Vietnam is attracting a record number of Singaporean businesses which continue to look for opportunities to expand their operations abroad despite the ongoing COVID-19 pandemic, according to The Business Times.
Hanoi (VNA) – Vietnam is attracting arecord number of Singaporean businesses which continueto look for opportunities to expand their operations abroad despite theongoing COVID-19 pandemic, according to The Business Times.
EnterpriseSingapore (ESG) said it has supported more than double the number ofinternationalisation projects for enterprises looking to expand their operationsinto Vietnam since 2018.
From January to October 2020 alone, ESG supported 56.9 percent more projectsyear on year across sectors such as ICT and media, professional services, andeducation.
ESG assistant CEO Tan Soon Kim said since the launch of the Singapore BusinessFederation's GlobalConnect@SBF November last year, the initiative received thehighest volume of enquiries for regional overseas business ventures on Vietnam.
Traditionally, Singapore firms that are keen to invest in or expand to Vietnam inthe fields of infrastructure and urban solutions, but in recent years there hasbeen growing interest in the areas of manufacturing, food and beverage andretail, Tan noted.
Functional juice company Doki Doki forinstance, set up a factory in Vietnam in 2017. It decided to expand its saleschannels to Vietnam this year.
Another company that is actively scaling upits retail presence in Vietnam is Norbreeze Group which distributes and marketsjewellery and timepiece brands. This firm is opening three newowned-and-operated stores in Vietnam in November and five partner stores inDecember, and January next year.
Oneanother business that has shifted quite permanently is NovaLand Group's NovaF&B, the franchisee for Jumbo Seafood in Vietnam.
Priorto the pandemic, delivery was never a big part of the overall revenue for thebrand. However, due to impacts caused by the health crisis, delivery has becomethe new norm and the team in Vietnam had to quickly go about onboarding thecompany's brands on delivery platforms and implementing promotions to encourageconsumer spending.
Overall,Vietnam’s success in fighting COVID-19 has helped Singaporean firms remainupbeat about their plans in the country, ESG said./.
Many Singaporean firms are interested in investing in the food industry, agriculture, and dining services in Vietnam as they forecast that these sectors will thrive in the near future.
Singapore's Personal Data Protection Commission (PDPC) announced on January 15 that two companies which involved in the worst data leak in the city-state’s history were fined 1 million SGD (some 740,000 USD) in total.
Da Nang authorities have selected Singaporean-based firms Sakae Corporate Advisory and Surbana Jurong to design the central city’s master plan and economic development strategy towards 2030.
About 9 billion SDG (6.3 billion USD) in support will be rolled out to families and businesses in Singapore in April as part of measures to help them overcome difficulties amid the COVID-19 opandemic, said Singaporean Deputy Prime Minister cum Finance Minister Heng Swee Keat.
Vietnam’s growing stature in the region and the world and its impressive containment of COVID-19 have continued to consolidate its status as an attractive destination for Singaporean investors.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
Illustrative image (Photo: VNA) 
