Despite the global economic downturn, Singaporean businesses show strong interest in investment opportunities in Vietnam as they are confident in the country’s economic potential.
The statement was made by Consul general Pong Kok Tian at a meeting in HCM City on August 8 to mark the 47th anniversary of Singaporean National Day.
By July 2012, its total investment in Vietnam reached $23.3 billion, ranking fourth among foreign investors. Of the figure, nearly $5 billion was invested in HCM City alone, making Singapore the single leading investor in the city.
Two-way trade turnover between the two countries in the past seven months was $8 billion, already equal to last year’s total figure.
By 2011, Singapore had 990 projects in Vietnam worth $24 billion, including 105 projects licensed in 2011 with a total capitalisation of more than $2 billion.
These projects are mainly in oil and gas exploitation, industrial production, farm product processing, infrastructure, services and real estate. Many of them are operating successfully, contributing to job creation for local people and promoting Vietnamese exports and economic growth.
Nguyen Thanh Rum, director of the municipal Department of Culture, Sports and Tourism and President of the Vietnam-Singapore Friendship Association in HCM City said bilateral partnership has achieved significant results over the past 30 years. Singapore has become a leading trade and investment partner for Vietnam.