PM encourages Singaporean firms to invest in Vietnam

During his reception for a delegation of Singaporean investors led by Douglas Foo, President of the Singaporean Manufacturing Federation (SMF) in Hanoi on April 6, PM Phuc highlighted the Vietnam-Singapore strategic partnership, saying that the bilateral relations are growing fruitfully with a strong surge in Singapore’s foreign direct investment (FDI) flow into Vietnam.

He highly evaluated late Singaporean PM Lee Kuan Yew’s initiative on connecting the two economies, and voiced his hope that Vietnamese and Singaporean enterprises will gain greater achievements in cooperation.

For his part, Douglas Foo expressed his impression at the development of the central city of Da Nang, saying that the city has potential and capability to become a second Singapore in the future.

He suggested Da Nang build a “garden city” as a highlight to lure tourists, adding that the city can become the world’s exhibition and conference centre. He also shared his country’s experience in green construction and design.

Singaporean investors expressed their wishes to pour investments in Vietnam and Da Nang in electronics and semiconductor manufacturing, in which Vietnam has huge development potential and Singapore has strength.

PM Phuc highlighted the similarity in terms of area between Singapore and Da Nang city, noting that Da Nang is bestowed with even more favourable natural conditions.

The PM welcomed the investment plans of Singaporean firms, saying that he has assigned the municipal People’s Committee of Da Nang to review Singapore’s proposals and report to the Government.