Talking to The Business Times, a leading daily newspaper in Singapore, Kelvin Teo highlighted Vietnam’s huge potential for development, despite the numerous difficulties the country has faced in the past two years.
He said his group considers Vietnam as a long-term investment destination with half of the 90 million people under 30 years old.
Sembcorp is interested in the Vietnamese market regardless of the challenges faced by inflation, forex and bad debts, Teo said, adding that his group plans to double its shares from the current 33.3% a thermal electric power plant in the southern province of Ba Ria-Vung Tau.
The group began construction on the Vietnam-Singapore Integrated Township and Industrial Park (VSIP) in the central province of Quang Ngai on September 13 in the presence of Prime Minister Nguyen Tan Dung of Vietnam and Prime Minister Lee Hsien Loong of Singapore.
Teo said his group will expand operations in Vietnam to various sectors, such as food processing, consumer goods production, electronics, and oil and gas.
The daily Today quoted PM Lee as saying that VSIPs in Vietnam have so far attracted more than US$6 billion in investment from 500 companies and created over 140,000 jobs.