Singapore was the largest foreign investor in Vietnam in the first two months of 2023, with total capital of more than $978.4 million, or 31.6 per cent of the total, according to the General Statistics Office (GSO).

Newly-registered capital reached $769.3 million, or 43.6 per cent of all newly-registered capital.

Singapore has 3,154 projects in Vietnam with total capital of $72 billion.

Investments mainly focus on the manufacturing and processing industry, followed by real estate and electricity production. Most are large-scale.

For example, “super projects” from Singapore include the Bac Lieu Liquefied Natural Gas (LNG) Power Plant (licensed in 2020 and with registered capital of $4 billion), the Nam Hoi An resort in central Quang Nam province (licensed in 2010 and with registered capital of $4 billion), and the Long An LNG Power Plant Project I and II (licensed in 2021 and with registered capital of $3.12 billion).

A number of Singaporean investors added capital to existing projects in the first two months. Investment in the construction of urban infrastructure and services at VSIP Bac Ninh increased by nearly $941 million, while the Fujifilm Business Innovation Vietnam project in Ho Chi Minh City added nearly $494.2 million.

2023 marks the 50th anniversary of the establishment of diplomatic relations between the two countries and also the 10th anniversary of the strategic partnership. Vietnam-Singapore Industrial Park (VSIP) is maintaining effective operations and remains a symbol of success in investment cooperation.

Prime Minister Pham Minh Chinh’s recent official visit to Singapore affirmed the high level of political trust between the two countries and set clear directions for bilateral relations into the future.

H.E. Jaya Ratnam, Singaporean Ambassador to Vietnam, said Vietnam is still a “very interesting” destination in the eyes of all foreign investors. “This can be seen from the strong FDI inflows and the successful operations of VSIP,” he added. “We see many other areas where Singapore can invest in Vietnam, such as logistics and renewable energy.”