HCMC, Singapore to boost cooperation
HCMC, Singapore to boost cooperation
HCMC has told visiting Singaporean Senior Minister of State for the Ministries of Trade and Industry and Education Chee Hong Tat that the city could boost cooperation with Singapore in multiple sectors, especially in logistics, innovative startups and high-quality human resource development projects.
At a meeting with Chee on May 15, HCMC Vice Chairman Le Thanh Liem noted that Singapore is HCMC’s largest investor. As of December last year, Singaporean enterprises had registered to invest more than US$10.73 billion in more than 1,100 projects in the city.
Singapore is also the second-largest trade partner of HCMC with bilateral trade reaching a value of US$3.7 billion in 2018. Specifically, HCMC exported US$475.5 million worth of products to Singapore and spent US$3.32 billion on Singaporean imports, up 5.06% and 4.35% year-on-year, respectively.
Liem pledged that HCMC will improve its business and investment environment to create the most favorable conditions for foreign investors, including Singaporean ones, and respect their legitimate rights and interests.
At present, most Singaporean enterprises, such as Keppel Land, Mapletree and Ascendas, tend to invest in the city’s real estate market, though the city is calling for investment in many other sectors.
The city needs to learn from the experience of Singaporean enterprises in artificial intelligence, Big Data, Internet of Things, robotics and nanotechnology to develop the smart city project.
In addition, HCMC needs Singapore’s help in developing the logistics infrastructure and improving the operation of transport modes.
The HCMC vice chairman also called on Singaporean firms to consider 210 projects that need funding of more than US$53 billion in total.
At the end of July, HCMC Party Committee Secretary Nguyen Thien Nhan will pay an official visit to Singapore to intensify the bilateral cooperation on innovation startup and smart city projects for the 2019-2025 period.
Speaking at the meeting, Chee said that HCMC is an attractive destination for Singaporean investors. Singapore wants to work with Vietnam’s largest city in fostering cooperation between the two sides’ enterprises in science and technology transfers and startups.
Chee said that Singapore is impressed with the potential of Vietnam and HCMC in technology development and expected that Singaporean firms would seek cooperation opportunities with the city.
The two sides can cooperate on HCMC’s smart city development project, Chee suggested, adding that the representatives of many enterprises in his current delegation to Vietnam are keen on the project.
They also expressed interest in bolstering the cooperation with HCMC in sectors in which Singapore has strengths, such as waste treatment, green energy and high-quality agricultural production.
