Visiting Vietnamese Prime Minister Nguyen Tan Dung has outlined measures to create favourable conditions for Singapore investors seeking opportunities in his country.
Speaking on June 1 at a dialogue session organised by International Enterprise (IE) Singapore, Mr Dung said his government views Singapore companies as important partners in Vietnam’s economic development.
To facilitate investments, he said his country is promoting economic reforms as it moves towards a market economy.
It is also developing infrastructure and nurturing a skilled workforce to meet demand by foreign investors, especially in high technology sectors.
Mr Dung said: “With extensive experience in project integration and implementation, Singapore companies are important partners for Vietnam as we encourage investments in the private sector. This partnership is integral as we take steps to position Vietnam as an attractive destination for investment.”
Attending the event too was Minister of State for Trade and Industry Teo Ser Luck.
IE Singapore’s CEO Teo Eng Cheong said Vietnam’s long-term potential is promising.
He pointed to the country’s rapid urbanisation, large domestic economy and abundant natural resources.
Mr Teo said the consumer sector is a growing area, fuelled by an expanding urban population, better educational qualifications and rising disposable incomes.
He said this has created more room for foreign consumer brands in education, F&B and healthcare.
Just this month, NTUC opened its first hypermarket in Ho Chi Minh, the first in a series of hypermarkets planned for the Vietnam market.
Singapore is the third largest foreign investor in Vietnam, with cumulative registered capital of S$33.5 billion (US$27.2 billion), across more than 1,000 projects to-date.
Singapore is also Vietnam’s sixth largest trading partner, with total trade reaching S$15.8 billion in 2012, up from S$14.9 billion in 2011.