Singaporean Investors Find Numerous Investment Opportunities in Vinh Phuc Province

Nguyen Duc Hung, Vice President and General Secretary of the Vietnam-Singapore Friendship Organization, has identified education, tourism, and logistics as the three most promising areas for Singapore to invest in Vinh Phuc.

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On May 29, Deputy Secretary of the Provincial Party Committee and Chairman of Vinh Phuc Provincial People’s Committee Le Duy Thanh hosted a warm welcome reception for the delegation of the Singapore Embassy in Vietnam. The delegation was led by Ambassador Extraordinary and Plenipotentiary of the Republic of Singapore in Vietnam, Jaya Ratnam.

Many Promising Opportunities for Singaporean Investors in Vinh Phuc Province
Deputy Secretary of the Provincial Party Committee, Chairman of Vinh Phuc Provincial People’s Committee Le Duy Thanh (right) and Ambassador Extraordinary and Plenipotentiary of the Republic of Singapore in Vietnam Jaya Ratnam (left)

Joining the virtual meeting were Vice President Nguyen Duc Hung, General Secretary of the Vietnam-Singapore Friendship Association, and representatives from the Asia-Africa Department of the Vietnam Union of Friendship Organizations.

Le Duy Thanh emphasized that the business trip of Vinh Phuc province’s leaders to Singapore in October 2022 has provided a myriad of collaboration possibilities between the two sides. Specifically, in the realm of education and training, Singapore’s educational programs are well-suited to the culture and aspirations of Vinh Phuc province.

Thanh dreamt that investors from Singapore, specifically those involved in education, would come to Vinh Phuc and provide suitable scholarships for the children of the province.

In addition, the Chairman of Vinh Phuc province proposed a fruitful collaboration between higher education institutions in Singapore and universities and colleges in the province. He was convinced that such an alliance would ensure top-notch human resource training, particularly in the electronics and high-tech industries.

The Vinh Phuc ICD Logistics Center project started at the end of 2021 with a total investment of nearly VND 3.900 billion, with a design capacity of about 530,000 TEUs/year. The project is implemented on a total area of ​​nearly 84 hectares in Huong Canh town and Son Loi commune, Binh Xuyen district, Vinh Phuc province.

Currently, a state-of-the-art system of factories and warehouses that meets international standards has been completed, along with a parking lot system and roads that are linked to the transportation infrastructure of the province.

The provincial leader said that Singaporean investors have had an impressive 12 projects in Vinh Phuc, including 7 outside the industrial park and 5 inside, with an investment capital of nearly USD 500 million, making Vinh Phuc an attractive destination for Singapore. Thanh mentioned the Vinh Phuc ICD Logistics Center project of YCH Group (Singapore) in cooperation with T&T Group – a symbol of the success of the two parties’ mutually beneficial cooperation.

Vinh Phuc province is dedicated to providing the most favorable conditions for potential partners who are keen to investigate and explore investment prospects, stated Thanh.

He said that Vinh Phuc province has made remarkable progress in various sectors, including healthcare, education, and infrastructure. He also praised the province’s efforts to attract foreign direct investment and create an environment conducive to business.

In response, Ambassador Jaya Ratnam has expressed his admiration for the remarkable socio-economic development achieved by Vinh Phuc province. He noted that the province has made significant strides in various areas such as healthcare, education, and infrastructure. Furthermore, he commended its initiatives to draw in foreign direct investment and craft a favorable business atmosphere.

After the business trip, the delegation will work with Singaporean businesses to establish connections between Vinh Phuc province and facilitate the signing of cooperative and investment agreements in various industries. Ambassador Jaya Ratnam has extended an invitation to the provincial leaders of Vinh Phuc to attend the Singapore business forum this July.

Many Promising Opportunities for Singaporean Investors in Vinh Phuc Province
On the same day, the foreign delegation visited Vinh Phuc ICD Logistics Center in Binh Xuyen district and worked with Binh Xuyen District People’s Committee

On the same day, the foreign delegation visited the Vinh Phuc ICD Logistics Center in Binh Xuyen district and held a meeting with the Binh Xuyen District People’s Committee. The Ambassador was highly impressed with the strong support given by the local leaders, which helped accelerate the progress of the Vinh Phuc ICD Logistics Center project. He also expressed his confidence that the successful completion of the project will attract investments from Singapore.

According to Nguyen Duc Hung, Vice President and General Secretary of the Vietnam-Singapore Friendship Organization, the three most promising areas for Singapore to invest in Vinh Phuc are education, tourism, and logistics. With its highly-skilled workforce, strong infrastructure, and advantageous geographic location, Vinh Phuc is an ideal destination for Singaporean investors to capitalize on these opportunities.

There is a great opportunity for launching an international school in Vinh Phuc, according to Hung. He suggested that the province should send delegations to Singapore, with the assistance of the Vietnam-Singapore Friendship Organization, to advance international tourism.

Leaders of Vinh Phuc province can leverage the success of the Vietnam-Singapore Industrial Parks (VSIP) to guide and manage the promotion of the Vinh Phuc ICD Logistics Center project, making it the first successful demonstration for constructing other dry docks.

Vietnam Times Reporters