Vietnam, Singapore ink series of agreements

Government agencies and businesses of Vietnam and Singapore have inked a number of agreements with the attendance of Vietnamese President Nguyen Xuan Phuc and Singaporean Prime Minister Lee Hsien Loong.

President Nguyen Xuan Phuc and Singaporean Prime Minister Lee Hsien Loong.

Sembcorp Industries (Sembcorp) signed four deals on sustainable industrial park development, sustainable and reliable power systems, renewable energy and technology, and skills and capacity building.

Sembcorp has been a long-term strategic partner of Vietnam since 1996, supporting the country’s industrialization process through investing in 11 industrial parks and integrated urban areas named the Vietnam-Singapore Industrial Park (VSIP) in a joint venture with Vietnam’s Becamex IDC.

So far, the VSIP networks have drawn US$15.4 billion worth of projects. Sembcorp has also invested in the Phu My 3 gas-fired power plant. To be in line with Vietnam’s energy transition, Sembcorp is expanding its investment in renewable energy.

President Nguyen Xuan Phuc and Chairman of Sembcorp Industries Ang Kong Hua.

To encourage Singapore’s investment in Vietnam, President Phuc highlighted Vietnam’s priorities in clean energy and sustainable development, saying that Vietnam will facilitate the foreign enterprises doing business in Vietnam.

During the visit to Singapore, Phuc met executives of Singapore’s leading energy, infrastructure, real estate developers.

Other sectors of Vietnam’s long-term strategies include infrastructure, energy, manufacturing, hi-tech agriculture, IT, smart city, and finance banking.

In a separate meeting with the Chairman of Sembcorp Industries Ang Kong Hua, Phuc expected the company’s investment expansion in sustainable industrial infrastructure and renewable energy would make the VSIP-like model unfold in Vietnam.

In a meeting with Kappel Corporation’s CEO Loh Chin Hua, Phuc appreciated its partnership with Vietnamese companies in developing big projects in urban cities across Vietnam. He hoped Keppel will inject money into renewables, infrastructure, smart city, and renovation.

In his talks, Loh Chin Hua said his company is running more than 20 projects worth more than $3 billion across Vietnam in partnership with Sovico, which is owned by Vietnamese billionaire Pham Thi Phuong Thao.

President Phuc meets Surbana Jurong’s CEO Nina Yang and CMIA Capital Partners’ Founder Lee Chong Min.

Meanwhile, the meetings with Nina Yang and CMIA Capital Partners’ Chairman Lee Chong Min have prompted the feasibility of some large-scale projects namely a 1,000-ha property complex project costing $1.2 billion in Ho Chi Minh City in the next 10 years and a hi-tech agriculture project for 100,000 residents in the economic hub.

In meeting with Singapore Business Federation (SBF)’s Chairman Lim Ming Yan, Phuc appreciated their role in promoting the bilateral investment to make Singapore the biggest investor in Vietnam in 2020 and the first half of 2021. As of the end of 2021, Singapore poured $66 billion in Vietnam.

The close partnership and increasing capital inflows have contributed to the bilateral trade which hit $8.5 billion in 2021. 

President Phuc at the meeting with Singapore Business Federation (SBF)’s Chairman Lim Ming Yan.