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  • News
  • News in Vietnam
  • 2 March 2022

Vietnam-Singapore economic cooperation is a bright spot in Southeast Asia.

Since the establishment of diplomatic relations in 1973 and especially after raising the level to a strategic partnership in 2013, the Vietnam-Singapore relationship has been increasingly developing deeply and achieving high efficiency in many sectors. In particular, economic cooperation between the two countries is a bright spot of a successful cooperation model in Southeast Asia.

Over the past half-century, Vietnam-Singapore relations have become closer and more reliable. The two sides regularly holds delegations exchanges and high-level meetings, creating momentum for the overall relationship between the two countries. Bilateral cooperation mechanisms, especially the annual political consultation meeting at the Deputy Foreign Minister’s group, are also effective, contributing to maintaining the momentum of relation development, even in the context of the Covid-19 pandemic.

Vietnam and Singapore are two complementary economies with great potential for cooperation for mutual recovery and development. Despite being affected by the Covid-19 epidemic, the total trade turnover between the two countries still reached 8.3 billion USD in 2021, increasing 23.3% compared to 2020. Singapore has always been among the top investors in Vietnam. As of February 2022, Singapore is the largest investor in Vietnam in the Association of Southeast Asian Nations (ASEAN), ranking second among countries and territories investing in Vietnam. Currently, there are 2,860 Singaporean investment projects in Vietnam still valid with a total registered capital of 66 billion USD. Singapore’s investment projects have been present in 51 provinces and cities, focusing on the processing industry, manufacturing, real estate business, etc.

Singapore also ranks third among 70 countries and territories with investment projects in industrial parks in Vietnam. Accumulated by the end of 2021, Singapore’s invested industrial parks have all come into operation with high occupancy rates, attracted nearly 1,000 projects with a total registered investment capital of approximately 18.1 billion USD, and created jobs for almost 300,000 direct workers. Vietnam-Singapore industrial parks make essential contributions to Vietnam’s socio-economic development; It is also a symbol of economic cooperation between the two countries.

In defense and security sector, the two sides maintain high-level delegation exchanges and existing dialogue and cooperation mechanisms. Cooperation in finance-banking, education-training, and transportation between the two countries continues to be strengthened. In the context of the Covid-19 epidemic, Vietnam and Singapore give each other practical support in terms of medical supplies and equipment. The two sides have also coordinated to respond to the pandemic, facilitate travel of citizens of the two countries, promote the economic opening, and prevent supply chain disruptions. Singapore Ambassador to Vietnam Jaya Ratnam (G. Ratnam) said that the relationship between the two countries has been built on a solid foundation of mutual trust and support and is still getting closer and closer despite the influence from the pandemic.

Besides bilateral cooperation, Vietnam and Singapore also work closely and actively to support each other at regional and international organizations and forums such as the United Nations, ASEAN, and the Asian -Pacific Economic Cooperation (APEC) forum… As members of the Comprehensive and Progressive agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), Vietnam and Singapore are making great efforts to effectively take advantage of the benefits that new-generation free trade agreements bring out, contributing to the economic recovery of the post-pandemic region.

Vietnam and Singapore will look forward to the 50th anniversary of establishing diplomatic relations and the 10th anniversary of establishing the strategic partnership in 2023. Emphasizing the critical significance of this event, Ambassador Jaya Ratnam expressed his belief that the two countries will continue to strengthen bilateral commitments and expand cooperation in many sectors, contributing to deepening the strategic partnership, especially in the post-Covid-19 period.

(Source: nhandan)