Singapore Leads among ASEAN Investors in Vietnam

Singapore has to date poured US$9.6 billion into Vietnam, the largest investment by any ASEAN country and also the second largest among nearly 80 foreign investors in the country, Vietnam News Agency reported.

 

In the first seven months of this year, Singapore invested over US$1.3 billion into 44 projects in Vietnam, ranking second among 39 countries and territories investing in the nation.

 

The average investment for each Singapore-owned project in Vietnam is US$18.7 million, higher than the level for all other FDI initiatives, even 2-3 folds compared to several big investors such as South Korea, Malaysia, Taiwan and Hong Kong.

 

Singaporean projects are involved in almost all economic fields from oil and gas exploitation, industry to agro-forestry-fisheries processing and the service sector, but focusing on the service sector with around US$5.5 billion, said Nguyen Thuy Huong, an expert from the Foreign Investment Department.

 

She added that Singaporean companies expressed their great interest in the property sector in Vietnam, particularly in apartment, office and hotel complex projects.

 

According to the Department of Foreign Investment, the Vietnam-Singapore Industrial Zone Joint Venture and the Nasteelvina Company - a joint venture in steel production are Singapore’s outstanding projects in Vietnam. (VNA)