Top Vietnamese legislator meets Singaporean businesses

Six Singaporean businesses are investing in Vietnam, namely Sakae Holding, Kinder World Group Ascendas- Singbridge Group, Sembcorp Development Company, Banyan Tree Holding Limited , and Changi Airport International Group.

In her remarks, NA leader Ngan highlighted the significance of the meeting, which she said, will open up ample new investment opportunities for businesses from both nations. The Vietnam National Assembly is building laws in line with international integration, she noted.

"We are in the process of deeper economic integration, so building and fine-tuning the legal system for international integration, foreign investment attraction, and economic development is the top priority of the National Assembly of Vietnam. Singapore is an important partner, the ninth trade partner and the third largest FDI investor of Vietnam. We are very close geographically and our cooperation have proved very effective and successful, " Ngan said.

Singaporean business representatives thanked the Government and National Assembly of Vietnam for creating favorable conditions for their operations in Vietnam and congratulated the country on the successful hosting of the APEC 2017 Economic Leaders Meeting. They also reported to the NA leader on areas of business and proposed expanding business areas in other localities.

Mr. Kelvin Teo, General Director of Sembcorp in Vietnam expressed his company’s desire to expand business activities in Vietnam as the country boasts great potential for wind power and solar power. However, as an experienced businessman in Vietnam, Mr. Kelvin Teo said that administrative procedures related to project preparation and electricity price are still made at a slow pace.

Kinder World Group has 17 educational institutions in a number of Vietnamese provinces and cities. Group President Ricky Tan proposed the establishment of a non-profit organization to help Vietnamese students gain more study opportunities at foreign schools.

The NA Chair highly appreciated the ideas given by Singaporean businesses, saying that the issues are very necessary for Vietnam as they mentioned key investment fields such as building infrastructure, smart cities, high-tech industrial parks, renewable energy, education development, brand building and agricultural cooperation, management skills, aviation connectivity, and construction of high-end resorts.

“Obstacles facing foreign investor need to be removed to boost mutually beneficial cooperation and development. The National Assembly and Government of Vietnam will try their best to improve the legal framework and policies and direct relevant ministries and agencies to iron out snags for Singaporean businesses investing in Vietnam,” Ngan stressed.

According to the National Assembly Chairman, numerous Vietnamese localities have huge potential and advantages to cooperate with Singapore. She said she hopes more and more Singapore businesses will intensify investment in Vietnam in future because the success of foreign investors is also the success of Vietnam in socio-economic development.

The top Vietnamese legislator also affirmed the NA’s willingness to offer optimal conditions for foreign businesses’ operations including Singaporean investors.

Earlier the same day, NA Chair Ngan and her delegation visited the Asian Civilizations Museum (ACM) and

laid flowers in tribute to President Ho Chi Minh at his statute in

Singapore.