SBF and Enterprise Singapore lead business mission to Vietnam to explore emerging opportunities amid robust commercial interest
- Mission delegates to meet Vietnamese Prime Minister, high-level officials and leading Vietnamese firms.
- SBF and Enterprise Singapore to sign agreements with counterparts to facilitate more business-to-business collaborations.
This business mission was organised in response to the results of the SBF National Business Survey 2018/19, where Vietnam was listed as the top market of interest by the Singapore business community. Led by SBF Chairman, Mr S.S. Teo and Mr Png Cheong Boon, Chief Executive Officer (CEO) of Enterprise Singapore, the delegation comprises senior business leaders from 26 Singapore companies in the professional and financial services, consumer, industrial and infrastructure sectors.
The delegation will call on Vietnamese Prime Minister His Excellency Nguyen Xuan Phuc as well as senior government officials from Vietnam’s Ministries of Planning and Investment, Science and Technology, and Trade and Industry. It will also meet with senior government officials in Hanoi and Ho Chi Minh City.
The business mission also includes meetings with leading Vietnamese corporations, networking sessions with Vietnamese businesses and visits to industrial and business parks. This is aligned to the strategic direction established at the 14th Singapore-Vietnam Connectivity Ministerial Meeting held in March earlier this year.1
SBF Chairman, Mr S.S. Teo said, “This is a clear sign of the Vietnam government’s interest and commitment in welcoming foreign investments. For our participants, this is an invaluable opportunity to gain first-hand insights into Vietnam’s economic priorities and also provide feedback and raise their concerns about doing business in Vietnam.”
CEO of Enterprise Singapore, Mr Png Cheong Boon said, “As one of Southeast Asia’s fastest growing economies, Vietnam presents significant business opportunities for Singapore companies. Through this business mission, Enterprise Singapore aims to help more Singapore companies explore opportunities and business collaborations in this market. This mission also represents the close partnership between SBF and Enterprise Singapore to help more Singapore enterprises, especially SMEs, internationalise and expand in the global markets.”
Other mission highlights include:
Launch of the Vietnam-Singapore Business Council (VSBC) – SBF and the Vietnam Chamber of Commerce & Industry (VCCI) will sign a strategic agreement to launch the VSBC and also kickstart its inaugural meeting on 16 July, during the Vietnam Singapore Business Forum. Co-chaired by Vice-Chairman of SBF, Mr Douglas Foo, the VSBC is an association-led platform for both Singapore and Vietnam business leaders to discuss issues of mutual interests, ways to strengthen economic and commercial ties, as well as to communicate joint recommendations to both the Singapore and Vietnam governments.
Expansion of the Global Innovation Alliance (GIA) network to Ho Chi Minh City, Vietnam – Enterprise Singapore will announce the expansion of the GIA network to Ho Chi Minh City on 18 July. This is part of the GIA initiative launched in 2017 to strengthen Singapore’s connections to major innovation hubs around the world.
Site visits and meetings with Vietnamese conglomerates and Singapore companies with presence in Vietnam – The delegation will meet with leading Vietnamese conglomerates such as Vingroup2, T&T Group3 and Gami Group4 to better understand their operations and explore potential collaboration opportunities, and visit Singapore companies Sembcorp Development and Shopee to gain the latest insights on Vietnam’s manufacturing landscape and growing digital economy respectively.
Mr S.S. Teo added, “We hope our companies can successfully take advantage of opportunities brought about by Vietnam’s economic vitality. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into force in Vietnam in January this year, will also help strengthen mutually beneficial links among member economies, including Singapore, and boost trade, investment and economic growth in Asia Pacific. Through the VSBC and the SBF’s recently launched BusinessASEAN Network, we hope to help Singapore companies find the right local partners and better navigate Vietnam’s business landscape.”
Vietnam has enjoyed GDP growth rates of over above 6% since 2015, with a robust 7% in 2018. Bolstered by strong domestic demand and export-oriented manufacturing, Vietnam remains an economic bright spot. Bilateral trade figures between Singapore and Vietnam have doubled over the past decade to reach S$20.9 billion in 2018. As of end 2018, Singapore was Vietnam’s third largest foreign investor with cumulative investment of S$63 billion in more than 2,000 projects.5
1. Minister for Trade and Industry Chan Chun Sing co-chaired the 14th Singapore Vietnam Connectivity Ministerial Meeting (CMM) with Vietnam’s Minister of Planning and Investment Nguyen Chi Dung in Singapore.
2. Established in Vietnam in the early 2000s, Vingroup is a multi-sector corporation with a focus on technology, industrials and property services.
3. Established in 1998, T&T Group Joint Stock Company is a Vietnam-based investment conglomerate operating in multiple industries including industrials, import & export, real estate, and finance sectors.
4. Established in 1993, the Gami Group is a multi-industry business group operating in three main sectors, namely trade, real estate and food.
5. Ministry of Foreign Affairs, Vietnam