Overview of the meeting. Source: VGP.
Vietnam’s economy maintains rapid growth rate despite facing growing risks and uncertainties from global trade, Phuc said in a meeting on July 15 with a delegation of 36 Singaporean businesses led by the Singapore Business Federation (SBF) and Enterprise Singapore (ESG).
According to Phuc, Singapore is currently the third largest investor in Vietnam with registered capital of US$50 billion and over 2,200 projects.
Last April, Vietnam and Singapore signed trade and investment cooperation agreements worth US$10 billion at the Vietnam – Singapore Business Forum.
Vietnam focuses on creating favorable conditions for the success of foreign companies, including Singaporean, in the country, Phuc stated, saying the FDI sector contributes significantly to Vietnam’s economic development.
Phuc requested Singaporean companies with strong expertise on infrastructure development, logistics, banking-finance, IT, electronics, education, healthcare, tourism, space industry, startups, among others, to expand investment in Vietnam.
Additionally, the PM said they could explore opportunities in Vietnam’s ongoing privatization process of state-owned enterprises, and facilitate stronger linkage with domestic enterprises, as well as become strategic investors at private corporations.
Phuc noted Vietnam has “opened the sky” to boost tourism with Singapore and presented opportunities for Singaporean investors in the country’s aviation industry, which has witnessed a double-digit growth rate in recent years.
Phuc expected greater cooperation between two sides in developing smart city model, while Vietnam could learn from Singapore’s experiences in innovation process.
SBF President Teo Siong Seng said the group along with the Vietnam Chamber of Commerce and Industry (VCCI) has launched the Vietnam – Singapore Business Council (VSBC).
Teo expected Singaporean companies to continue contributing to Vietnam’s economic growth, in turn strengthening ties between the two countries.
Teo informed Singaporean companies hope to expand cooperation with Vietnam in developing smart cities, innovation and startups.
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