So Yaw, the mystery man from Hougang is reported to be in Hanoi. Pity his Mrs because I hear that the gals in Hanoi are pretty horny.
Seriously, if the report in ST is true, he is smart to try his hand there. Vietnam is back on the radar of int’l investors, and Hanoi, is a less competitive, less int’l place than Ho Chi Minh City. Gd place for someone savvy like Yaw.
While until recently, non-manufacturing investors (like “paper” investors, and those who invest in property) have been giving Vietnam a miss because of inflation, problems in the banking sector, and a downturn in property, Vietnam’s economy has continued to grow by about 6% a year. Largely because of manufacturing: 41% of the economy.
MNCs who make things love the country. Vietnam is Nike’s biggest production centre, Intel has a major chip facility. HP has plants here. Samsung will invest US$1.5 billion in an information technology complex that will bring in 30 more related companies. Nokia is investing about US$300 million in a plant for mobile phones.
No wonder, Singapore’s four joint industrial parks in Vietnam have draw investments worth some US$5.3 billion since the first one started in 1996. Per hectare, the parks now attract US$6 million in investments, nearly twice higher than the national average of US$3.5 million.
And no wonder, Sembcorp Industries recently announced that it has obtained approval to proceed with a $337.82 million industrial park and 1,200-megawatt power plant.A Vietnamese-Singapore joint venture involving Sembcorp will develop the industrial park in Quang Ngai Province in central Vietnam, Sembcorp said.
The Vietnam-Singapore Industrial Park Quang Ngai will comprise a 600-hectare industrial park as well as a 520-hectare site zoned for commercial and residential development. The park will be the Sembcorp-led consortium’s fifth in the country.
Why the other investors are returning to Vietnam: