Le Manh Ha, Vice Chairman of HCM City’s People’s Committee told this to participants at a recent Vietnam-Singapore business forum.
In the three months leading up to April, HCM City granted investment licenses to 71 foreign-invested enterprises (FIEs) with total investment capital tallying in at nearly US$750 million.
The total included nine Singaporean FIEs capitalised at over US$200 million, comprising 31% of the total, Ha said, adding that Singaporean companies have cumulatively invested in over 667 projects capitalized at nearly US$7 billion.
Ha emphasized that the confidence demonstrated by the continued investment in the City is reassuring following the recent anti-China protests in May.
It demonstrates the Singaporean Government and business community were reassured by Vietnam’s timely response and that the actions taken restored their faith that both Vietnam and the City are committed to maintaining a favourable, stable and safe investment environment for FIEs.
Edlyn Khoo, Director of the International Enterprises (IE) Singapore's Ho Chi Minh Centre in turn said that HCM City leads in attracting investment from Singapore, followed by Quang Ngai, Hanoi, Bac Ninh, Binh Duong and Ba Ria Vung Tau provinces.
Ms Edlyn Khoo emphasized that Singapore’s future goal is to strengthen its partnership with HCM City as well as with and other Vietnamese provinces in Vietnam Singapore is desirous of expanding cooperation with Vietnam in a host of areas including trade, import-export, technological 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 cooperating in franchising opportunities in such fields as retail, food and service, Khoo concluded.