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Monday, October 3, 2022

Vietnam invites Singaporean investment for sustainable projects

By Y.M

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HCMC — Vietnam welcomes greater investment from Singaporean enterprises, especially in the hi-tech, innovative, and sustainable sectors, State President Nguyen Xuan Phuc said while meeting with leaders of some Singaporean enterprises on February 25 as part of his ongoing State visit to Singapore.

While receiving leaders of the energy and urban development group Sembcorp Industries, Phuc spoke highly of the group’s investment in industrial parks in Vietnam, which have attracted many investors and created jobs for locals.

Sembcorp Industries has developed 10 Vietnam-Singapore Industrial Park (VSIP) projects worth a total of US$15.4 billion in seven localities in Vietnam.

The State President said he expects Sembcorp to develop similar projects in Quang Tri and Quang Nam provinces in central Vietnam and expand its investment in Quang Ngai and Nghe An provinces.

He asked the group to increase investment in sectors with a high level of science, technology, and innovation, such as green and sustainable development. “Vietnam will create all possible conditions for Sembcorp to successfully invest in Vietnam,” he assured.

Meanwhile, the leaders of Sembcorp congratulated Vietnam on its strong and comprehensive growth and spoke highly of its business climate improvement and commitment to climate change adaptation. They pledged to assist Vietnam in the development of renewable energy and sustainable industrial parks.

While meeting Loh Chin Hua, CEO of Keppel Corporation, a provider of sustainable urbanization solutions, the State President spoke highly of the group’s successful investment in Vietnam, including its cooperation with Vietnamese partners such as Sovico.

Phuc also asked the corporation to prioritize renewable and clean energy, infrastructure, and smart cities when investing in Vietnam.

According to Loh Chin Hua, Keppel has invested in Vietnam through companies such as Keppel Land and Sovico-Phu Long and is operating more than 20 projects worth over US$3 billion in total in the country.

He said Keppel is implementing a number of real estate projects in Vietnam that prioritize smart and green urbanization.

The State President also met with Nina Yang, CEO of Surbana Jurong City Global Group, and Lee Chong Min, founder and managing partner of CMIA Capital Partners Singapore.

The two companies are collaborating to develop a 1,000-hectare multifunctional project worth US$1.2 billion in HCMC over the next decade. The project will comprise a hi-tech, sustainable ecological urban area.

Phuc asked the businesses to work with the authorities in Vietnam and HCMC for support during the implementation of their project.

While meeting Lim Ming Yan, chairman of the Singapore Business Federation (SBF), Phuc lauded the SBF’s efforts to connect Vietnamese and Singaporean businesses and its contribution to boosting trade between the two countries to US$8.5 billion last year.

“Vietnam encourages Singaporean enterprises to invest in infrastructure, energy, manufacturing, high-quality agriculture, information technology, smart cities, and financial and banking services,” the State leader said.

Stressing that promoting investment will be a priority for Vietnam in the coming time, Phuc asked the SBF to continue to serve as a bridge to increase Singaporean investment in Vietnam and contribute to enhancing bilateral relations between the two countries.

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