HCMC calls for more Singaporean investment

By Tat Dat   March 9, 2023 | 03:23 pm PT
HCMC calls for more Singaporean investment
A train runs on the Ben Thanh-Suoi Tien metro line in HCMC as a trial, December 21, 2022. Photo by VnExpress/Quynh Tran
Ho Chi Minh City is calling on Singapore to invest in several major infrastructure projects worth billions of U.S. dollars, including highways, ring roads and metro lines.

At a Thursday meeting on the current business climate and cooperation between Vietnam and Singapore, Ho Chi Minh City’s Investment and Trade Promotion Center (ITPC) presented several upcoming projects to investors from Singapore.

ITPC’s presentation included major traffic infrastructure projects like the HCMC-Moc Bai highway (worth VND15.9 trillion, or $671 million), the Can Gio Bridge (VND10 trillion), Ring Road 4 (VND19.2 trillion) and the Long Binh ICD Port (VND6 trillion).

Metro rail projects were also included, such as two sections of the 3A metro line (worth VND42.4 trillion and VND21.1 trillion), the 3B metro line (VND41.1 trillion) and the No.4 metro line (VND100.5 trillion).

Other projects included a smart city operation center and a data processing center.

Khoo Choon Keng, head of the Singapore Chinese Chamber of Commerce and Industry (SCCCI), said the investment environment in Ho Chi Minh City and throughout Vietnam is advantageous after the country’s post-Covid-19 reopening.

He said he holds the Vietnamese market in high regard.

It’s population of almost a hundred million people, as well as its young and well-trained workforce, make Vietnam very attractive, Keng added.

Cao Xuan Thang, First Secretary of the Vietnam Trade Office in Singapore, said Singaporean businesses are paying attention to Vietnam, especially after Prime Minister Pham Minh Chinh’s visit to Singapore last month.

Industry and commerce are the two fields that investors from both countries are most interested in, he added.

In January, Singapore ranked second among 140 countries and territories currently investing in Vietnam, with a total registered capital of around $72 billion.

In Ho Chi Minh City, Singapore accounts for more FDI than any of the other 116 countries and territories investing in the city.

Singapore has deployed over 1,677 projects in the southern hub, with a total investment of over $14 billion.

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