Singapore becomes leading investor in Vietnam

Hanoi (VNA) - Singapore has become Vietnam's leading investment partner after investing more than 36 billion USD in numerous local projects, including processing, technology, manufacturing, real estate, construction, transportation, and storage.

According to statistics provided by Vietnam's Foreign Investment Agency, Singapore-based firms implemented 30 new projects and increased investment levels in six existing projects in the first two months of 2016. Total investment in newly-registered projects, and additional capitalisation of existing ones, reached 470 million USD.

To date, Singapore has invested in nearly 1,570 projects in Vietnam, ranking third out of 112 countries and territories investing in Vietnam.

The average capital investment per Singaporean project in Vietnam is 23 million USD, which is much higher than the average foreign investment of 14 million USD per project.

In the processing and manufacturing sector, Singaporean firms have invested a total of 15.6 billion USD in 480 projects, accounting for 43 percent of Singapore's total investment in Vietnam.

Singaporean capital is also invested in real estate (11 billion USD), entertainment (1.8 billion USD), construction (1.7 billion USD) transportation and storage (1.4 billion USD).

HCM City is an attractive destination for Singaporean investors, who funded nearly 780 projects there with 9.6 billion USD. These investments account for 50 percent of the total projects in HCM City and 27 percent of Singapore's total investments in Vietnam.

About 74 percent of total Singaporean investment in Vietnam is in the form of wholly foreign-owned projects. There are 1,163 such foreign-owned projects, worth a total of 23.4 billion USD. The rest of Singaporean investment in Vietnam exists in the form of joint ventures, such as joint stock companies and business cooperation contracts.-VNA