Singaporean investors prioritise HCM City in expansion plans

Chairman of the HCM City People’s Committee Phan Van Mai (L) greets representatives of Singaporean businesses at the meeting on December 19. (Photo: VNA)

HCM City – Many Singaporean businesses and investors have given priority to Ho Chi Minh City in their operational expansion plans, especially in the fields of finance, trade and high technology.

Representatives of Singaporean firms expressed their interest in the city at a meeting with local leaders jointly held by the HCM City Investment and Trade Promotion Centre (ITPC), and the Singaporean Consulate General on December 19.

Reviewing progress in Vietnam-Singapore relations, Chairman of the municipal People’s Committee Phan Van Mai said two-way trade exceeded 9.1 billion USD last year, and Singapore has become Vietnam’s fifth biggest trading partner and the largest foreign investor in the Association of Southeast Asian Nations (ASEAN).

Singapore has been the biggest foreign investor in HCM City, he said, adding that by the end of November, the country had ran 1,821 projects worth 14.2 billion USD, making up nearly 25% of the total FDI in the southern largest economic hub.

Being aware of the importance of FDI to local economic development, HCM City has taken many solutions to accelerate administrative reform and create favourable conditions for foreign firms to operate in the city, the official said.

Singaporean Consul General Kho Ngee Seng Roy said Singaporean businesses have considered Vietnam, including HCM City, as an attractive investment destination.

According to Le Thi Huynh Mai, Director of the municipal Department of Planning and Investment, HCM City is working to become a centre of high tech and digital technology, and a regional finance centre.

Therefore, in the short and medium terms, HCM City prioritises investments in digital economy, industry 4.0-based economy, automation industry, precision mechanics, new materials, pharmaceuticals, biological industry, high-tech agriculture, environmental technology, and clean energy, she said.

At the same time, the city is calling for foreign investments in research and development activities, innovation, startup and technology transformation, the official continued.

For the long run, it targets high-tech projects that satisfy environmental standards, and offer the transformation of knowledge, technology and administration, she added, noting that the southern economic hub is also working to lure investments in transport and social infrastructure.

Mai pledged that HCM City will work harder to remove obstacles for businesses and create optimal conditions for them to operate effectively, safety and sustainably in the city.

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Vietnam expects stronger FDI inflows with large-scale projects Foreign direct investment (FDI) inflows into Vietnam have gradually recovered with many large-scale investment projects following the COVID-19 pandemic as well as political and economic uncertainties in the world.

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