Q Industries' chief operating officer told The Straits Times on Wednesday on the sidelines of a Singapore Business Federation roundtable discussion in Ho Chi Minh City that the Singaporean company's business is booming in Vietnam and his five years in the country have been smooth and enjoyable.
Nothing can replace the excitement and thrill of flying," he said. But after nearly 15 years in the Air Force and seeing where our family business is growing, we thought if we were going to be successful entrepreneurs and businessmen, we had to make a change."
Quoc, 38, was one of approximately 100 participants in the event, which took place during President Halima Jacobs' state visit to Vietnam.
Q Industries was founded by Mr. Quoc's parents in 1987 and opened in Ho Chi Minh City in 2003. It now has offices in Hanoi as well as in Malaysia and Singapore.
Q Industries, which has 60 of its 100 employees working in Vietnam, supplies tableware to hotels and restaurants and recently launched a culinary training program.
Kuo, who is unmarried and childless, said his transition from Singapore to Ho Chi Minh City was easy, thanks in large part to the strong transportation links between the two cities and, perhaps more importantly, the ease of access to Singapore He said, "There are cultural differences, but overall, it's comfortable to live here." Mr. Kuo says he will likely stay in Vietnam given his company's success, which he expects will continue into the next five years.
He added that business in the country is easy because of its large local market and openness to foreign direct investment.
With a population of 98.2 million and increasing spending power, Vietnam's GDP is expected to grow by about 7.5 percent in 2022.
Addressing participants at the event, Ms. Halima spoke of the close trade and investment ties between Vietnam and Singapore.
Singapore is the second largest cumulative foreign investor in Vietnam after South Korea, with a total investment of US$68.68 billion (S$97.8 billion). in the first five months of 2022, Singapore companies invested a total of US$3 billion.
