Manufacturing electrical appliances at Panasonic Life Solutions Vietnam Co., Ltd., in the Vietnam - Singapore Industrial Park (VSIP) in Tan Uyen, Binh Duong province (Photo: VNA) Investment from Singapore into Vietnam has recorded remarkable growth, hitting 73.453 billion USD with 3,273 valid projects, surging by 67% in five years. Notably, since 2020, Singapore has always been the largest foreign investor in Vietnam.
Vietnam is seen as one of the top priority markets for Singaporean investors because of its potential for strong growth in the fields of digitalisation and renewable energy.
According to Cindy Lim, CEO of Kepple Infrastructure Holdings Pte Ltd, Vietnam and Singapore have strong connections, including data and air connections.
She also underlined the necessity for the two sides to expand energy connectivity, such as unlocking the potential of electricity export or connecting the regional power grid, saying that this will help accelerate the renewable energy development progress in ASEAN.
According to Lim, the Vietnamese Government has announced National Power Development Plan VIII which guides the development of power plants and power grids between 2021 and 2030, with a vision until 2050. This is the right time for investors to participate in the energy transformation in the country.
Lim emphasised that Kepple Infrastructure Holdings is ready to double its investment in renewable energy development in Vietnam in the coming time.
Meanwhile, Ronald Tay, CEO of CapitaLand Development in Vietnam, said that Vietnam is an important market for many Singaporean companies as it is one of the markets of long-term potential.
He expressed his hope that Singaporean businesses will continue to receive strong support from the Vietnamese Government and relevant agencies.
What foreign investors are looking for is a level playing field, so Vietnam needs to maintain an open and transparent policy, thus promoting the long-term development of its economy, he stressed./.
VNA
