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SINGAPORE : Singapore will encourage its small and medium enterprises (SMEs) to invest in Vietnam.
SPRING Singapore said logistics companies can move operations to Vietnam as there's a huge demand for them in the country.
Chairman of SPRING Singapore Philip Yeo told reporters this after touring the Vietnam Singapore Industrial Park (VSIP) II in South Vietnam with Minister Mentor Lee Kuan Yew.
Mr Yeo said Vietnam has potential for growth and SMEs should seize the opportunities there.
He said large companies like Ascendas has to build the infrastructure first, so that smaller companies can follow suit.
Mr Yeo, who is also the Special Advisor for economic development in the Prime Minister's Office, said Singapore's flagship investment project - the Vietnam Singapore Industrial Park - is already doing well.
And despite the economic downturn, it is going ahead with expansion plans to build a township at VSIP II.
The VSIP II is located within Binh Duong province's New City which is expected to be developed complete with residential and commercial buildings in 10-15 years time.
The industrial park, which was launched in 2006, has since expanded with a further 1,000 hectares of industrial space and 700 hectares of land for residential development.
SembCorp Park Holdings which manages the park with Vietnam's Becamex Corporation, said it will invite investors to co-develop the integrated township and industrial park model, which will include business centres, villas, apartments and office towers.
There are two other VSIP projects in north Vietnam. - CNA /ls
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