"Singapore Contributes 18% of Vietnam’s FDI: Strategic Partnership"

30 Jul, 2024

"Singapore Contributes 18% of Vietnam’s FDI: Strategic Partnership"

Vietnam and Singapore have developed a strong strategic partnership, with Singapore contributing 18% of Vietnam’s Foreign Direct Investment (FDI) in 2023. This substantial investment, totaling US$6.9 billion, highlights the growing economic synergy between the two nations. Singaporean investment in Vietnam has risen by 5.4% year-on-year, with over 3,000 Singaporean companies actively investing in various sectors such as manufacturing, real estate, retail, and financial services. This positions Singapore as Vietnam’s largest foreign investor.

Among the key investors, Foxconn Singapore is expanding its operations significantly in Vietnam. The company is set to manufacture Nokia’s 5G AirScale equipment, including AirScale Massive MIMO radios, at its new factory in Bac Giang. Additionally, Foxconn has secured approval for two major projects in Quang Ninh province, valued at US$551 million. These projects will focus on producing smart entertainment products and smart-system equipment. Construction is scheduled to be completed by July 2026, with production expected to commence in May 2027. The continued investment by Singaporean firms underscores the deepening economic ties and mutual benefits of this strategic partnership.