Business

Binh Phuoc calls for Singapore’s investment

The southern province of Binh Phuoc held a conference on May 11 to call for investment from Singapore to 63 key projects.
Binh Phuoc calls for Singapore’s investment ảnh 1A 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 BinhPhuoc held a conference on May 11 to call for investment from Singapore to 63key projects.

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

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

It boasts clear lands and good conditions for industrydevelopment, including convenient transport infrastructure and favourablepolicies for investors.

Prices to lease land for 50 years in Binh Phuoc are between20 and 30 USD per square metre, compared to 100 – 150 USD per square metre inneighbouring localities, such as Binh Duong and Ho Chi Minh City. 

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

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

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

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

Benson Lim, executive director of Singapore-basedR1 International Pte Ltd, which invests in Binh Phuoc’s rubber industry, said theVietnamese province tackles administrative procedures for investors efficientlyand 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 tobuild 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 investmentdestination in ASEAN.

Since the beginning of 2017, the SBF in collaboration withthe Vietnam Embassy in Singapore, Vietnam Chamber of Commerce and Industry, andVietnamese localities have held a series of trade promotion conferences andfact-finding tours to help the two countries’ firms form businesspartnerships.-VNA
VNA
#Binh Phuoc #Singapore #trade promotion #key projects #industry development #Singaporean projects #Singaporean investors #R1 International Pte Ltd #Singapore Business Federation Binh Phuoc Singapore
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