HCM City Party Committee Dinh La Thang (R) receives Josephine Teo, the Singaporean Senior Minister of State who was in charge of the Prime Minister's office, the Ministry of Foreign Affairs and Ministry of Transport. — Photo thst.vn

HCM CITY (Biz Hub) — The chairman of HCM City People's Committee has called on Singaporean businesses to pour more investment into the city's transport, urban development and flood prevention projects.

Nguyen Thanh Phong spoke on July 18 at a reception held in HCM City for Josephine Teo, the Singaporean Senior Minister of State who was in charge of the Prime Minister's office, the Ministry of Foreign Affairs and Ministry of Transport.

Teo was on a working visit in Ha Noi and HCM City from July 17 to 20.

Singapore is HCM City's largest foreign investor, with over 850 projects worth more than US$5 billion.

Phong said that HCM City and Singapore's cooperation in recent years had flourished, with two-way trade reaching more than $3 billion last year.

Viet Nam and Singapore are members of the Trans-Pacific Partnership (TPP) and the ASEAN Economic Community, both of which are expected to deepen trade ties among the region.

Teo said that Singapore hoped HCM City authorities would create more incentives for financial and banking investors, as large Singaporean banks want to set up branches in HCM City.

In Ha Noi, Teo discussed regional opportunities for expanding bilateral and regional cooperation with Deputy PM and Minister of Foreign Affairs Pham Binh Minh.

Teo also met with the city's Secretary of the Party Committee, Hoang Trung Hai, and chairman of the People's Committee, Nguyen Duc Chung, to identify priority cooperation areas in urban development, landscaping and sustainable development for Ha Noi in the next five years.

Teo also met with Singapore business representatives based in Ha Noi and HCM City.

Her visit coincided with the Viet Nam – Singapore Business Forum held on Wednesday (July 20) in HCM City, which attracted 200 business leaders, industry experts, policymakers and government officials.

The forum, organised by the Viet Nam Chamber of Commerce and Industry, was held to enhance trade links and co-operation opportunities for Vietnamese and Singaporean businesses. — VNS