Attracting 2.6 billion USD of FDI capital from Singaporean investors

On the afternoon of November 8, Mr. Hoang Minh Cuong - Vice Chairman of Hai Phong City People's Committee chaired a meeting and worked with the Singapore Business Federation delegation including representatives of 13 enterprises from the "Lion Island".

Mr. Hoang Minh Cuong quickly informed the delegation of foreign enterprises about the socio -economic development of Hai Phong City. Accordingly, with a favorable geographical location, Hai Phong City has all 5 types of transportation with the strength of seaports. Thanks to that, in recent times, the locality has had a growth rate among the top in the country and is a bright spot in attracting FDI.

Event - Hai Phong: Attracting 2.6 billion USD of FDI capital from Singaporean investors — Mr. Hoang Minh Cuong - Chairman of Hai Phong City People's Committee chaired the meeting and worked with the delegation of Singaporean enterprises (Photo: Hai Phong Electronic Information Portal).

Hai Phong City is currently focusing on promoting and attracting investment in the direction of developing economic pillars: Industry - High Technology, Seaport - Logistics, Tourism - Trade. Therefore, Hai Phong welcomes and commits to creating favorable conditions for Singaporean investors to survey, learn about the investment environment, seek opportunities for cooperation, development and investment in the locality.

Also at the meeting, representatives of the Hai Phong Department of Planning and Investment provided more information on the local situation of attracting FDI from Singapore. As of the end of September 2023, Hai Phong City had 63 FDI projects from Singapore with a total investment capital of nearly 2.8 billion USD. Of which, enterprises from the "Lion Island" have invested in industrial parks and economic zones with a total of about 2.6 billion USD.

The investment areas of Singaporean enterprises in Hai Phong City mainly focus on the following areas: Industry (nearly 80%), real estate business, infrastructure (nearly 27%). The rest are warehouses, logistics, trade, machinery, textiles...

Currently, VSIP Industrial Park in Thuy Nguyen District, Hai Phong City, invested by Vietnam - Singapore Urban and Industrial Park Development Joint Stock Company, has a capital scale of about 1 billion USD with a development area of 1,567 hectares (including 1,059 hectares of urban area and 508 hectares of industrial park).

Event - Hai Phong: Attracting 2.6 billion USD in FDI capital from Singaporean investors (Figure 2). — Representatives of Singaporean enterprises discussed and explored cooperation opportunities with Hai Phong business delegates (Photo: Hai Phong Electronic Information Portal).

Ms. Amy Wee - Representative of Singapore Business Federation thanked the leaders of Hai Phong City for their warm welcome. At the same time, she informed about the areas that Singaporean businesses are interested in and want to strengthen cooperation with Vietnamese partners, including: Digital economy and innovation, infrastructure, energy, sustainable development, trade, investment, finance, transportation and tourism.

These are the areas that Hai Phong City has potential for development and is interested in attracting. Therefore, it is proposed that in the coming time, Hai Phong City coordinates to organize programs and conferences to promote Singaporean investment, focusing on attracting investors and businesses operating in the above industries and professions .

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