Singapore ranks third among 101 countries and territories investing in Vietnam, according to a report released this week by the Foreign Investment Agency (FIA) under the Vietnamese Ministry of Planning and Investment.  

Singapore had 1,379 valid projects in Vietnam with a total investment of nearly US$33 billion as of February this year, according to the report unveiled on Tuesday.

A project invested by Singaporean firms costs an average of $24 million, higher than other foreign projects in Vietnam, which are only worth around $14 million each.

Singapore has so far invested in 18 out of 21 sectors in Vietnam and focuses on the processing industry, manufacturing, and real estate.

The projects are distributed across 44 out of 63 provinces and cities, including offshore oil and gas areas.

Ho Chi Minh City and Hanoi have attracted the most projects and investment, in which Vietnam’s southern hub has 686 projects worth more than $9 billion while the capital city draws 226 projects worth $4.17 billion.

The processing and manufacturing sectors have lured the largest investments from Singapore with 426 projects and a total capital of $13.37 billion, which accounts for 40.5 percent of the total Singaporean capital in Vietnam, the report by the FIA said.

The real estate sector has 74 Singapore-invested projects worth nearly $10 billion, which makes up 30.1 percent of the total.

The third sector that receives the most Singaporean investment is hotel and restaurant services with $1.88 billion.

Other fields include construction with $1.86 billion and art and entertainment with $1.78 billion.

During the first two months of this year, Singapore had 12 new projects licensed by Vietnam and recorded eight times of increasing investment in its existing projects, with total newly-registered and additional capital of $71 million.

South Korea has become the top foreign investor in Vietnam with 4,240 projects worth $37.84 billion in total, followed by Japan with 2,556 projects worth $37.37 billion, according to the FIA report.

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