Vietnam’s growing stature in the region and the world and its impressive containment of COVID-19 have continued to consolidate its status as an attractive destination for Singaporean investors.

 Singapore is currently Vietnam’s third-largest foreign investor, with a total registered capital of more than US$55 billion.

 It led all investors in the first eight months of this year, pouring US$6.54 billion into Vietnam, or 33.5% of the total FDI during the period, the Cong Thuong (Industry & Trade) newspaper reported.

 Among the Singaporean firms, Sembcorp Development has long been present in Vietnam and worked with Becamex IDC Vietnam to set up the Vietnam-Singapore Industrial Park (VSIP) joint venture.

 Nine VSIP projects have been developed nationwide to date, on a total area of more than 8,600 ha, supplying clean ground for nearly 900 businesses with combined investment capital of more than US$15 billion.

 Meanwhile, Ascendas teamed up with Vietnam’s Protrade company to develop and manage the Protrade International Tech Park in southern Binh Duong province, along with the OneHub Saigon commercial complex in HCM City.

 Apart from investment, bilateral trade also surged in recent years to some US$21 billion in 2019. Notably, export structures are complementary, which is an optimal condition for agricultural, aquatic, and food products of Vietnam to expand their market shares in the city state.

 Douglas Foo, President of the Singapore Manufacturing Federation and Vice Chairman of the Singapore Business Federation, said that as both countries have joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and are members of ASEAN, their enterprises will have many more opportunities to capitalise on advantages and bolster investment and business activities.

 According to the Cong Thuong newspaper, Vietnam’s increasingly important role in the regional and world economies as well as its impressive achievements in controlling COVID-19 have cemented its reputation as a safe country and attractive investment destination for Singaporean companies.

 Vietnam has also been making thorough preparations for welcoming FDI inflows by boosting ties between businesses and universities, colleges, and vocational training centres to develop human resources, building a more favourable legal framework, and developing supporting industries, which are all critical to continuing to attract foreign investors, including those from Singapore, the newspaper said.