Singaporean businesses urged to expand investment in Vietnam

Monday, 2017-11-27 17:24:07
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NA Chairwoman Nguyen Thi Kim Ngan receives representatives from Singaporean companies investing in Vietnam.
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NDO – Chairwoman of the National Assembly (NA), Nguyen Thi Kim Ngan, has called on Singaporean firms to continue investing and expanding their business production activities in Vietnam, across the spheres of tourism, education, smart city, finance, renewable energy, high-tech agriculture and real estate, among others.

* NA Chairwoman visits Vietnamese Embassy in Singapore

The senior legislator made the appeal while meeting with representatives from Singaporean companies investing in Vietnam on November 27, as part of her official visit to Singapore at the invitation of Singaporean Parliament Speaker Tan Chuan Gin.

She hailed Singapore as an important partner of Vietnam, stating that the two countries are geographically close to each other, thus possessing a lot of cooperation potential and advantages for the benefits of both sides.

At the meeting, representatives from Singaporean firms updated the NA leader on their investment and business situation in Vietnam, whilst putting forward a number of specific proposals. They asked for further support from the Vietnamese NA, Government, ministries and localities for their investment, business and production activities in the country.

Thanking the Singaporean organisations and companies for having supported investment and trade promotion into Vietnam and for having chosen Vietnam as an investment destination, NA Chairman Ngan affirmed that Vietnam is always consistent with the policy of boosting rapid and sustainable economic development and not trading the environment for economic development.

Domestic and foreign direct investment (FDI) businesses are considered as a driver of growth, national competitiveness and growth model reforms, she said, stating that alongside exports, the development of the domestic market would also provide an impulse for economic growth in Vietnam.

Recognising the firms’ proposals, the senior legislator stressed that Vietnam would consider the revision of certain legal provisions which have yet to match with reality, in an effort to attract more resources, from both home and abroad, in the time ahead.

The Vietnamese NA pledged to issue policies that will create the most favourable conditions for foreign investors, including those from Singapore, to conduct business in Vietnam successfully, she affirmed.

Earlier on the same day, NA Chairman Nguyen Thi Kim Ngan and the high-level delegation of the Vietnamese NA paid a floral tribute to late President Ho Chi Minh at the Asian Civilisations Museum.

Singapore is Vietnam’s largest trade partner in ASEAN with two-way trade reaching over US$7 billion annually. Singapore is the third largest foreign investor in Vietnam with a total investment capital of nearly US$42 billion, with the Vietnam-Singapore Industrial Parks (VSIPs), invested in by Sembcorp in Vietnam over the past 20 years, being a successful economic cooperation model between the two countries. In addition to the field of economy, bilateral cooperation has also been increasingly expanded across other spheres such as tourism, culture, sports and science and technology.