Nghe An and Singapore Manufacturing Federation cooperate on investment and trade

Within the framework of the State visit of President Nguyen Xuan Phuc and his wife to Singapore, Comrade Thai Thanh Quy - Member of the Party Central Committee, Secretary of the Provincial Party Committee, Head of the National Assembly Delegation of Nghe An province attended the Vietnam - Singapore Business Dialogue.

Overview of the dialogue between Vietnamese and Singaporean businesses. Photo: Vietnamnet.vn

At the dialogue program, witnessed by President Nguyen Xuan Phuc, Nghe An Provincial Party Secretary Thai Thanh Quy and Mr. Douglas Foo - President of the Singapore Manufacturing Federation, exchanged a Memorandum of Understanding on investment and trade cooperation to strengthen cooperation between the two sides on the basis of equality and mutual benefit.

According to the Memorandum of Understanding, Nghe An and the Singapore Manufacturing Federation establish and maintain a cooperative relationship with the aim of facilitating the connection of businesses between the two sides, increasing investment attraction from Singapore to Nghe An province and trade exchange between Nghe An and Singapore on the basis of the functions, tasks and powers of each side, in accordance with international treaties, agreements to which Vietnam and Singapore are members and the legal regulations of each country.

President Nguyen Xuan Phuc attends the Vietnam-Singapore Business Dialogue. Photo: Vietnamnet.vn

Nghe An Provincial People's Committee will create favorable conditions to support enterprises introduced by the Singapore Manufacturing Federation to explore investment, business and trade exchange in Nghe An in order to conduct feasibility studies and investment projects with high added value, using modern and environmentally friendly technology such as: Electronics; supporting industry; agricultural, forestry and fishery processing industry; consumer product manufacturing industry; medical equipment, medicinal materials and pharmaceuticals manufacturing industry.

The People's Committee of Nghe An province will also closely coordinate with the Singapore Manufacturing Federation to organize working visits between the two sides and seminars to promote investment and trade in Nghe An province in a thoughtful and effective manner.

Nghe An Provincial Party Secretary Thai Thanh Quy attends the Vietnam-Singapore Business Dialogue. Photo: VOV

The Singapore Manufacturing Federation will introduce the investment environment and advantages of Nghe An province to Singaporean investors and businesses who are interested in learning about investment and business cooperation; create conditions for state agencies and businesses of Nghe An province to connect and work with state agencies and businesses of Singapore during business trips to Singapore to promote investment and trade.

The Singapore Manufacturing Federation will also support Nghe An province to organize investment and trade promotion seminars in both in-person and online formats.

This Memorandum of Understanding is effective for a period of five years from the date of signing and will be automatically renewed in subsequent years.

Nghe An Provincial Party Secretary Thai Thanh Quy and Mr. Douglas Foo - President of the Singapore Manufacturing Federation exchanged a Memorandum of Understanding on investment and trade cooperation to strengthen cooperation between the two sides on the basis of equality and mutual benefit. Photo: Thong Nhat

Currently, Singapore is one of 14 countries and territories in the world investing in Nghe An with 3 projects with a total investment of 203.39 million USD, ranking 3rd in terms of capital.

Singaporean FDI projects implemented in the province have had a positive impact on the province's economy and society: creating jobs, contributing to economic restructuring, attracting secondary investors to invest in industrial parks, promoting exports, and contributing to the provincial budget.

In 2021, Nghe An exported to Singapore with a total turnover of 27.3 million USD and imported from the lion island 126 million USD.

The dialogue session is an opportunity for Vietnamese businesses and localities to introduce their products, projects and investment attraction potential to Singaporean businesses and partners. Photo: Thuc Tran

Previously, in the working program, Nghe An Provincial Party Secretary Thai Thanh Quy worked with leaders of Sembcorp Group, one of two partners in the Vietnam - Singapore Industrial Park (VSIP) investment joint venture.

VSIP has invested in the Industrial Park and Urban Service Project in Nghe An since 2015 and is currently promoting procedures to continue investing in the VSIP Nghe An II project in Tho Loc Industrial Park, also in the Southeast Nghe An Economic Zone.

Provincial Party Secretary Thai Thanh Quy works with leaders of Sembcorp Group in Singapore

(Baonghean.vn) - Highly appreciating the effectiveness of the VSIP investment project in Nghe An, Provincial Party Secretary Thai Thanh Quy hopes that the cooperative relationship between the parties will become increasingly closer and more effective.