Singapore businesses are greatly interested in investing in Vietnam, particularly Ho Chi Minh City – the country’s economic hub – where local administrators consistently support foreign investors, said Singaporean President Halimah Yacob earlier this week.

President Halimah was speaking at a meeting with municipal Party Committee Secretary Nguyen Van Nen during her visit to the city on Wednesday afternoon, part of her and her spouse’s five-day working trip to Vietnam, which began on October 16.

She congratulated the city on its quick and effective recovery from the COVID-19 epidemic, which she said was the result of strong leadership and the efforts and determination of the city's leaders and people.

The city is an attractive destination for Singaporean enterprises thanks to its young talent pool, good living conditions, and support that the municipal authorities offer to potential investors, Halimah commented.

Appreciating the city’s goal of developing itself into the financial-economic center of the country and the region, Halimah also noted the difficulties Ho Chi Minh City faces in the fields of infrastructure, human resources, and engineering.

She suggested that city authorities offer incentives to draw more foreign direct investment (FDI) from countries like Singapore.

Municipal Party chief Nen hailed Singapore as an important trade and investment partner to the city, adding that Ho Chi Minh City is interested in coopearting with the city-state in the areas of public administration and services, renewable and green energy, infrastructure development, and climate change response.

He suggested that the two sides ramp up their long-standing partnership in light of the massive upside offered by their bilateral cooperation.

Nen agreed with Halimah that the city faces several challenges as it works toward becoming an economic hub, particularly those obstacles related to its institutions, infrastructure, and human resources that have affected the implementation of many large projects.

Regarding these issues, Halimah said Singapore and Vietnam have signed a number of agreements related to digitization and vocational training so that the Vietnamese city can work to overcome the hurdles of its development process.

Earlier on Wednesday morning, the Singaporean leader delivered a speech at the Vietnam-Singapore Business Forum in Ho Chi Minh City and met with the local Singaporean community.

Before visiting the city, President Halimah held a meeting with her Vietnamese counterpart Nguyen Xuan Phuc in Hanoi, as well as talks with Party General Secretary Nguyen Phu Trong, Prime Minister Pham Minh Chinh, and National Assembly Chairman Vuong Dinh Hue, to discuss steps to boost the strategic partnership between the two countries.

Many bilateral cooperation agreements in various fields have so far been signed during her stay in Vietnam. 

Ho Chi Minh City and Singapore recorded two-way trade of US$8 billion last year, and the total registered investment capital of Singaporean investors in Vietnam has amounted to $11.9 billion, ranking first among 116 countries and territories investing in the city, according to the municipal Department of Planning and Investment.

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