HCMC – Numerous Singaporean firms are doing business in Vietnam while many others are sounding out investment opportunities as the country has remained a popular destination for Singaporean investors, heard a conference in HCMC today, March 9.
These firms are keen on the infrastructure, production, transport, logistics, education, tourism, finance and agriculture sectors in the Vietnamese market, the local media reported.
Speaking at the conference aimed at introducing the business climate and boosting trade between Vietnam and Singapore, Kho Choon Keng, chairman of the Singapore Chinese Chamber of Commerce and Industry (SCCCI), said that apart from doing business in Vietnam’s two main cities, Hanoi and HCMC, many Singaporean companies have invested in other cities and provinces nationwide.
Singapore and Vietnam have a close and long-lasting economic partnership. Bilateral trade has grown steadily over the past 10 years, totaling 31 billion Singapore dollars in 2022, he said at the event held by the HCMC Investment and Trade Promotion Center in cooperation with the Vietnam Trade Office in Singapore and SCCCI.
Addressing the event, Cao Xuan Thang, a representative of the Vietnam Trade Office in Singapore, said that Vietnam had become an attractive destination for investors and distributors, while Singapore had emerged as a financial and service hub in Southeast Asia.
Cao Thi Phi Van, deputy head of the Investment and Trade Promotion Center, said that Singapore is Vietnam’s second-largest investor among 140 nations and territories investing in the country, with its total registered capital of US$71.9 billion.