An electronic component factory in the Vietnam-Singapore Industrial Park No. 2 in Binh Duong province (Photo: VNA) Singapore (VNA) – An online Vietnam-Singaporeinvestment promotion conference was held on September 17 with the participationof 500 enterprises from over 80 Singaporean business associations and chambersof commerce around the world.
The event, held by the Vietnamese Ministry ofPlanning and Investment in coordination with the Vietnamese Embassy inSingapore, the Singapore Manufacturing Federation (SMF) and the SingaporeBusiness Federation (SBF), took place amid global enterprises’ restructuring ofproduction and supply chains so as to avoid overdependence on a single countryor partner and seek safer and more effective investment destinations.
Participants in the meeting were updated onVietnam’s investment climate and readiness to welcome a new wave of foreigninvestment; the country’s policies for developing ecosystems for industries,especially electronics, textile-garment, automobile and food processing; alongwith digital transformation and smart city development.
Some orientations for more sustainablecooperation between the two countries amid the complex global economicsituation were also shared.
Deputy Minister of Planning and Investment TranQuoc Phuong said facing the COVID-19 pandemic, Vietnam still persists inproactive and effective solutions to concurrently contain the outbreak anddevelop the economy.
He affirmed that foreign investors, includingSingaporean ones, will have more opportunities to invest and do business moresuccessfully in Vietnam as the country’s legal framework is constantly improved,channels connecting the domestic and foreign markets are being expanded, andthe Vietnamese Government, ministries, sectors and localities are determined toimprove the business environment.
The Vietnamese Government encourages Singaporeanfirms to invest in the hi-tech industry, set up innovation and R&D centres,develop industrial park infrastructure, and take part in the equitisation ofState-owned enterprises, among others, Phuong added.
At the conference, participants shared the viewon Vietnam’s growing role in the international community and that the countryis a safe and attractive investment destination for Singaporean businesses inthe post-pandemic period.
SMF President and SBF Vice Chairman Douglas Foosaid as both countries are ASEAN members joining in certain free tradeagreements, including the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP), their companies will secure more chances tocapitalise on advantages and bolster investment and business activities./.
VNA
