Singapore pours over US$730 million into Vietnam in first four months

Friday, 2016-05-06 18:00:49
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Singapore is now the second largest foreign investor in Vietnam. (Credit: VNA)
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NDO/VNA – Singapore invested in 50 new projects and increased investment capital in 23 existing projects with a total registered capital of over US$730 million in the first four months of this year.

According to the Foreign Investment Agency under the Ministry of Planning and Investment, Singapore is now the second largest foreign investor in Vietnam.

A project invested in by Singaporean firms costs an average of US$22.7 million, higher than the average level of a project in Vietnam, which is only around US$13.8 million.

The Singaporean investors have poured capital into 18 out of 21 sectors of the economy, mainly in the processing and manufacturing industry with 494 projects worth US$16.1 billion, or 44.3% of the Singaporean investment.

The real estate sector has 81 Singapore-invested projects worth nearly US$10.9 billion, making up 30% of the total.

Vietnam is now home to seven Vietnam-Singapore Industrial Parks operating in six provinces: Binh Duong, Bac Ninh, Hai Phong, Quang Ngai, Hai Duong and Nghe An.

Ho Chi Minh City has attracted the most projects and investment from Singapore, with 799 projects worth more than US$9.75 billion. It was followed by the capital Hanoi, which has drawn 256 projects worth US$4.65 billion.