Singaporean companies are continuing their heavy investment in Vietnam, especially in the continually appealing real estate sector, an official from the island nation said Tuesday.
Many companies from Singapore are boosting investment in Hanoi and Ho Chi Minh City, said Chiong Woan Shin, the regional director for Vietnam and Cambodia at the International Enterprise Singapore, a government agency that promotes overseas investment.
Real estate will attract a lot of investors, but Singaporean firms will also seek opportunities in the service and infrastructure sectors, Shin said at a press briefing.
She said Allgreen Properties planned to announce its first project in Vietnam, a US$105 million condominium complex, this month.
According to the International Enterprise Singapore, the country was the fifth biggest foreign investor in Vietnam as of the end of last year with $17 billion invested in 770 projects. Singaporean investors registered another $146 million in new projects in the first quarter this year.