Singapore ramps up Vietnam investment in April

By Bui Hong Nhung   May 6, 2016 | 04:40 pm GMT+7
Singapore ramps up Vietnam investment in April
An industrial zone of Singapore in Vietnam

Singapore poured $730 million into Vietnam in April, up 31.2 percent from the previous month.

Data from the Foreign Investment Agency showed that Singapore launched 50 new projects and increased investment in 23 projects in Vietnam during April, with a total sum of more than $730 million. The country maintained its position as Vietnam’s second largest investor, trailing South Korea that registered $2.8 billion.

The average capital scale of Singaporean projects in Vietnam is about $22.7 million, $8.9 million higher than the average size of foreign projects. Manufacturing and processing was the main focus of Singaporean investment, accounting for 44.3 percent of the total in April, followed by real estate at 30 percent.

The country has invested in 46 out of the country's 63 provinces. Previously, Singapore mainly invested in central cities like Hanoi or Ho Chi Minh city, but now it has widened its investment to other provinces such as Nghe An and Thai Nguyen.

Ho Chi Minh City is the biggest recipient of Singapore’s capital with about $9.75 billion, accounting for 26.7 percent of its registered capital in Vietnam, followed by Hanoi at $4.65 billion.