(vasep.com.vn) Investors should consider Vietnam as a potential destination to invest, particularly in business activities, Dr. Admad Md Magrad, Deputy Director of Singapore Manufacturing Federation (SMF) as well as Managing Director of II-VI Singapore Pte. Ltd said at the "Doing Business in Vietnam" seminar.
The seminar was held by SMF and sponsored by Sembcorp.
Legal framework of doing business in Vietnam has been improved in recent years. Vietnamese law becomes more and favourable to businesses. This advangtage combined with the ASEAN economic community coming into place by 2015 will offer good opportunities for investors, he said.
Addressing the seminar, Daniel Pok, Investment Promotion Manager of Sembcorp Parks Management Pte Ltd, affirmed that Vietnam is the next destination for investment. Sembcorp is one of Singapore biggest investors in Vietnam with 5 Vietnam-Singapore Industrial Parks (VSIP) located in Bac Ninh, Hai Phong, Quang Ngai and Binh Duong provinces.
Low Beng Tin, Vice Chairman of ASEAN Regional Business Group of SMF said that, doing business in Vietnam in long term is a promissing future. We have had joint ventures with Vietnam companies and these cooperations are well-performed now.
He affirmed that SMF will provide Singapore enterprises with updated information to easily access to Vietnam through organizing seminar like this.
According to Low, the seminar helps SMF members know more about Vietnam's law and taxation, how to do business in Vietnam, Singapore Government's supportive policies to help the local enterprises invest in other countries.
Talking with 80 representatives from Singapore enterprises in the seminar, Vietnamese Ambassador to Singapore Tran Hai Hau assured that Vietnam is endowed with great potential for economic growth in the medium and long run. Vietnam will do its utmost to ensure a competitive and transparent business environment as well as create more favorable conditions for foreign investors including Singapore enterprises.
In 2013, Singapore continued to be the third largest trading partner of Vietnam in ASEAN. With the total FDI from Singapore to Vietnam to US$29.3 billion, Singapore became Vietnam's the second largest investor.
Two-way trade between Vietnam and Singapore in 2013 exceeded US$14 billion in which Vietnam exported US$3 billion of goods to Singapore, up 36 percent, said Nguyen Viet Chi, Vietnam's Commercial Counsellor in Singapore.
Vietnam exported farm products, food, seafood, textile, computers and mobile phones to Singapore while Singapore sold petrol, high-tech products, chemicals and fertilizers to Vietnam.
Ms. Chi expressed her hope that the figure this year will increase by between 10 and 15 percent year on year.