MoUs on Strategic Projects Signed between Da Nang and Singapore
Publish date 28-04-2018 15:27

At the invitation of Singaporean Prime Minister Lee Hsien Loong, Vietnamese Prime Minister Nguyen Xuan Phuc and his spouse make an official visit to Singapore and attended the ASEAN’s 32nd Summit Meeting from 25 to 28 April.  The visit was a key highlight of the celebrations for the 45th anniversary of the establishment of diplomatic relations and the 5th anniversary of the establishment of the Strategic Partnership between Viet Nam and Singapore in 2018.

Da Nang People’s Committee Chairman Huynh Duc Tho participated in the accompanying delegation and chaired some investment promotion activities in this country.

Most notably, on 26 April, under the witness of leaders of the two governments and over 500 representatives of large-scale businesses from the two countries for the Viet Nam-Singapore Business Forum 2018, Da Nang People’s Committee Chairman Huynh Duc Tho and Singapore Manufacturing Federation (SMF) President cum Founder and Executive Chairman of Sakae Holdings, Mr. Douglas Foo, exchanged the Memorandum of Understanding on implementing cooperation agreements between Da Nang People’s Committee and SMF.

Da Nang People’s Committee Chairman Huynh Duc Tho hands over the MoU to Singapore Manufacturing Federation under the witness of Prime Minister Nguyen Xuan Phuc as well as ministries and branches of Viet Nam and Singapore

The two sides also exchanged the Memorandum of Understanding on the principle approval for a group of Singaporean investors chaired by Sakae Corporate Advisory.  The investors include Sakae Holdings, Surbana Jurong, Fission, Central Real Estate, and YCH Group.  Together they will help the city to adjust its master urban plan towards 2030, with a vision to 2050.  The focus will be on developing the Da Nang Bay area as an ‘Urban Area in the Sea’, and ensuring the sustainable development of the city’s port system.

Numerous large-scale projects will be also implemented, including a tourism complex project at the corner of the Vo Van Kiet and Vo Nguyen Giap streets, the Ngu Hanh Son Cultural and Historical Park, an ecosystem complex at the Dong Xanh-Dong Nghe Lake in Da Nang’s Hoa Vang District, and a project to develop information infrastructure and build a centre for training human resource at the Hi-tech Park.

The two MoUs signed at the Forum specified the contents of the MoU signed by the city People’s Committee and SMF on 27 November 2017.

It is reported that Singapore is the third biggest investor of Viet Nam in 2017 with more than 1,800 projects worth over US$43 billion. Viet Nam is Singapore's 12th largest trading partner in 2017. Bilateral trade was estimated at US$21.6 billion in 2017, a year-on-year increase by 8.6%.

Da Nang is now home to 24 Singapore-invested projects, worth around US$830 million, making up more than 27% of the total FDI capital in the city.  These projects focus on such aspects as trading, real estate, construction, education, healthcare, IT, and beverage with major investors including VinaCapital, Heineken, Coca-Cola, Pengasus and VinaDas.