Singaporean firms see Vietnam as an attractive market
Singapore is now the fourth largest investor in Vietnam, with 1,063 projects worth $23.3 billion till the end of July, according to Vietnam’s Foreign Investment Agency. In 2012’s first seven months, Singaporean companies committed to invest in 54 projects capitalised at $178 million.
Sembcorp Industries in April made a big investment expansion stride in Vietnam by obtaining an investment certificate for an industrial park and township project in central Quang Ngai province, its fifth integrated urban development in Vietnam.
At the same time, Quang Ngai People’s Committee awarded an in-principle approval to the group for developing a 1,200 megawatt power plant.
Sembcorp Industries announced it would invest $2 billion into the power project. Meanwhile, the industrial park and township, developed through a joint venture with Becamex IDC, Vietnam-Singapore Industrial Parks and Township Development JV, will have total investment capital of $337 million.
By developing two new projects in Vietnam, Sembcorp Industries indicates it sees potential opportunities in this market.
Now, many other Singaporean firms are following in Sembcorp’s footsteps.
Singapore is now the fourth largest investor in Vietnam, with 1,063 projects worth $23.3 billion till the end of July, according to Vietnam’s Foreign Investment Agency. In 2012’s first seven months, Singaporean companies committed to invest in 54 projects capitalised at $178 million. At the same time, 25 investors committed to expand investment with total capital of $102.6 million.
According to a survey by Singapore’s United Oversea Bank Limited, Vietnam is in the top five Asia markets where Singapore’s corporate leaders are eyeing up, with 15 per cent of business leaders claiming Vietnam was their first priority for overseas investment.