At a recent meeting, Secretary of the Provincial Party Committee of Ba Ria – Vung Tau, Pham Viet Thanh, informed that in 2006, the province signed a cooperation agreement with the Singapore Business Federation (SBF). A new cooperation agreement is expected to be signed, including an action plan to implement areas of mutual interest.
The provincial leadership also shared that Singapore-invested projects in the province are operating stably, mainly in the fields of maritime services, ports, construction materials, food, and mechanics.
Of particular note is the investment cooperation between the Vietnam Petroleum Technical Services Corporation (PTSC) and the Sembcorp Group in developing offshore renewable energy projects in Vietnam, including in Ba Ria – Vung Tau waters.
Based on this, the Ba Ria – Vung Tau leadership expressed their hope that the Consul General and his colleagues would continue to foster the good cooperative relationship between Ba Ria – Vung Tau and Singaporean partners. They also sought support in connecting businesses and investors from both sides to promote investment and trade.
Regarding the development of offshore wind power, especially electricity exports to foreign countries, Mr. Tran Ho Bac, Deputy General Director of PTSC, stated that this field could truly serve as a lever for local economic development, transforming Ba Ria – Vung Tau into a regional hub for the renewable energy industry and services.
On Singapore’s side, the Consul General of Singapore in Ho Chi Minh City, Pang Te Cheng, expressed his hope that Ba Ria – Vung Tau province would actively support PTSC and Sembcorp in obtaining permits and implementing the offshore wind power project. He also wished for the province to facilitate the investment of several Singaporean businesses and conglomerates in the fields of logistics and energy.
According to the People’s Committee of Ba Ria – Vung Tau, the total registered FDI capital in the province in the first nine months of 2024 reached approximately USD 1.907 billion. As of now, there are 489 foreign-invested projects in the province with a total registered capital of over USD 363 billion. Among them, there are 55 projects invested by Singapore with a total capital of about USD 3 billion. Singapore is among the top 10 countries with the highest investment in Ba Ria – Vung Tau province.
