Singaporean investors pour nearly US$14 billion in HCMC

Ms. Cao Thi Van, Deputy Director of the HCMC Investment and Trade Promotion Center (ITPC) made the announcement at a ceremony to launch a program to promote investment and trade connectivity between Vietnamese enterprises and Singaporean partners on August 24. 

Located in the center of the southern key economic zone, HCMC has a modern network of roads, railways, waterways and airway, she said, adding that the construction of transport infrastructure in adjacent localities will give a strong boost for the city to better connect with the regional and international corridors.

The southern hub’s gross regional domestic product (GRDP) in the first half of 2022 increased by 3.82 percent while its export - import turnover in the first seven months of this year hit over US$64 billion, ranking first in the country.

The city gives priority to attracting technology groups that are at the top of production chains, which use high technology and have strengths in research and development; financial investors that use environmentally friendly technologies; investors in the service sector with high added value; and automation-oriented industries using clean and renewable energy, among others.

In reply, Amy Wee, Country Head of Singapore Business Federation in Viet Nam said that there are abundant investment opportunities in Viet Nam thanks to policies to attract investment and institutional reform, and to open the door to international trade and foreign investment. 

However, productivity, rising labor cost, gaps in infrastructure, high leases in industrial parks and a legal framework remain problems for Singaporean investors in Viet Nam./.