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Singapore ranks fourth among largest foreign investor
Singapore has invested US$15 billion in 580 foreign inverted projects to date, making it the fourth biggest foreign investor in Vietnam, according to investment officials.
Most capital from the city nation is destined for property development projects, though industrial parks, infrastructure and services are also popular.
So far this year, Vietnam has licensed 48 projects to Singaporean investors. Total capital stands at US$4 billion, accounting for 9 percent of the country’s total FDI investment in the first seven months.
Major projects include the Vietnam-Singapore Industrial Park (VSIP) in Binh Duong Province, one of the most successful IPs in the country. Over the last 12 years, VSIP has attracted 240 investment projects worth US$1.65 billion.
This year, Singapore has started a US$1.2 billion telecom joint venture in HCM City.
Several of Singapore’s biggest real estate corporations spent several millions dollars on property development projects like new urban zones, high-end residential buildings and commercial complexes.
Keppel Land, a major real estate corporation, poured US$3 billion into high quality property projects in Vietnam. Among them is the US$130 million Sai Gon Sports City project that includes high rises, commercial buildings and sports grounds.
Investment officials have positively evaluated Singaporean FDI projects’ contributions to providing jobs to locals and promoting Vietnamese exports and economic growth.
Singapore has also been one of Vietnam’s major trading partners. Bilateral trade turnover between the two countries rose from US$3.08 billion in 2005 to US$10.3 billion in 2007.
Vietnam’s exports to Singapore increased from US$886 million in 2000 to US$2.2 billion in 2007. Its main export products include crude oil, computers, electronic equipment, seafood, rice, garments, coffee, pepper and footwear.
In return, Vietnam imports from Singapore petrol, machinery and equipment, plastics, metal and chemicals.
VOV
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