For over two decades, Singapore has remained one of the largest investors in Vietnam. On the occasion of the ASEAN Summit 2010 ,Vietnam Business Forum talks to Ms Chiong Woan Shin, Consul (Commercial), Singapore Consulate-General, Ho Chi Minh City, Vietnam, and Regional Director of Vietnam and Cambodia, International Enterprise Singapore.
What are the trade figures between Vietnam and Singapore in recent years?
Since Vietnam and Singapore signed the Singapore-Vietnam Connectivity Framework Agreement for deeper economic cooperation in 2005, bilateral trade between the two countries has increased significantly. In 2009, Vietnam was Singapore’s 14th largest trading partner, with bilateral trade valued at S$13.4 billion, a rise of some 74 percent against 2004.
What sectors would be of interest to Singaporean companies in Vietnam?
Singapore companies have identified Vietnam as an attractive market with good long-term potential, and started investing in Vietnam in the early 1990s. Since then, Singapore has consistently ranked among Vietnam’s top investment partners. As of end December 2009, Singapore was 5th in terms of registered capital in Vietnam, with cumulative investment of US$17 billion from 776 investment projects (Source: Vietnam Investment Review).
In general, Singaporean companies which show the most interest in Vietnam are those with strong capabilities that are in demand in Vietnam.
Singapore companies’ early investments into Vietnam were generally concentrated in the urban infrastructure sector, such as the construction of office buildings and service apartments, and the development of industrial and export processing zones. However, in recent years, Singapore investors have been diversifying into more varied economic sectors such as ports, logistics, healthcare and education.
What do you expect from ASEAN Summit 2010?
ASEAN will remain a key regional structure to address the growing challenges posed not just in Southeast Asia, but also around the world. A strong and coherent ASEAN structure will be able to respond strategically to external challenges, as well as to serve its people.
ASEAN is also a key platform to encourage intra-regional trade and investment opportunities. The vision is to evolve ASEAN into a single market and production base, such that it is competitive, of equitable economic development and fully integrated into the global economy.
We also look forward to the ASEAN Connectivity Initiative to enhance physical linkages across the broader East Asian region, including Australia, India and New Zealand. We expect that enhanced connectivity will help to catalyze and deepen regional integration through facilitating the flow of trade and people, as well as help in community building.
Reported by DK
Vietnamese
