Vietnam, Singapore beef up investment links in industry

A forum to promote investment in industries in Vietnam was held online on April 15 within the framework of the Vietnam International Trade Fair (Vietnam Expo 2021) in Singapore.

Illustrative image (Photo: VNA)
Illustrative image (Photo: VNA)

Addressing the forum, General Director of the Trade Promotion Agency under the Ministry of Industry and Trade Do Ba Phu said he values Singaporean investor’s potential and predicted that investment flows from Singapore to Vietnam will rise sharply in the future.

Singapore was the largest investor in Vietnam last year, with nearly US$9 billion, accounting for 31.5 percent of the country’s total foreign investment.

It possesses advantages in investing in key industries where Vietnam is calling for investment, Phu said.

Tran Thu Quynh, Vietnamese Trade Counsellor in Singapore, briefed participants on production trends in Vietnam and the country’s priorities in attracting investment in industries in the 2021-2030 period, and told them of free trade agreements Vietnam has signed with foreign partners.

Douglas Foo, President of the Singapore Manufacturing Federation (SMF), who is also President of the Vietnam - Singapore Business Council, highlighted the significance of the forum, affirming that Singaporean enterprises are interested in the Vietnamese market.

In the context of COVID-19, with flight routes yet to restart between the two countries, opportunities for links like this forum will help Singaporean firms learn more about new investment opportunities in Vietnam, he said.