Prime Minister receives Sembcorp leader in Singapore

Prime Minister Nguyễn Xuân Phúc received Neil McGregor – Group President and CEO of Sembcorp Industries, one of the leading foreign investors in Việt Nam – in Singapore on Tuesday.

SINGAPORE – Prime Minister Nguyễn Xuân Phúc received Neil McGregor – Group President and CEO of Sembcorp Industries, one of the leading foreign investors in Việt Nam – in Singapore yesterday.

Sembcorp has invested in nine Vietnam-Singapore industrial parks (VSIP), generating jobs for some 200,000 people.

Phuc, who is in Singapore to attend the 33rd ASEAN Summit, congratulated the firm on its success in Việt Nam, especially in terms of the VSIPs, and its great contributions to the two countries’ economic, trade, and investment ties.

He asked the group to accelerate upcoming VSIP projects in the southwestern region, which has a population of 20 million people and is bursting with development potential, to make use of the abundant local workforce. The PM also suggested it open a VSIP in the Central Highlands as this region holds strengths in industrial crops like coffee, rubber, and cashew, and is in need of investment in its processing sector.

At the meeting, McGregor appreciated the substantial support from the Vietnamese Government, ministries, sectors, and localities for his firm’s operations.

He noted that the group had surveyed some locations for future VSIPs, including the Central Highlands and the central province of Quảng Trị. It had also worked on some solutions towards improving the value of its VSIPs.

Sembcorp was also promoting investment in energy in the country, he said, adding that it has discussed projects in this sector with the Ministry of Industry and Trade.

Phuc said Việt Nam was likely to record a growth rate of over 6.7 percent in 2018, attributing this to contributions by foreign investors.

"To meet development demand, Việt Nam has an increasing need for energy for production and business activities, and this is a chance for foreign investors to increase investment in the field," he noted.

He asked Sembcorp to speed up clean energy projects, including those in wind and solar power, as this is where the country holds great strength and potential for growth. It should also consider investing in other Vietnamese fields in high demand, such as construction, ports, and storage infrastructure development. – Khanh