The view of the webinar “Viet Nam – Singapore Economic Relations: Future Development Of Da Nang City”
This webinar was held in the context that Da Nang city is implementing the theme "Year of economic recovery and development acceleration", demonstrating the determination of Da Nang government in realizing the dual goal of promoting socio-economic development while ensuring prevention and fighting against the Covid-19 epidemic, building a safe investment destination for businesses and investors.
At the opening of the webinar, Assoc. Prof. Dr. Vu Minh Khuong, Lee Kuan Yew School of Public Policy, a member of the Economic Advisory Group of the Prime Minister of Vietnam for the 2016-2021 term, reviewed Vietnam – Singapore 's economic cooperation activities, thereby stating the advantages and disadvantages as well as the prospect of economic cooperation between Vietnam - Singapore in general and Da Nang - Singapore in particular. Besides, Surbana Jurong, the Singaporean consulting firm to implement the Project of Adjusting the General Planning of Danang City to 2030, with a vision to 2045 introduced an overview of the adjusted Master plan of the city.
In order to promote and attract capital in the context of the wave of investment capital shifting on a global scale, Director of Danang Investment Promotion Agency – Mrs. Huynh Lien Phuong introduced the investment environment and a number of preferential policies and investment opportunities of Da Nang city in the fields of high technology, information technology, high quality services (health care, education, logistics). The webinar also received the experience sharing of Ms. Holly Bostock, Senior Foreign Affairs Director of Heineken Vietnam Company, one of the Singaporean largest investors in Da Nang and a speech of financial solutions when investing in Vietnam from UOB Vietnam.
Mr. Douglas Foo, Vice Chairman of Singapore Business Federation, Chairman of Singapore Manufacturing Federation, Chairman of Sakae Holdings highly appreciated the potential of the city's business investment environment and proposed Da Nang to establish Da Nang Desk inside Vietnam Connectivity Center at the Singapore Manufacturing Federation (SMF) to connect Danang with Singaporean businesses.
Through the webinar, Da Nang invited Singaporean investors and businesses with financial and technological capabilities to learn about the business investment environment and cooperation opportunities in the city. Standing Vice Chairman of Da Nang People's Committee Ho Ky Minh highly appreciated the proposal to set up Da Nang Information Center in Singapore and assigned Da Nang Investment Promotion Agency to propose a model, serving as a bridge to support promoting the environment and business investment opportunities of Da Nang to Singaporean enterprises in particular and international businesses in general; thereby further promoting the investment cooperation relationship between Da Nang and Singapore in the coming time.
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Singapore is one of Vietnam's most important trade and investment partners. In 2020, although influenced by Covid-19, Singapore has invested in 248 projects in Vietnam with a total capital of nearly 9 billion USD, making it the leading country of foreign investment in Vietnam. Accumulated by the end of 2020, Singapore is the third largest foreign direct investor in Vietnam after Korea and Japan with a total of 2,629 projects and a total registered capital of more than 56.5 billion USD. Regarding trade, by 2020, the total import and export turnover between Vietnam and Singapore reached over 6.7 billion USD, of which Vietnam's merchandise export value reached $ 3 billion and imports reached $ 3.7 billion USD. Accumulated to March 15, 2021, the city had 895 FDI projects with a total investment of over US $ 3,862 billion. In which, there are 28 projects of Singaporean investors with a total registered capital of more than 838.4 million USD, ranking 2nd in the list of more than 50 countries and territories, accounting for about 22% of total registered capital in Da Nang. |
(IPA Da Nang)
