Business

HCM City rolls out red carpet for Singaporean investors

Ho Chi Minh City will continue to improve investment climate as well as accelerate administrative procedure reform to better serve foreign investors, especially those from Singapore, Secretary of the municipal Party Committee Nguyen Thien Nhan said on August 28.
HCM City rolls out red carpet for Singaporean investors ảnh 1At the round table between HCM City authorities and Singaporean businesses on August 28 (Photo: VNA)

Singapore (VNA) – Ho Chi Minh City will continue to improveinvestment climate as well as accelerate administrative procedure reform tobetter serve foreign investors, especially those from Singapore, Secretary ofthe municipal Party Committee Nguyen Thien Nhan said on August 28.

At a round-table held between authorities of the Vietnamese southern hub andSingaporean businesses in Singapore, Nhan stressed that as the metropolis is targetingto become a smart city, it hopes to receive more Singaporean investment in thefield.

According to Vice Chairman of the municipal People’s Committee Vo Van Hoan,Vietnam and Singapore have enjoyed fruitful trade and investment ties foryears, with two-way trade in 2017 reaching 7.66 billion USD, making Singaporebecome 4th largest trade partner of Vietnam in the ASEAN.Particularly, trade value with Ho Chi Minh City fetched 4.13 billion USD, ayear-on-year surge of 4.58 percent.

As of August 20, Singapore is the largest investor in the city, with 1,216valid projects worth 10.95 billion USD in manufacturing, processing, realestate, and science and technology.

Introducing the city’s potential, Hoan underlined as an attractive investmentdestination in Southeast Asia and the Asia-Pacific as a whole, Ho Chi Minh Cityis promoting mechanisms for innovation and effective use of resources, andfacilitating business conditions for foreign investors, including Singaporeanenterprises who are interested in landing long-term investments in the city.

Meanwhile, a representative from the Singapore Business Federation (SBF) spokehighly of the business climate in Vietnam, saying the SBF has set up theSingaporean business forum in Vietnam to support business between the twocountries after meeting with Prime Minister Nguyen Xuan Phuc and working withseveral localities in Vietnam.

Lauding investment environment in Vietnam and Ho Chi Minh City, manySingaporean firms expressed their interest in investing in high-tech fields,smart urban area building, real estate and treatment of industrial sewage inthe southern hub.

They also suggested local authorities to outline more preferential policies intax, and be more transparent in related policies.-VNA
VNA
#Ho Chi Minh City #investment climate #administrative procedure reform #round-table #Singaporean businesses #smart city #Singaporean investment #fruitful trade and investment ties #two-way trade #Singapore Business Federation (SBF) #Vietnam News Agency #Vietnamplus Ho Chi Minh City Singapore
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