Vietnam, especially Ho Chi Minh City, is a leading investment destination for Singaporean businesses.
Singapore’s Consul General in Ho Chi Minh City Leow Siu Lin revealed the news during a ceremony held in the city on August 1 to mark the 40 th anniversary of diplomatic ties between the two countries.

This shows Singaporean companies’ confidence in the potential of Vietnam’s economy, said Leow Siu Lin.
According to the Consul General, bilateral relations between the two nations over the past 40 years have seen great developments in the fields of economics, politics, defence, education, health and culture.

Both countries are moving towards closer cooperation in the future, as Singapore is now one of Vietnam’s biggest investors and trade partners.

According to statistics, Singapore’s direct investment in Vietnam has increased steadily in industry, services, infrastructure development, construction and property in recent time.

Singapore has so far invested almost 25 billion USD in Vietnam in nearly 1,100 projects, ranking fourth among nations and territories investing in the country.

Le Manh Ha, Vice Chairman of the municipal People’s Committee, said Ho Chi Minh City leads the way in Vietnam’s cooperation with Singapore thanks to close geographical distance and cultural similarities.

The presence of over 500 Singaporean enterprises along with outstanding projects in the city illustrates the increasing economic cooperation between the locality and Singapore, Ha stressed.

In 2002, Singapore was the city’s second largest trade partner, with two-way trade reaching almost 6.1 billion USD, accounting for 60 percent of the total turnover between the two countries.

By June this year, Singapore was biggest foreign investor in Ho Chi Minh City, with a total registered capital of nearly 6 billion USD.

Along with economic cooperation, relations between Singapore and Ho Chi Minh City in other fields such as education, human resources development, urban management and trafficare also developing strongly.-VNA