Vietnam Time

8/31/2017 9:28:20 AM

Vietnam - Singapore economic ties expected to thrive

(VNF) - Singapore is always Vietnam's important partner throughout its development journey, said Vietnamese Ambassador to Singapore Nguyen Tien Minh in a ceremony marking Vietnam's 72nd Independence Day  (September 2) in Singapore on August 29.

Vietnam's Independence Day celebration in Singapore (source: VN embassy in Singapore)

According to the diplomat, on the basis of the strategic partnership set up in 2013, Vietnam and Singapore have intensified cooperation in numerous fields, including security, defence, trade, investment, education and tourism, with trade and investment being a bright spot in the bilateral relations.

Singapore is currently Vietnam’s third biggest investor, with over 1,900 projects worth nearly US$42 billion.

Minh also expressed his belief that the visits made by the two countries’ senior leaders, especially the visit to Vietnam by Prime Minister Lee Hsien Loong in November will help lift the bilateral relations to a new height. 

According to Singaporean Minister for Trade and Industry Lim Hng Kiang, Singapore continues to be Vietnam’s development partner through technical assistance and cooperation in various fields, including education, finance, tourism and transport. 

Among the various fields of cooperation, the expansion of trade and business links between Singapore and Vietnam over the years has also been a significant factor in forging robust bilateral ties, according to the Singaporean Ministry of Foreign Affairs.

Economic relations are underpinned by the Connectivity Framework Agreement, an overarching platform to discuss issues on bilateral economic cooperation. Since its implementation in 2006, the Connectivity Framework has achieved good progress in creating a conducive environment for Singapore companies to invest in Vietnam.

vietnam-singapore explore expanding trade, industrial ties hinh 0

Singapore is also the top investor among all the Asean member states, with the Lion City accounting for about 60 per cent of Asean's total foreign direct investment into Vietnam (source: VOV)

Overall, Singapore was Vietnam's sixth-largest trading partner in 2015, while Vietnam ranked as Singapore's 12th-largest. Last year, bilateral trade stood at S$19.8 billion. 

As at the end of 2016, Singapore maintained its status as the third-largest foreign investor in Vietnam with registered cumulative investments of US$37.9 billion in 1,786 projects.

Singapore is also the top investor among all the Asean member states, with the Lion City accounting for about 60 per cent of Asean's total foreign direct investment into Vietnam, with large investment pouring in a range of industrial zones named  Vietnam-Singapore Industrial Parks (VSIP), scattered across the country, including Hanoi, Hai Phong, Quang Ngai, Binh Duong.

The first VSIP in Binh Duong province celebrated its 20th anniversary last year. In total, the parks have attracted over US$9 billion in investments, with around 600 companies providing jobs for more than 170,000 workers.

More opportunities are opening for bilateral ties in trade and economics. In October, Minister for Trade and Industry Lim Hng Kiang and Vietnamese Minister of Planning and Investment Nguyen Chi Dung will co-chair the 13th economic connectivity conference in Vietnam to discuss measures to promote bilateral investment and import export activities./.

  ( VNF )
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