Business

Singaporean investors prioritise HCM City in expansion plans

Many Singaporean businesses and investors have given priority to Ho Chi Minh City in their operational expansion plans, especially in the fields of finance, trade and high technology.
Singaporean investors prioritise HCM City in expansion plans ảnh 1Chairman of the HCM City People’s Committee Phan Van Mai (L) greets representatives of Singaporean businesses at the meeting on December 19. (Photo: VNA)
HCMCity (VNA) – Many Singaporean businesses and investors have givenpriority to Ho Chi Minh City in their operational expansion plans, especially in the fields of finance, trade and high technology.

Representatives of Singaporean firms expressed their interest in the city at a meeting with localleaders jointly held by the HCM City Investment and Trade Promotion Centre(ITPC), and the Singaporean Consulate General on December 19.

Reviewingprogress in Vietnam-Singapore relations, Chairman of the municipal People’sCommittee Phan Van Mai said two-way trade exceeded 9.1 billion USD lastyear, and Singapore has become Vietnam’s fifth biggest trading partner and thelargest foreign investor in the Association of Southeast Asian Nations (ASEAN).

Singapore has been the biggest foreign investor in HCM City, he said, adding that by the end ofNovember, the country had ran 1,821 projects worth 14.2 billion USD, making upnearly 25% of the total FDI in the southern largest economic hub.

Being awareof the importance of FDI to local economic development, HCM City has taken manysolutions to accelerate administrative reform and create favourable conditions forforeign firms to operate in the city, the official said.

SingaporeanConsul General Kho Ngee Seng Roy said Singaporean businesses have considered Vietnam, including HCM City, as an attractive investment destination.

Accordingto Le Thi Huynh Mai, Director of the municipal Department of Planning andInvestment, HCM City is working to become a centre of high tech and digitaltechnology, and a regional finance centre.

Therefore,in the short and medium terms, HCM City prioritises investments in digitaleconomy, industry 4.0-based economy, automation industry, precision mechanics,new materials, pharmaceuticals, biological industry, high-tech agriculture,environmental technology, and clean energy, she said.

Atthe same time, the city is calling for foreign investments in research anddevelopment activities, innovation, startup and technology transformation, theofficial continued.

Forthe long run, it targets high-tech projects that satisfy environmentalstandards, and offer the transformation of knowledge, technology andadministration, she added, noting that the southern economic hub is alsoworking to lure investments in transport and social infrastructure.

Maipledged that HCM City will work harder to remove obstacles for businesses andcreate optimal conditions for them to operate effectively, safety and sustainablyin the city./.
VNA
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