VSBF 2023 HIGHLIGHT | USD6.5 billion invested in Vietnam by Singaporean enterprises. Leaders of Temasek Holdings, Sembcorp… present at VSBF 2023

Despite the fact that Covid-19 has been brought under control, the pandemic impact is still remained. According to a survey on Provincial Competitiveness Index (PCI) by Vietnam Chamber of Commerce and Industry (VCCI) announced in 2022, due to the Covid-19 epidemic, most businesses in all industries and localities are faced with series of problems, namely difficulty in accessing customers (60%), labor shortage (53%), cash flow imbalance (52%), supply chain disruptions. (52%)…All these factors are blamed to make significant impact on business growth and competitiveness.

It is apparent that businesses on a global scale are under pressure to change, after the pandemic revealed unsustainable patterns in existing production and consumption. Climate change remains one of the greatest challenges facing humanity in the 21st century. In this context, successfully implementing a growth strategy and gradually putting sustainability at the heart of the business strategy becomes imperative for both the public and private sectors. This is a global trend, which includes both Vietnam and Singapore.

Recorded at VSBF, co-organized by VIETSTAR Training & Consulting JSC and Singapore Management University (SMU) in May 2022 in Hanoi, right after the country opened up after the pandemic, leaders and organizations participating in this forum all agreed that that incorporate sustainability into the heart of business strategy will benefit from efficient business practices, enhanced stakeholder interaction and improved governance to obtain better long-term financial performance and value creation.

Delivering the very core contents, VSBF 2022 has promoted its constructive role, being the first forum in Vietnam to focus in-depth on sustainable business solutions. As the forum concluded, Vietnamese enterprises initiated their plans to put sustainability at the heart of business activities; incorporate sustainability into business strategies based on lessons learned from successful corporations and businesses.

In term of trade, Vietnam is one of the 10 biggest exporters to Singapore, with double-digit turnover  growth per year. According to the Vietnam Trade Office in Singapore, as an open global transshipment market, Singapore was reported with a total trade turnover of up to SGD 1,200 billion in the year 2021, twice as much as its GDP. Regarding investment, by the end of 2022, Singaporean businesses have invested some 6.46 billion USD in Vietnam, accounting for 23.3% of the total foreign investment capital and ranked as one of the top investors in Vietnam. Vietnam, as posted, has 140 valid investment projects in Singapore, with a total registered capital of more than 586 million USD.

The year 2023 marked the 50th anniversary of the establishment of diplomatic relations between the two countries and also the 10th anniversary of the strategic partnership between Vietnam and Singapore, 3rd anniversary of the establishment of VSBF. Taken place on 12 May 2023, the 3rd VSBF in Hanoi dived deep into Driving sustainability and inclusive growth in the digital era; which was within the framework of the green digital economy development strategy, set at the beginning of this year.

As expected, 150 Vietnamese and Singaporean high-level leaders, namely Chairman of Temasek Holdings, Group President & CEO of Sembcorp Group – Investor of 12 Vietnam-Singapore Industrial Parks (VSIP) attended the event. On the Vietnamese side, there was the participation of Leader of the Commission for the Management of State Capital at Enterprises (CMSC), Chairman of the Vietnam National Oil and Gas Group, strategic experts as well as top scholars from SMU, GE and EY…

Particularly, VSIP is considered a symbol in the Vietnam-Singapore strategic relationship. Sharing with us, Ms. Mary Pham Thu Hang, VietStar CEO & VSBF Director said:  “The VSBF is not only a forum for sharing governance insights and business solutions for achieving sustainable growth and development, but also the interference of the two Southeast Asia cultures; a destination of friendship where like-minded leaders together create value, drive sustainable and inclusive growth and share responsibilities to the community for a better world.”