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Singapore promotes investment in Vietnam (11/29/2011 04:54:25)

Singaporean businesses are interested in investing in vietnam, said Raymond Lui, Director of the International Enterprise Singapore (IE Singapore) Centre in Hanoi.

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Mr Raymon Lui - Centre Director (Hanoi) at International Enterprise Singapore

He said Vietnam’s orientation to the market economy, policies and investment climate inspired confidence in foreign investors, including Singaporeans.

Along with an increase in trade and investment between the two countries, Singapore understands the potential business benefits for Singaporean firms in Vietnam and is seeking opportunities for cooperation, Lui told Vietnam News Agency ahead of the Vietnam-Singapore business forum in Hanoi from Nov. 30-Dec. 2.

He noted that Singapore is one of Vietnam’s major trading partners and bilateral trade has quadrupled since 2000, to reach 10.1 billion USD in 2010.

Lui highlighted greater potential for bilateral cooperation, saying Singaporean and Vietnamese companies can cooperate in such fields as urban solutions and infrastructure, trade and services.

According to Lui, population is forecast to increase significantly in Vietnam’s major cities like Hanoi, Ho Chi Minh City and Hai Phong, leading to increased demand on water and wastewater management solutions.

With their development experience, Singapore companies could share and cooperate with Vietnam in these areas, he said.

In addition, Vietnam’s rapid industrialisation continues to contribute to economic connectivity, so the linkage through transport infrastructure will become important and Singapore firms will provide services from making plans for the country’s transport system for construction and management of the country’s transport projects, Lui said.

Vietnam’s trade and agricultural product exports are a major factor in the country's economic development, he said. Vietnamese exporters can take advantage of Singapore's position as a commercial and financial hub in Asia.

Vietnam and Singapore should work together to help farmers and exporters to protect their profits and manage risks relating to price fluctuations, he suggested.

He said he hopes trade and investment between Vietnam and Singapore will be increased through the upcoming business forum.

The Vietnamese Government has implemented steps to promote the private sector to become involved in the economy, Lui said, adding that this opens the door for Singaporean companies to consider cooperative opportunities with Vietnamese partners.

Source: Vietnam investmentReview

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