Viet Nam Singapore Industrial Park (VSIP) in southern Binh Duong Province. — File Photo

HA NOI (Biz Hub)  — Many Vietnamese small enterprises are now ready to expand business in Asian countries, according to Thng Tien Tat, Executive Director of Singapore United Overseas Bank in Viet Nam.

Tat was quoted by Singapore's daily The Business Times as saying that companies operating in the fields of manufacturing, trading and oil and gas are leading in expanding the presence of Vietnamese firms in Asian markets.

He said that UOB has set up a foreign direct investment (FDI) advisory department to provide support to Vietnamese businesses seeking to expand operations in Asia.

UOB's statistics showed that trade flow between Viet Nam and other Asian markets through UOB jumped 20 per cent from the second half of 2012 to the first half of this year.

The two-way trade between Viet Nam and Asian countries also soared by 46.7 per cent from 2010 to 2012, reaching US$150.4 billion.

According to Edlyn Khoo, director of Singapore's International Enterprise Development Centre in HCM City, the foundation of the UOB FDI advisory department would help to promote trades and businesses between the two sides.

The UOB has opened seven FDI advisory departments in Asian countries and territories, including Singapore, Malaysia, Thailand, China, Indonesia, Hong Kong and Viet Nam.

Two other FDI advisory departments were going to be set up in Myanmar at the end of this year and in India in the first half of next year. — VNS