Singapore is currently the largest foreign direct investor in HCM City with over 1,100 projects worth more than USD 10.6 billion in total, Tuyen said, noting that it has contributed to local development and dynamism.

He expressed his wish that Singapore will retain its leading position and realise the cooperation potential in carrying out sub-projects for HCM City’s smart city building plan, including building a smart operations centre and developing new residential areas. The Vietnamese southern hub also hopes to expand bilateral partnerships in priority fields, such as waterway transport, logistics, and flood prevention.

Vice Chairman of the Ho Chi Minh City People’s Committee Tran Vinh Tuyen (R) welcomes Chairman of Enterprise Singapore Peter Ong on August 13

In appreciation of the goodwill of Singaporean businesses, the official spoke highly of the country’s expertise and capacity in applying high technology in the development process. He suggested that cooperation with Singaporean firms in building an operations centre to help HCM City swiftly deal with urgent problems like transport, water, and other innovative city building and development issues.

For his part, Peter Ong, who is also a senior economic advisor at the Singaporean Ministry of Trade and Industry, noted with satisfaction that the two countries have together built close-knit relations, especially in terms of economy.

Singaporean firms are looking to make long-term cooperation and investments in Vietnam, which is reflected in the fact that Singapore respectively ranks first and third among foreign investors in HCM City and in Vietnam, he noted.

He added that his country’s enterprises highly value the attractiveness and potential of Vietnam’s investment climate, particularly in terms of infrastructure, industrial parks, and transport. They hope to contribute to the socio-economic development of Vietnam.

Peter Ong emphasized that with a young and industrious workforce, HCM City holds necessary conditions to continue its dynamic development trend, especially if it is able to apply high technologies and techniques in an appropriate fashion.

Singapore has many businesses experienced in building data centers and supplying solutions and technologies for developing transport systems and urban infrastructure. They are ready to share those experiences and join the making of master plans and the construction of a local urban innovation centre.

Aside from the geographical proximity and long-standing friendship, smart city building is a good chance for Singaporean firms to strengthen ties with HCM City in the future, he noted.

Source: VNA