Last updated: Wednesday, March 29, 2017
Vietnam - Singapore Business Forum 2016: Toward Stronger Economic TiePosted: Monday, July 18, 2016
This is the main theme of the Vietnam - Singapore Business Forum 2016 (VSBF 2016) to be held in Ho Chi Minh City on July 20, 2016. The event is hosted by the Vietnam Chamber of Commerce and Industry (VCCI) with close coordination and support from the Embassy of Singapore in Vietnam, the Ministry of Planning and Investment of Vietnam (MPI), the Singapore Business Group (SBG) in Vietnam, and other agencies.
VSBF 2016 is an important event designed to help strengthen trade connectivity in creating and leveraging cooperation opportunities for Vietnamese and Singaporean businesses when the two countries have joined the Trans-Pacific Partnership (TPP) Agreement and the ASEAN Economic Community (AEC).
Like previous editions, namely VSBF 2011, VSBF 2013 and VSBF 2014, up to 300 delegates from leading organisations and companies from Vietnam and Singapore will focus on discussing and updating information on the investment and business environment and business opportunities in the fields where both nations are interested in, such as financial services, processing and manufacturing, real estate development, and tourism and hospitality.
The discussion session on financial services delved into such topics as the overview of financial and banking market in Vietnam 2016; key driver for reform in Vietnam’s banking services: The application of modern technology; e-commerce trend; and Singaporean banks offer access to its full suite of banking solutions, network and strategic partnership to Vietnamese companies expanding out of Vietnam.
One of new highlights at VSBF 2016 is tapping cooperation potential between two countries against the backdrop of new integration to take advantage of all preferences generated by AEC and TPP. The discussion session on processing and manufacturing looked into cooperation between Vietnam and Singapore in manufacturing industry under TPP in order to improve goods to export to TPP member countries; how Vietnam and Singapore take advantage of TPP to further improve investment in processing and manufacturing; investment in industrial parks in Vietnam: facilities and infrastructure for investors, accommodation and amenities for workers, potential impacts of industrial complexes on local economic and social development.
One of the most important cooperation contents between Vietnam and Singapore is real estate. Currently, Singaporean investors have invested in 46 out of 63 provinces and cities in Vietnam. Singapore-invested property projects focus on housing, industrial zones and offices for rent. Vietnam Singapore Industrial Park (VSIP) Joint Venture Company is a flagship project in Vietnam. Vietnam currently has seven VSIP-invested industrial parks in six provinces and cities, including Binh Duong, Bac Ninh, Hai Phong, Quang Ngai, Hai Duong and Nghe An. Notably, VSIP Nghe An was just started in September 2015. At VSBF 2016, information about positive signs of the Vietnam’s real estate market in 2016 - 2017: The return of foreign investment; how has easing restriction on buyers from overseas impacted Vietnam’s residential real estate market; the development of residential and commercial properties: Singapore to invest in residential development for lower-middle income earners in Vietnam. Especially, the development of green industrial zones in Vietnam will draw the interest of speakers and leaders of both nations.
Besides, tourism and hospitality is also a hot topic. The visa waiver for citizens of both nations affirms strong tourism development in Vietnam and Singapore. The Singapore Tourism Board is the first international tourism authority to open a representative office in Vietnam, which has boosted a strong and rapid increase in Singaporean tourist to Vietnam and vice versa. At VSBF 2016, the two countries will discuss further cooperation in: Singapore supports promoting cruise tourism development in Vietnam: Training and quality management to meet rising tourism needs; medical tourism development; how tourism companies in Singapore and Vietnam head for developing markets in Asia.
Dr Doan Duy Khuong, VCCI Vice President, affirmed that VSBF 2016 will help deepen good relations in various fields between Vietnam and Singapore, especially after the two countries agreed to upgrade their relationship to strategic partnership in 2013. This is also a business promotion activity and international economic integration promotion when the two countries have entered into the Trans-Pacific Partnership (TPP) and the AESAN Economic Community (AEC).