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Mar 23, 2019 / 15:12

Vietnam, Singapore agree to facilitate innovation space for young entrepreneurs

This field would present huge cooperation opportunities for both Vietnam and Singapore, said Singapore’s Deputy Prime Minister Teo Chee Hean.

Vietnam’s Prime Minister Nguyen Xuan Phuc and Singapore’s Deputy Prime Minister and Coordinating Minister for National Security Teo Chee Hean agreed to facilitate an innovation space for young entrepreneurs, the governmental portal reported. 
 
Vietnam's Prime Minister Nguyen Xuan Phuc and Singapore’s Deputy Prime Minister Teo Chee Hean
Vietnam's Prime Minister Nguyen Xuan Phuc and Singapore’s Deputy Prime Minister Teo Chee Hean. Source: VGP.
This would present huge cooperation opportunities for both Vietnam and Singapore, said Singapore’s Deputy PM Teo Chee Hean in a meeting with Vietnam’s PM Nguyen Xuan Phuc on March 22. 

Singapore, in spite of its modest market scale, expects to import more high quality agricultural products from Vietnam, said Teo. 

Teo proposed further cooperation in aviation industry and a better linkage in finance and service sectors between the two countries, while stressing that realizing e-custom clearance and e-financial transactions is necessary to boost trade activities. 

Singapore is committed to supporting Vietnam in taking over the ASEAN chairmanship in 2020, said Teo, adding that Vietnam has played a key role in the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and set an example for others in global integration. 

With regard to the East Sea, Teo expected all parties involved must resolve conflicts through peaceful and diplomatic measures, ensuring security and safe navigation in the region. 

In response, PM’s Phuc said Vietnam and Singapore share the same view on ensuring peace, stability and free navigation on the East Sea. Phuc expected ASEAN to play a more active role in establishing order on the East Sea based on international law. 

In terms of economic cooperation, Phuc said Vietnam supports Singaporean enterprises in doing businesses in the country, while the model of Vietnam – Singapore Industrial Parks (VSIP) has yielded huge success in many Vietnamese provinces. 

Phuc expected more Singaporean investments in Vietnam’s priority fields, including infrastructure, renewable energy, liquified natural gas, smart grid, high tech agriculture, and high quality human resources development, among others. 

Additionally, Phuc requested Singapore to facilitate the soon execution of VSIP project in the central province of Quang Tri, IT Park in Da Nang and support Vietnam in the establishment of a national center for startups and innovation.