On the afternoon of March 7, the Hanoi Department of Industry and Trade chaired and coordinated with the Vietnam Trade Office in Singapore, Singapore Confederation of Industry and Commerce (SCCCI), and Vietnam Chamber of Commerce and Industry (VCCI) to organize a conference. Cooperation – Connecting business trade between Hanoi and Singapore.
This conference was attended by leaders of the Ministry of Industry and Trade, leaders of Hanoi city, Vietnamese trade counselor in Singapore, VCCI and nearly 200 Hanoi enterprises operating in industrial production, electronics, information technology, agricultural products, textiles, garments, banking, finance, real estate, logistics, pharmaceuticals,… participate in trade.
At the Conference, businesses from both countries discussed and introduced the potential, strengths, mechanisms and policies to attract foreign investment in Hanoi city. Vietnam Trade Office in Singapore introduces the potential of the Singapore market. Singaporean businesses and Hanoi businesses meet and exchange business connections directly at the conference
Speaking at the Conference, Mr. Nguyen Manh Quyen – Vice Chairman of Hanoi People’s Committee said that in recent years, Hanoi has always been among the top in the country in terms of favorable investment environment. With the orientation of attracting foreign investment in the coming time in depth associated with the goal of sustainable development; Prioritize quality projects, products with added value and high competitiveness focusing on the fields of: Urban infrastructure development, smart city construction; Supporting industries use modern, environmentally friendly technology;… Hanoi clearly identifies key markets and countries to attract investment as Japan, Korea, Singapore, Taiwan, the US and the EU.
Currently, Hanoi is strengthening international economic integration, taking advantage of new generation Free Trade Agreements (FTAs) to boost exports. The city implements a series of solutions to support businesses in improving their competitiveness and promoting exports. In 2022, the City’s export turnover will reach 17.1 billion USD, an increase of about 10.3% compared to 2021 and 4.7 times higher than the increase in 2021. Traditional export markets are maintained while New, potential markets are also interested in expanding and achieving outstanding results with a growth rate of 33.6% – higher than the growth rate of all traditional markets.
In particular, Singapore is an important traditional export market of Vietnam with export turnover in 2022 reaching 615 million USD (accounting for 3.6% of Hanoi’s total export turnover).
Regarding investment, Singapore is a strategic country investing in Hanoi, with a total investment capital ranking second among investment partners in the City (after Japan).
Investment fields of Singaporean investors focus on areas such as real estate business, construction, accommodation and food services, science, technology, education…
Mr. Nguyen Manh Quyen said that Hanoi Capital is ready to create all favorable conditions to welcome and attract potential foreign investors to come and invest in business in the Capital.
At the Conference, Hanoi City hopes that Singaporean businesses will find business investment opportunities in Hanoi as well as sources of goods to import here. At the same time, it is expected that Hanoi businesses will be able to connect with Singapore businesses in investing in innovation of technology, equipment, and application of scientific and technical advances; Developing new products, environmentally friendly products, with low energy consumption. Cooperate in production, participate in production, supply and distribution chains with Singapore businesses. Expand exports, participate in the distribution system in the Singapore market, take advantage of the CPTPP and RCEP Agreements of which Vietnam and Singapore are both members.
As for Singapore, Chairman of the Federation of Trade and Industry Hoa Sinh (Singapore) said that Vietnam has recovered impressively after the COVID-19 epidemic when 2022 achieved a GDP growth rate of 8%. With this development momentum, Vietnam is predicted to continue to grow strongly in the coming time. Therefore, many Singaporean companies seek investment opportunities in infrastructure, manufacturing, logistics, transportation, education, tourism, finance and agriculture in Vietnam in general and Hanoi in particular. . “In the coming time, Singapore businesses will expand cooperation into new areas, such as sustainable development, renewable energy and the digital economy,” Mr. Kho Choon Keng predicted.
