Singapore’s Top Corporations Vow to Invest in Vietnam

Meeting with CMIA Capital Partners’ Chairman Lee Chong Min and Surbana Jurong Group’s CEO, Lim Hong Kian: National Assembly Chairman Tran Thanh Man welcomed the investment of CMIA Capital Partners and Surbana Jurong Group in the “Ho Chi Minh City Eco-Tech Urban Area” complex project, with a total investment of 1.3 billion USD over 10 years.

The National Assembly Chairman congratulated the investors on signing a Memorandum of Understanding with Ho Chi Minh City and Cu Chi District People’s Committees to develop the project.

Recalling the journey of over 50 years of diplomatic relations and over 10 years of Vietnam-Singapore Strategic Partnership, the National Assembly Chairman expressed his delight at the flourishing Vietnam-Singapore relations, reaching many important milestones in all areas. He emphasized the growing economic cooperation between the two countries.

The National Assembly Chairman affirmed that Vietnam always values the presence and investment of Singaporean businesses in the country. He commended the effective cooperation and investment activities of Singaporean corporations and enterprises in Vietnam. He also mentioned that the National Assembly and the Government of Vietnam have been improving the legal framework to facilitate foreign businesses investing and operating in Vietnam.

At the meeting, CMIA Capital Partners’ Chairman Lee Chong Min and Mr. Lim Hong Kian, CEO of Surbana Jurong, expressed their interest in investing in Vietnam and expected continued support and facilitation from the Vietnamese side.

Mr. Lee Chong Min affirmed that Vietnam is one of the most attractive countries in Southeast Asia for foreign investors, and CMIA Capital Partners is no exception. He shared that in 2017, CMIA and Surbana Jurong proposed to invest in the “Ho Chi Minh City Eco-Tech Urban Area” complex project, which is expected to create approximately 120,000 stable jobs. The area will focus on attracting businesses and projects in the fields of agricultural technology, food technology, and high-tech industries.

Meeting with Keppel Group’s CFO, Kevin Chng: National Assembly Chairman Tran Thanh Man appreciated the effective business cooperation of the Keppel Group in Vietnam in the past, especially in infrastructure, real estate, and renewable energy. He acknowledged their contributions to the development of Vietnamese urban areas and the promotion of economic and investment relations between the two countries.

The National Assembly Chairman emphasized that Vietnam is an attractive destination for many investors, including infrastructure developers. Vietnamese companies are keen to collaborate with Singaporean businesses like the Keppel Group, especially in infrastructure development and the construction of industrial and urban areas, as well as clean energy projects, to meet Vietnam’s sustainable development needs. He affirmed Vietnam’s commitment to accompanying Singaporean companies and corporations.

Keppel Group’s CFO, Kevin Chng, appreciated all investment opportunities in Vietnam. He stated that Vietnam is currently one of the countries where the group focuses most of its investment resources and expressed his hope for continued support from Vietnam in expanding and promoting effective investment activities, contributing more to the country’s sustainable development.

The representative of the Keppel Group introduced the group as a diversified Singaporean conglomerate operating in energy, environment, urban development, connectivity, and asset management sectors. In Vietnam, the group has invested for over 20 years, with a total registered investment of approximately 3.8 billion USD, focusing on residential and commercial real estate, mainly in Ho Chi Minh City and Hanoi.

Looking ahead, the Keppel Group aims to expand its investment in sustainable development areas such as renewable energy and data centers.

Meeting with Temasek Group: The National Assembly Chairman appreciated the cooperation and support provided by Temasek to its Vietnamese partners.

National Assembly Chairman Tran Thanh Man emphasized that Singapore maintains its position as the second-largest investor in Vietnam. The network of 18 Vietnam-Singapore Industrial Parks (VSIP) in 13 provinces and cities in Vietnam is a symbol of successful economic cooperation between the two countries. He expressed his hope that the group would continue to expand its investment fields in Vietnam and assured that Vietnam is ready to remove obstacles and create favorable conditions for domestic and foreign investors, including Temasek.

The National Assembly Chairman shared that the 8th session of the 15th National Assembly was successfully concluded. During this session, the National Assembly made significant innovations in law-making, passing “1 law amending 4 laws” on investment and “1 law amending 9 laws” on finance to improve the legal framework and facilitate investors.

He emphasized the strong Vietnam-Singapore Strategic Partnership and the growing political trust, providing a solid foundation for businesses, including Temasek, to confidently invest and do business in Vietnam for the long term.

Temasek Holdings’ Deputy CEO, Chia Song Hwee, appreciated the support and attention given by Vietnam to Singaporean businesses, including Temasek.

Mr. Chia Song Hwee shared that Temasek has been investing and operating in Vietnam for an extended period, with a total investment of about 3 billion Singapore dollars. Their investments span various sectors, including finance, consumer goods, retail, logistics, and renewable energy.

He attributed Vietnam’s economic growth and its hardworking and diligent young workforce as essential factors in the country’s development and the enhancement of bilateral cooperation between the two nations.