Singapore leads ASEAN investors in Vietnam

A Singapore-invested garment factory in Vietnam

According to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment (MPI), Singapore, which also ranked third among 101 foreign investors in Vietnam , was followed by Malaysia with 10 billion USD, comprising 22 percent of total FDI, and Thailand with 6.7 billion USD, making up 12 percent.

Singapore’s investment projects have proved effective, greatly contributing to Vietnam’s job generation, export and economic growth. Notably, the Vietnam-Singapore (VSIP) Industrial Zone is a symbol of the friendship and cooperation between the two countries.

ASEAN investment has covered all the 18 economic sectors in Vietnam, with the manufacturing and processing sector topped the list with 974 projects worth 21.7 billion USD. It was followed by real state with 93 projects capitalised at 16.5 billion USD, and construction with 196 projects worth 3.1 billion USD.

ASEAN investors have been present in 55 of 63 national provinces, mainly in Ho Chi Minh City, Hanoi, southern Ba Ria-Vung Tau and Binh Duong, central Ninh Thuan and northern Hai Duong provinces.

Promoting investment from ASEAN countries will be continued to ensure increased FDI flow into Vietnam , especially in the context of the formation of the ASEAN Economic Community later this year, FIA Director Do Nhat Hoang said.

In 2014, ASEAN nations registered 53 billion USD in FDI in Vietnam, or 20 percent of the nation's total figure.

According to the FIA, the foreign investment sector recorded a trade surplus of 17.03 billion USD last year, having generated 101.59 billion USD in export turnover, an annual increase of 15.2 percent, or equivalent to 68 percent of the country's total export revenue, while importing 84.56 billion USD worth of goods, a 13.6 percent increase.

VNA