Singapore’s businesses pour 41.7 billion USD into Vietnam
Vietnam attracted more than 1,900 foreign direct investment (FDI) projects from Singaporean businesses in January-October, which were valued at 41.7 billion USD.
Singapore’s businesses pour 41.7 billion USD into Vietnam (Photo VNA)
Hanoi (VNA) – Vietnam attracted morethan 1,900 foreign direct investment (FDI) projects from Singaporean businessesin January-October, which were valued at 41.7 billion USD.
According to the Ministry of Planning andInvestment, a Singaporean project has average capital of 21.6 million USD, abovethe foreign project average in Vietnam of 12.9 million USD.
Singapore is investing in 18 out of the 21economic sectors in Vietnam, including the manufacturing and processingindustry with 548 projects worth nearly 18 billion USD, making up 44 percent ofthe country’s total investment in Vietnam.
Singapore has also invested in 48 out of the 63cities and provinces in Vietnam. The southern metropolis of Ho Chi Minh Citydrew the biggest number of Singaporean projects (992) with total registeredcapital of 10.3 billion USD, followed by Hanoi capital (310 projects).
Speaking at a recent ministerial meeting onconnecting Vietnam and Singapore’s economy, Minister of Planning and InvestmentNguyen Chi Dung said one of the highlights of Singapore’s FDI in Vietnam is theVietnam-Singapore Industrial Park (VSIP).
So far, the VSIP Group has invested in eightprojects in Vietnam, including three in the southern province of Binh Duong,three in the northern provinces of Bac Ninh, Hai Phong and Hai Duong, and twoin the central provinces of Quang Ngai and Nghe An.
With the hope of expanding the VSIP model,Singapore’s Sembcorp Development group is preparing to build a similarindustrial park in the north-central province of Quang Tri.
The Vietnamese Government has approved theproject and directed the Ministry of Planning and Investment and the provincialPeople’s Committee to work with the Singaporean group to carry out the project.
VSIPs in Vietnam have lured more than 720investors from 30 countries and territories with total investment of nearly 10billion USD. Businesses at VSIPs also earned 32 billion USD from exports andgenerated jobs for about 200,000 workers.-VNA
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Singapore’s businesses pour 41.7 billion USD into Vietnam (Photo VNA)
