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  • News
  • News in Vietnam
  • 27 September 2021

Vietnam – Singapore cooperation is developing rapidly

Vietnam and Singapore are witnessing a solid development in bilateral relations, emphasizing promoting trade and investment cooperation.

Singapore and Vietnam have a solid and long-standing partnership rooted in close political ties and many common interests. The extensive cooperation on the bilateral level and in multilateral forums is reinforcing each other. This can be seen clearly in our economic relationship – a significant pillar of the relationship between the two countries.

Prime Minister Pham Minh Chinh assessed that the strategic partnership between Vietnam and Singapore is developing deeply and with high efficiency. Singapore has always been one of the leading investment partners in Vietnam. The Prime Minister affirmed to continue creating favorable conditions and encouraging Singaporean businesses and investors to increase investment and trade with Vietnam.

Foreign Minister Vivian Balakrishnan conveyed the greetings of the Prime Minister of Singapore to Prime Minister Pham Minh Chinh; affirming the consistent view of the Singapore Government that always attaches importance to and wishes to further develop the Strategic Partnership with Vietnam; praised Vietnam’s success in realizing the dual goals of controlling the COVID-19 pandemic and maintaining socio-economic development, being one of the few countries to achieve positive growth in 2020 and a destination trust of Singaporean investors.

Bilateral trade has grown steadily over the past decade, reaching 22.7 billion dollars in Singapore ($16.8 billion) in 2020 that even achieved this amid disruptions in global business caused by the Covid-19 pandemic. In addition, Singapore has become the largest source of foreign direct investment in Vietnam in 2020 and the first half of 2021. This is a solid testament to our companies’ belief in the future of Vietnam.

That did not build a strong relationship between Singapore and Vietnam overnight. Singapore has been a close partner of Vietnam for several decades. We celebrate the 25th anniversary of the first Vietnam – Singapore Industrial Park (VSIP) in Binh Duong province this year. Today, there are VSIP in more than seven different locations in Vietnam. These industrial parks have attracted $14 billion in investment and created more than 270,000 jobs in Vietnam.

The bilateral economic relationship is underpinned by the fact that Singapore and Vietnam share the same view to pursue deeper regional and international economic integration. For example, we have worked closely within ASEAN to promote the ASEAN Economic Community, including during Vietnam’s presidency of ASEAN in 2020.

(Source: baodautu)