The Vietnamese government has given a range of priorities to foreign investors to develop production and do business in Vietnam, including those from Singapore, Prime Minister Nguyen Xuan Phuc told business leaders in the city-state on Friday.
The government will assign relevant ministries, agencies and localities to coordinate with Singaporean investors to speed up the implementation of their projects in the country, PM Phuc said at a dialogue with 15 chairpersons and CEOs of leading Singaporean groups and businesses.
The Vietnamese premier applauded Singaporean enterprises which have plans to expand investment in the areas of Vietnam’s priorities, and noted that they should carry out their projects on schedule, observe Vietnam’s laws and harmonize interests of the state, the investors and people.
Singapore has become Vietnam’s most important economic partner in the Association of Southeast Asian Nations (ASEAN) with more than 2,000 projects worth US$43 billion, and two-way trade reaching $8.3 billion in 2017, according to the premier.
The government leader noted that Singapore is also a gateway for multi-national groups and international tourists to enter Vietnam, and helps the country get easier access to the world.
PM Phuc briefed the corporate leaders on Vietnam’s business environment which ranked 68th out of 190 countries surveyed by the World Bank, up 30 places as compared with 2012. The country was placed 55th out of 137 countries in terms of competitiveness in the rankings of the Word Economic Forum, he added.
The PM also cited a fact that 55 percent of the Vietnamese population are using the Internet and nearly 50 percent accessing the social network and around 130 million mobile phone subscriptions as favorable conditions for investors.
“The Vietnamese government always pays attention to policy dialogue mechanisms to clear up concerns of the business community, including those from Singapore,” he underlined.
Corporate leaders participating in the dialogue spoke highly of Vietnam’s outstanding achievements in economic development, particularly the country’s innovated mindset in building and implementing polices.
The opener and more favorable investment procedures in Vietnam have help businesses save time and costs, they underlined.
The corporate leaders told PM Phuc that Singaporean businesses have devised strategies and stand ready to invest in such areas as logistics, renewable energy, software industry, smart city building, education-training, transportation and cruise tourism in Vietnam.
The investors committed to introducing the world’s most advanced technologies to Vietnam through projects, thus helping generate more jobs and incomes for local people,