Singapore’s businesses pour US$41.7 billion into Vietnam

15:24 | 13/11/2017 Economy

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 US$41.7 billion into Vietnam - Photo VNA

According to the Ministry of Planning and Investment, a Singaporean project has average capital of 21.6 million USD, above the foreign project average in Vietnam of 12.9 million USD.

Singapore is investing in 18 out of the 21 economic sectors in Vietnam, including the manufacturing and processing industry with 548 projects worth nearly 18 billion USD, making up 44 percent of the country’s total investment in Vietnam.

Singapore has also invested in 48 out of the 63 cities and provinces in Vietnam. The southern metropolis of Ho Chi Minh City drew the biggest number of Singaporean projects (992) with total registered capital of 10.3 billion USD, followed by Hanoi capital (310 projects).

Speaking at a recent ministerial meeting on connecting Vietnam and Singapore’s economy, Minister of Planning and Investment Nguyen Chi Dung said one of the highlights of Singapore’s FDI in Vietnam is the Vietnam-Singapore Industrial Park (VSIP).

So far, the VSIP Group has invested in eight projects 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 two in 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 similar industrial park in the north-central province of Quang Tri.

The Vietnamese Government has approved the project and directed the Ministry of Planning and Investment and the provincial People’s Committee to work with the Singaporean group to carry out the project.

VSIPs in Vietnam have lured more than 720 investors from 30 countries and territories with total investment of nearly 10 billion USD. Businesses at VSIPs also earned 32 billion USD from exports and generated jobs for about 200,000 workers.

Theo VNA