Vietnam encourages investment in sustainable development: President

President Nguyen Xuan Phuc (third, right) witnesses the exchange of cooperation agreements between Vietnamese businesses and Sembcorp Group. (Photo: VNA)

Singapore (VNA) – Promoting investment attraction, particularly in clean energy and sustainable development, is a priority of Vietnam in the time to come, President Nguyen Xuan Phuc affirmed while receiving executives of some leading Singaporean groups on February 25 as part of his ongoing State-level visit to the nation.

Among those hosted by the President was leaders of the energy and urban development group Sembcorp Industries, which has implemented 10 Vietnam-Singapore industrial park (VSIP) projects worth 15.4 billion USD in seven localities in Vietnam.

Lauding its investment in the VSIP projects that have attracted investors and generated many jobs, Phuc hoped that Sembcorp will build similar IPs in Quang Tri and Quang Nam in central Vietnam and further invest in its projects in Quang Ngai and Nghe An.

He asked the group to channel more capital into sectors with high proportion of science-technology and innovation, particularly regarding green and sustainable development. Vietnam will create the best possible conditions for Sembcorp to reap success in investment, Phuc stressed.

Lauding Vietnam’s strong and comprehensive growth, especially in business climate improvement, and commitment to climate change adaptation, Sembcorp pledged to accompany the country in this field, particularly the development of renewable energy and sustainable industrial parks.

President Nguyen Xuan Phuc (R) and Loh Chin Hua, CEO of the Keppel Corporation (Photo: VNA)

Receiving Loh Chin Hua, CEO of the Keppel Corporation – which delivers solutions for sustainable urbanisation, the Vietnamese President praised the group’s effective investment in Vietnam over the past time, including its cooperation with a number of Vietnamese partners like Sovico. Keppel is now operating more than 20 projects worth over 3 billion USD in Vietnam.

He proposed the corporation invest in large scale and innovative projects in renewable and clean energy, infrastructure and smart cities.

Agreeing with the proposal, the Singaporean CEO informed that the group is implementing a number of real estate projects in Vietnam and is aiming for a model, smart and green city.

President Phuc (R) at his meeting with Nina Yang, CEO of the Surbana Jurong City Global group and Lee Chong Min,  the Founder and Managing Partner of CMIA Capital Partners Singapore(Photo: VNA)

Phuc also met with Nina Yang, CEO of the Surbana Jurong City Global group and Lee Chong Min, the Founder and Managing Partner of CMIA Capital Partners Singapore. The two enterprises are making a 1.2 billion USD investment in a 1,000-ha multifunctional project in Ho Chi Minh City over the next decade. The project will build a high-tech agro-food-ecological urban area with a scale of 100,000 population.

The President asked the businesses to work with the authorities in Vietnam and HCM City for support during their implementation of the project.

President Nguyen Xuan Phuc (R) and Chairman of the Singapore Business Federation (SBF) Lim Ming Yan (Photo: VNA)

Hosting Chairman of the Singapore Business Federation (SBF) Lim Ming Yan, the State leader welcomed the SBF’s work to link Vietnamese and Singaporean firms, contributing to  increasing the two countries’ trade to 8.5 billion USD last year.

Vietnam encourages Singaporean businesses to invest in infrastructure, energy, manufacturing, high-quality agriculture, IT, smart cities, financial services, and banking, he said.

Emphasising that investment promotion is a priority of Vietnam in the coming time, the President suggested that the SBF continue to be a bridge to promote Singaporean investment in Vietnam, contributing to push the bilateral relations to new heights./.

VNA