An overview of the Vietnam-Singapore Industrial Park in central Quang Ngai province (Photo: VNS/VNA)

Singapore has become Vietnam’s leading investment partner after an amount of over 33 billion USD has been poured into numerous local projects in processing technology, manufacturing, real estate, education and entertainment.

About 7.8 billion USD in foreign direct investment has been drawn to Vietnam-Singapore Industrial Parks (VSIPs), creating jobs for over 155,000 labourers, said Kelvin Teo, CEO of Sembcorp’s Urban Development business and co-chair of the VSIPs.

The VSIP in central Quang Ngai province alone, which opened at the end of 2013, has attracted 10 FDI projects with a combined value of over 132 million USD. Local authorities also gave a green light to Singaporean UMW to build a plant in the park.

Singaporean Temasek Holding-owned Mapletree Investments Pte., Ltd has committed to splash out 1 billion USD on projects to develop industrial zones, offices and condominiums in Vietnam. Famed Banyan Tree, Keppel Land and CapitalLand will also invest in numerous large-scale property projects in the country.

International schools funded by Singaporean KinderWorld Education Group have sprung up in provinces and cities nationwide.

Meanwhile, Freight Links Capital Pte.,Ltd will spend 114 million USD on two harbour bridges in Ky Anh district in the central province of Ha Tinh.

Investment opportunities between the two nations are growing, given the expanding bilateral relations and the international commitments the two sides are joining, such as the Trans-Pacific Partnership and ASEAN Economic Community.

Cooperation relations have advanced since the two nations signed a framework agreement on economic connectivity in 2005, focusing on education-training, finance, telecommunication, investment-trade, service and transport.

At the 11th Ministerial Meeting on Vietnam-Singapore Economic Connectivity held in April, Minister of Planning and Investment Bui Quang Vinh reiterated Vietnam’s interest in economic cooperation with Singapore.

He also asked Singapore to implement initiatives under the agreement, underscoring that Vietnam creates favourable conditions for Singaporean business operations.-VNA