Vietnam’s incentives introduced to Singaporean investors

VSIP Bac Ninh - a symbol of Vietnam-Singapore cooperation (Photo: VNA).

Hanoi – Singaporean firms were briefed on Vietnam’s investment environment and incentives to attract foreign investors at a webinar held by the Singapore Business Federation (SBF) on June 2.

Speaking at the webinar from the FYIstival ASEAN edition, Vietnamese Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said Vietnam is the investment destination of more than 140 countries and territories worldwide.

Singapore has been Vietnam’s biggest investor, with about 5.64 billion USD or 36.9 percent of total foreign investment in Vietnam in the first half of this year, the official added.

Vietnam wishes to continue its cooperation with Singaporean enterprises operating in such potential sectors as digital technology, innovation and creation, and digital economy which Vietnam is focusing on.

The country is also building a number of financial centres to lure Singaporean investors, according to Ngoc.

Do Nhat Hoang, Director of the ministry’s Foreign Investment Agency, suggested foreign firms consider investment in processing and manufacturing, high-quality services, and logistics.

Singaporean Ambassador to Vietnam Jaya Ratnam also suggested Singaporean enterprises invest in education, financial technology, e-wallet and e-commerce in Vietnam.

FYIstival ASEAN edition is the fourth in a series of curated country and region-centred briefing sessions targeted at Singapore companies and has to date covered internationalisation opportunities in Africa, South Asia, and Japan.

Running from May to August 2021, the FYIstival ASEAN edition covers six ASEAN markets – Cambodia, Indonesia, Malaysia, Philippines, Thailand and Vietnam – through a series of 14 virtual events.