Tuesday, August 14, 2007

Singapore, Vietnam form a unique investment proposition

Singapore, Vietnam form a unique investment proposition: minister
By Ng Baoying, Channel NewsAsia |
Singapore and Vietnam form a unique proposition for investors because of their complementary advantages, said Trade and Industry Minister Lim Hng Kiang, who was speaking at a Singapore-Vietnam business lunch on Monday.

He said Vietnam's phenomenal growth story has been a natural magnet for local, regional and international investors alike.

Mr Lim said: "We easily complement each other for investments, be it in manufacturing, HQ activities, logistics or research and development. I would like to encourage the Singapore business community to consider this unique complementary proposition in your business strategies.

"I would also like to welcome the Vietnamese business community to internationalise through Singapore and use Singapore as your hub of operation."

Singapore is the second largest foreign investor in Vietnam with some US$9.6 billion in cumulative investments as at July – second only to South Korea.

And Vietnam is also planning to take advantage of international capital.

Apart from attracting investments, Vietnamese Prime Minister Nguyen Tan Dung said his country also plans to issue a US$1 billion bond in September, pending right market conditions.

He added that a plan to sell shares in Vietnam's five main state banks by 2010 remains on track.