Vietnam PM says partnership with Singapore companies vital to growth

The Vietnamese government views Singapore companies as important partners in the country’s economic development, said Vietnam Prime Minister Nguyen Tan Dung at the IE Singapore Global Conversations session on Saturday morning. The business dialogue was held by International Enterprise (IE) Singapore, the government agency driving Singapore’s external economy, for leading members of the local business community with interests in Vietnam. It is part of a series of engagements between both countries marking 40 years of diplomatic relations.
   

The event was attended by Minister of State for Trade and Industry Mr Teo Ser Luck, a visiting Vietnamese delegation led by Prime Minister Dung and senior representatives from Singapore companies. The companies come from a range of sectors including real estate, hospitality, financial, transport and logistics.


Said Prime Minister Dung, “With extensive experience in project integration and implementation, Singapore companies are important partners for Vietnam as we encourage investments in the private sector. This partnership is integral as we take steps to position Vietnam as an attractive destination for investment.”


Prime Minister Dung engaged the Singapore companies on a range of issues at the dialogue, where he addressed concerns about the country’s macroeconomic stability and highlighted economic restructuring efforts underway in public investment, the financial and banking system, and state-owned enterprises.


He also outlined measures to create favourable conditions for Singapore investors seeking opportunities in Vietnam. The measures are:

Promoting economic reforms as the country moves towards a market economy.

Developing infrastructure to help businesses in Vietnam maintain cost competitiveness. This includes physical infrastructure such as telecommunications, land, air and maritime connectivity, as well as social infrastructure such as education and healthcare.

Growing a highly-skilled workforce to meet demand by foreign investors, especially in high technology sectors.  


Urbanisation and domestic growth generate business opportunities


Said Mr Teo Eng Cheong, Chief Executive Officer of IE Singapore, who moderated the dialogue, “Vietnam’s long-term potential is promising. Fundamentals such as rapid urbanisation, a large domestic economy and abundant natural resources will generate opportunities that businesses should not ignore.”


Mr Teo highlighted the consumer sector as a growing area, fuelled by an expanding urban population, better educational qualifications and rising disposable incomes. This has created more room for foreign consumer brands in education, F&B and healthcare. Just this month, NTUC opened its first hypermarket in Ho Chi Minh, the first in a series of hypermarkets planned for the Vietnam market.


With urban populations in Vietnam's three largest cities of Hanoi, Ho Chi Minh City and Haiphong expected to triple by 2020, demand for urban solutions and infrastructure development is set to rise. Sembcorp Department is currently operating four Vietnam-Singapore Industrial Parks (VSIPs), with progress underway for a fifth VSIP in Quang Ngai province, central Vietnam.


In the tourism and hospitality sector, Vietnam received 6.8 million international tourists and 32.5 million domestic tourists in 2012. This generated a total revenue of S$948 billion (US$768 billion), a year-on year increase of 13.9%. In November 2012, Banyan Tree opened Vietnam’s first large-scale luxury integrated resort in Central Vietnam.

 
Singapore is the third largest foreign investor in Vietnam, with cumulative registered capital of S$33.New Balance Laufschuhe und Bekleidung online kaufen