Keppel eyes to expand investment in Vietnam's renewable energy, database sectors

Keppel, one of the largest real estate developers in Vietnam, wants to enlarge its investment in sustainable development areas like renewable energy and databases.

The Singaporean giant's chief financial officer Kevin Chng made the statement in a talk with Tran Thanh Man, Chairman of the Vietnamese National Assembly, on Tuesday. The meeting was on the sidelines of an official visit to Singapore by the parliament's top leader.

Vietnam is one of the countries that have received the biggest investments from Keppel, Kevin Chng added.

Man said he highly appreciated Keppel’s efficient cooperation in Vietnam, especially in the fields of infrastructure, real estate and renewable energy, and the group’s contributions to the development of urban areas in the country.

Keppel has invested in Vietnam for over 20 years, with total registered capital of about $3.8 billion. The company is known for its trading space and urban area projects, mainly in Hanoi and Ho Chi Minh City, like the Estella Heights, Celesta Rise, Empire City, and Saigon Center.

Man noted that Vietnam is an attractive destination for many investors, including infrastructure developers. “Vietnamese companies want to cooperate with Singaporean businesses including Keppel, especially in projects to develop infrastructure, industrial parks, urban areas, and clean energy."

In another meeting with Chia Song Hwee, deputy CEO of Temasek Holdings, Man said he highly appreciated the group’s cooperation and support to Vietnamese partners.

The Singaporean executive said Temasek Holdings has invested about SGD3 billion ($2.23 billion) in Vietnam across many fields such as finance, consumer goods, retail, logistics and renewable energy.

He praised Vietnam for its economic growth rates and young and industrious labor force which is an important factor to develop the national economy and strengthen bilateral cooperation.

In a talk with Lee Chong Min, founder and managing partner of CMIA Capital Partners, and Lim Hong Kian, CEO North Asia of Surbana Jurong, the Vietnamese legislature's leader said he appreciated the duo’s participating in the $1.3 billion Ho Chi Minh City Eco-Tech Township project.

He congratulated the two for signing an MoU with the Ho Chi Minh City People’s Committee and Cu Chi district people’s committee to develop the project.

The complex, a 1,018-hectare mixed development project, is expected to transform Cu Chi district into a new integrated regional urban center over the next 10 years, CMIA Capital Partners stated on its website.

CMIA Capital Partners is the master developer of the project, while Surbana Jurong is the project’s master planner and development manager.

According to Vietnam's Ministry of Planning and Investment, Singapore was the largest investor in Vietnam in the first 10 months of the year, with total registered capital of $7.79 billion, up 61.3% year-on-year.

As of end-October 2024, the island state had registed to invest more than $81 billion in Vietnam, ranking second after South Korea with $87.4 billion.

One of the most outstanding investments from Singapore in Vietnam is the network of 18 Vietnam-Singapore Industrial Parks (VSIP) in 13 Vietnamese provinces and cities - a symbol of successful economic cooperation.

In the first nine months of the year, Vietnam-Singapore trade turnover reached $7.6 billion, up nearly 13% over the same period last year, Vietnamese official data shows.

In an interview with The Invester last year, Joseph Low, president of Keppel Land Vietnam, commented: "As Vietnam continues to undergo rapid urbanization, underpinned by economic growth and an expanding middle class, coupled with improved infrastructure networks, we believe that the country continues to offer tremendous opportunities for investors."