SBF Hosts Business Dialogue with Vietnam President, Senior Government Officials and Business Leaders
Friday, 25 February 2022 [Singapore] – The Singapore Business Federation (SBF) hosted a roundtable for about 100 government officials and business leaders from Singapore and Vietnam today, in conjunction with H.E. President Nguyen Xuan Phuc’s official state visit to Singapore. Singapore Minister for Manpower and Second Minister for Trade and Industry Dr Tan See Leng attended the business dialogue.
During the dialogue, participants discussed new and emerging opportunities for collaboration between Singapore and Vietnamese companies, such as in the areas of digitalisation, infrastructure and sustainability. Businesses also emphasised to government officials the importance of resumption of travel to facilitate investment and business opportunities between both countries.
Amidst the Covid-19 pandemic, Singapore remains the top foreign investor in Vietnam for the last two consecutive years. The value of Singapore’s foreign direct investment into Vietnam in 2021 was USD10.7 billion. As a strong signal of the continued business interest between both countries, close to 30 Memorandums of Understanding (MoUs) were signed.
For its strong role in facilitating foreign investments into Vietnam, SBF was recognised by the Vietnam Ministry of Planning and Investment (MPI) with a Certificate of Merit. The Certificate recognises foreign organisations for significant contributions towards socio-economic developments in Vietnam.
Since November 2019, as part of SBF’s [email protected] programme, we facilitated 80 projects and provided 4,522 advisories to help Singapore businesses venture overseas. Of which, more than 20 projects were focused on Vietnam and close to 200 Singapore companies have benefitted from SBF’s advisory support to enter Vietnam. In 2021, SBF also organised four Vietnam-specific webinars and virtual business matching sessions under our FYIstival initiative to help businesses keep abreast of the latest economic developments in Vietnam and connect with their Vietnamese counterparts.
On 1 January 2021, SBF set up the Singapore Enterprise Centre (SEC) in Ho Chi Minh City to provide on-ground support for Singapore businesses. The [email protected] Chi Minh City is colocated with co-working spaces, lounges, and conference rooms that businesses can utilise while doing business in Vietnam. The [email protected] Chi Minh City provides Singapore businesses with advice on investing in Vietnam, supports them in understanding customs clearance procedures and facilitates their search for business partners such as distributors and manufacturers.
Mr Lam Yi Young, CEO of SBF, said, “Singapore businesses continue to express keen interest in venturing into the Vietnamese market. We are honoured to host the business dialogue with H.E. President Nguyen Xuan Phuc to provide our Singapore business leaders with the opportunity to interact with the President and Vietnamese officials and business leaders. Through our [email protected] programme, and our Singapore Enterprise Centre in Ho Chi-Minh City, we have been assisting Singapore businesses in their overseas ventures and providing them with on-ground support.”
Annex A: Welcome Remarks by SBF Chairman Mr Lim Ming Yan
Annex B: Success Case Studies