Vietnam’s environment for industrial growth is still very conducive, Thailand’s Bangkok Post on July 19 cited Singapore’s AP Oil International, a lubricant and chemical specialist, as saying.

Although Vietnam is facing economic difficulties due to high inflation and world economic slowdown, inflows of foreign direct investment (FDI) into the country continued to be strong, which amounted to 31.6 billion USD in the first half of 2008, the Singaporean company’s CEO Ho Leng Woon said.

The weaker currency should not be a deterrent to firms with “solid plans to invest in Vietnam, ” as the cost of investment is now lower, in Sing-dollar terms, the official added.

In fact, AP Oil has just established a new joint stock company, AP Saigon Petro JSC, with a local state-owned oil company, as it continues to see opportunities in Vietnam, Bangkok Post said.

Jonathan Speight, Hong Kong-Shanghai Banking Corporation Singapore's head of trade and supply chains, was also quoted by the paper as saying that if any business invests in Vietnam, it have to be in it for the long haul.

“Vietnam is still an opportunity for Singapore business people with patience and vision,” the official noted.

According to Bangkok Post, there are also significant opportunities for retail and service companies in Vietnam.
(Source:CPV)