HCM City rolls out red carpet for Singaporean investors

Singapore (VNA) – 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.

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

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

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

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

Meanwhile, a representative from the Singapore Business Federation (SBF) spoke highly of the business climate in Vietnam, saying the SBF has set up the Singaporean business forum in Vietnam to support business between the two countries after meeting with Prime Minister Nguyen Xuan Phuc and working with several localities in Vietnam.

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

They also suggested local authorities to outline more preferential policies in tax, and be more transparent in related policies.-VNA