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Vietnam’s long-term business potential noted VNTimes

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Vietnam ’s long-term potential for business is promising, Teo EngCheong, Chief Executive Officer of International Enterprise Singapore ,a government agency driving Singapore ’s external economy, has said.

In a press release issued on June 2 on IE Singapore GlobalConversations session with Prime Minister Nguyen Tan Dung on June 1,CEO Teo mentioned fundamentals, like rapid urbanisation, a largedomestic economy and abundant natural resources as opportunities toinvite businesses.


He highlighted the consumersector as a growing area, fuelled by an expanding urban population,better educational qualifications and rising disposable incomes.


Thismonth, NTUC opened its first hypermarket in Ho Chi Minh City , thefirst in a series of hypermarkets planned for the Vietnam market.


With urban populations in Vietnam ’s three largestcities of Hanoi , Ho Chi Minh City and Hai Phong expected to tripleby 2020, demand for urban solutions and infrastructure development isset to rise.


Sembcorp Development is currently operating fourVietnam - Singapore Industrial Parks (VSIPs), with progress underwayfor a fifth VSIP in central Quang Ngai province.


Inthe tourism and hospitality sector, Vietnam received 6.8 millioninternational tourists and 32.5 million domestic tourists in 2012. Thisgenerated revenues of nearly 7.7 billion USD. In November 2012, BanyanTree opened Vietnam ’s first large-scale luxury integrated resort inCentral Vietnam .


Singapore is the third largest foreigninvestor in Vietnam , with cumulative registered capital of 27.2billion USD across more than 1,000 projects to date.


In thefirst three months of 2013, Singapore overtook Thailand and Japanas the top foreign investor. Singapore is Vietnam ’s sixthlargest trading partner, with total trade reaching 15.8 billion SGD in2012, about 12.6 billion USD./.








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