Business

Vietnam becomes top pick for Singaporean firms

Vietnam is attracting a record number of Singaporean businesses which continue to look for opportunities to expand their operations abroad despite the ongoing COVID-19 pandemic, according to The Business Times.
Vietnam becomes top pick for Singaporean firms ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – Vietnam is attracting arecord number of Singaporean businesses which continueto look for opportunities to expand their operations abroad despite theongoing COVID-19 pandemic, according to The Business Times.

EnterpriseSingapore (ESG) said it has supported more than double the number ofinternationalisation projects for enterprises looking to expand their operationsinto Vietnam since 2018.

From January to October 2020 alone, ESG supported 56.9 percent more projectsyear on year across sectors such as ICT and media, professional services, andeducation.

ESG assistant CEO Tan Soon Kim said since the launch of the Singapore BusinessFederation's GlobalConnect@SBF November last year, the initiative received thehighest volume of enquiries for regional overseas business ventures on Vietnam.

Traditionally, Singapore firms that are keen to invest in or expand to Vietnam inthe fields of infrastructure and urban solutions, but in recent years there hasbeen growing interest in the areas of manufacturing, food and beverage andretail, Tan noted.

Functional juice company Doki Doki forinstance, set up a factory in Vietnam in 2017. It decided to expand its saleschannels to Vietnam this year.

Another company that is actively scaling upits retail presence in Vietnam is Norbreeze Group which distributes and marketsjewellery and timepiece brands. This firm is opening three newowned-and-operated stores in Vietnam in November and five partner stores inDecember, and January next year.

Oneanother business that has shifted quite permanently is NovaLand Group's NovaF&B, the franchisee for Jumbo Seafood in Vietnam.

Priorto the pandemic, delivery was never a big part of the overall revenue for thebrand. However, due to impacts caused by the health crisis, delivery has becomethe new norm and the team in Vietnam had to quickly go about onboarding thecompany's brands on delivery platforms and implementing promotions to encourageconsumer spending.

Overall,Vietnam’s success in fighting COVID-19 has helped Singaporean firms remainupbeat about their plans in the country, ESG said./. 
VNA
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