Singapore businesses are very interested in the Vietnamese market, Douglas Foo, Chairman of the Singapore Manufacturing Federation and Chairman of the Vietnam-Singapore Business Council affirmed at a forum to promote investment in industries in Vietnam.

The VSIP II in the southern province of Binh Duong. Photo: VSIP

The forum took place on April 15 within the framework of the Vietnam International Trade Fair 2021. Addressing the event, Vu Ba Phu, Director of the Trade Promotion Agency under the Ministry of Industry and Trade, highly appreciated the potential of Singaporean investors and expected that Singapore's investment flow into Vietnam will continue to increase sharply in the coming time.

In 2020, Singapore became the largest investor in Vietnam with capital of nearly US$9 billion, accounting for 31.5% of total foreign investment in Vietnam. "Singapore is pouring capital in key industries that Vietnam is calling for investment," Phu said.

Source: the General Department of Vietnam Customs. Chart: Phi Nhat

Tran Thu Quynh, Vietnamese Trade Counselor in Singapore gave an overview of Vietnam's manufacturing industry trends and priorities to attract investment in the 2021-30 period.

 Investors from Singapore  are also provided with information about free trade agreements which Vietnam is a signatory.

"In the context of the Covid-19 pandemic in which international air travel is restricted, opportunities for business links such as this forum will help Singaporean businesses learn about new investment markets in potential provinces of Vietnam," Foo said.

The forum was an opportunity for local Vietnamese businesses to connect online with nearly 100 Singaporean businesses and multinational companies based in the country.