Vietnam with a total registered capital of US$ 1.4 trillion.

Being the second biggest investor in Vietnam, Singapore is becoming involved in most economic sectors in the country such as oil and gas exploitation, industry, agro-forestry and fishery product processing, infrastructure development, services, and real estate.