Investment opportunities in HCM City introduced to Singaporean firms

HCM City - A programme to promote investment and trade connectivity between Vietnamese enterprises and Singaporean partners was held by the Investment & Trade Promotion Centre of Ho Chi Minh City ((ITPC), in the southern hub on August 23.

Deputy Director of ITPC Cao Thi Phi Van speaks at the event (Photo: VNA)

HCM City is calling for investment in many projects in transport infrastructure, urban embellishment, environmental treatment, flood prevention, agriculture, industry, commerce and services.

According to Deputy Director of ITPC Cao Thi Phi Van, Singapore is now the 2nd biggest investor out of 140 countries and territories investing in Vietnam with a total registered capital of 66 billion USD. It is also the largest investor out of 116 countries and territories investing in Ho Chi Minh City with 1,557 projects worth nearly 13.6 billion USD.

Nguyen Quoc Vinh - Head of ITPC’s investment promotion department - pointed out advantages of HCM City that help the city become the top destination for international investors in the country.

Located in the centre of the southern key economic zone, HCM City has a modern network of roads, railways, waterways and airway, he said, adding that the construction of transport infrastructure in adjacent localities is a lever for HCM City to better connect with the regional and international corridors.

The southern hub’s gross regional domestic product (GRDP) in the first half of 2022 increased by 3.82%. It’s export - import turnover in the first seven months of this year hit over 64 billion USD, ranking first in the country.

Vính said the city gives priority to attracting technology groups that are at the top of production chains, which use high technology and have strengths in research and development; financial investors that use environmentally friendly technologies; investors in service sector with high added value; and automation-oriented industries using clean and renewable energy, among others.

Amy Wee, Country Head of Singapore Business Federation in Vietnam, said that there are abundant investment opportunities in Vietnam thanks to policies to attract investment and institutional reform, and to open the door to international trade and foreign investment. At the same time, she also pointed to outstanding problems like productivity, rising labour cost, gaps in infrastructure, high lease in industrial parks and a legal framework still in the process of building and finetuning.

According to representatives of Singaporean businesses, Vietnam in general, and HCM City in particular, is an attractive destination for many large corporations and investment projects.

Singaporean SMEs also wanted to invest in areas where Singapore has strengths and Vietnam has needs such as information technology, banking and finance, retail services, agriculture, oil and gas, construction, healthcare, transportation and supply.

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