Singapore leads ASEAN investors in Vietnam
Singapore ranked first among ASEAN investors in Vietnam for calendar year 2014, according to the latest statistics from the Foreign Investment Agency (FIA), under the Ministry of Planning and Development.
By the end of 2014, eight ASEAN countries – Singapore, Malaysia, Thailand, Brunei, Indonesia, the Philippines, Laos and Cambodia – had invested US$53 billion in 2,507 projects, accounting for 20% of the country’s foreign direct investment (FDI) and 14% of the country’s FDI projects.
Singapore took the lead with 1,353 projects and FDI of US$32.7 billion, making up 53% of total ASEAN projects and 60% of total ASEAN investment in Vietnam. Singapore’s investment has constantly increased over recent years. Its projects have paid off, significantly contributing to generating jobs for local people and spurring Vietnam’s export and economic growth.
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Vietnam-Singapore Industrial Park (VSIP) has become a symbol for cooperation and friendship relations between the two countries.
Malaysia came second with 484 projects with FDI of US$10 billion, followed by Thailand with 371 projects with investment of US$6.7 billion.
Other countries like Brunei, Indonesia, the Philippines, Laos and Cambodia had limited investment in Vietnam.
ASEAN investors had invested in all 18 economic sectors. The processing and manufacturing industry topped the list with 974 projects at US$21.7 billion, coming after real estate with 93 projects (FDI of US$16.5 billion) and construction with 169 projects (FDI of US$3.1 billion).
They have invested in 55 out of total 63 provinces and cities nationwide, mainly in dynamic localities with favourable infrastructure like Ho Chi Minh City, Ba Ria-Vung Tau, Ninh Thuan, Binh Duong, Hanoi and Hai Duong.
