Potential investors should consider Vietnam as a place to invest in, particularly manufacturing operations, said Dr. Ahmad Md Magad, Group Managing Director of II-VI Singapore Pte. Ltd.

In an interview granted to Vietnam News Agency’s Singapore-based reporter on the sideline of the “Doing Business in Vietnam ” seminar held by the Singapore Manufacturing Federation and sponsored by Sembcorp, Ahmad said legal framework of doing business in Vietnam has been improved over the years.

Law becomes more and more predictable and generally it seems to be quite friendly. That combines with a vast market and the ASEAN economic framework coming into place in 2015 to provide very good opportunities for potential investors, he said.

Addressing the seminar, Daniel Pok, Investment Promotion Manager of Sembcorp Parks Management Pte Ltd, affirmed that Vietnam is the next destination for investment.

Sembcorp is one of Singapore biggest investors in Vietnam with five Vietnam-Singapore Industrial Parks (VSIP) locating in Bac Ninh, Hai Phong, Quang Ngai and Binh Duong provinces. It has about 500 tenants, including 56 Singaporeans, and employing more than 100,000 Vietnamese workers.

Low Beng Tin, Vice President and Chairman of ASEAN Regional Business Group of Singapore Manufacturing Federation (SMF), said that “long term is good” for doing business in Vietnam and “we have joint ventures with Vietnamese companies and they are good now”.

He affirmed that the SMF will provide businesses with information to easily go to Vietnam , including organising such a seminar.

According to Low, the seminar helps SMF members know more about how to do business in Vietnam , Singapore Government’s scheme to help the local businesspeople to invest in other countries, taxation and the business law of Vietnam .

Vietnamese Ambassador to Singapore Tran Hai Hau assured about 80 businessmen taking part in the event that in the medium and long run, Vietnam is endowed with great potential for economic growth.

“We will do our utmost to ensure a competitive and transparent business environment, to create more favourable conditions for Singaporean enterprises,” he said.

In 2013, Singapore continued to be the third largest trading partner of Vietnam in ASEAN, and with 4.2 billion USD invested last year, raising the total registered FDI from Singapore to Vietnam to 29.3 billion USD, Singapore became Vietnam ’s second largest investor.

Two-way trade between Vietnam and Singapore for the first time exceeded the threshold of 14 billion USD in 2013, up 11 percent over the previous year, said Nguyen Viet Chi, Vietnam’s Commercial Counsellor in Singapore .

She expressed her hope that the figure will increase by between 10 and 15 percent this year.-VNA