A representative of Binh Phuoc authorities signed a memorandum of understanding with the Vietnamese business association in Singapore (Photo: VNA) 

Singapore (VNA) – The southern province of Binh Phuoc held a conference on May 11 to call for investment from Singapore to 63 key projects.

Addressing the event, Chairman of the provincial People’s Committee Nguyen Van Tram introduced his locality’s strengths.

Located in the south, Binh Phuoc is a gateway to the Central Highlands region, Ho Chi Minh City and Cambodia.

It boasts clear lands and good conditions for industry development, including convenient transport infrastructure and favourable policies for investors.

Prices to lease land for 50 years in Binh Phuoc are between 20 and 30 USD per square metre, compared to 100 – 150 USD per square metre in neighbouring localities, such as Binh Duong and Ho Chi Minh City. 

Tram stressed that local authorities complete administrative procedures for foreign investors quickly, including those from Singapore.

He said there are only three Singaporean projects worth 8.1 million USD in Binh Phuoc, expecting more Singapore capital to flow into local high-tech agriculture, clean technology and animal feed production.

Singapore has annual demand to import about 2 billion USD of rubber and 80 million USD of cashew, Tram said, adding that his province supplies both products in large quantities.

He said the conference is an opportunity for both sides to form partnerships.

Benson Lim, executive director of Singapore-based R1 International Pte Ltd, which invests in Binh Phuoc’s rubber industry, said the Vietnamese province tackles administrative procedures for investors efficiently and has good infrastructure with a direct highway system to Ho Chi Minh City.

He said his company is looking for an area in Binh Phuoc to build a new factory three-time larger than the current one.

According to the Singapore Business Federation (SBF), Singaporean firms rated Vietnam as the third most attractive investment destination in ASEAN.

Since the beginning of 2017, the SBF in collaboration with the Vietnam Embassy in Singapore, Vietnam Chamber of Commerce and Industry, and Vietnamese localities have held a series of trade promotion conferences and fact-finding tours to help the two countries’ firms form business partnerships.-VNA