Business
Vietnam, Singapore boost economic coope
Singapore’s Minister of Industry and Trade Lim Hng Kiang expressed his hopes at the 12th Vietnam-Singapore Economic Connectivity Ministerial Meeting in Singapore on September 23, that Vietnam and Singapore will work more closely together to fully tap the potential in order to deepen their strategic partnership.
Vietnam’s Minister of Planning and Investment Nguyen Chi Dung and Singapore’s Minister of Industry and Trade Lim Hng Kiang co-chaired the 12th Vietnam-Singapore Economic Connectivity Ministerial Meeting that was held in Singapore on September 23.
At the meeting, the two ministers reviewed bilateral cooperation in six areas since the 11th meeting in the central province of Thua-Thien Hue in April 2015.
They expressed delight at the strong growth of bilateral ties recently, especially in investment, trade and education and training. Singapore is currently the third largest investor of Vietnam with over 1,600 projects totalling 38 billion USD.
In 2015, two-way trade reached 16 billion USD. Seven Vietnam-Singapore Industrial Parks (VSIPs) in Vietnam have attracted 9 billion USD in investment and creating 170,000 jobs.
The two countries have boosted tourism affiliation on the foundation of a memorandum of understanding signed between their Tourism Administrations at the previous meeting.
Speaking at the event, Lim Hng Kiang emphasised that the meeting is an effective mechanism in the framework of the bilateral partnership, which plays an important role in trade and investment ties between the two economies.
Highlighting a huge potential for the two countries to expand their economic cooperation, Kiang hoped that both sides will work more closely together to fully tap the potential in order to deepen their strategic partnership.
For his part, Minister Dung affirmed that Vietnam is interested in fostering ties with Singapore.
The minister asked for the Singaporean side’s coordination in designing and implementing initiatives within the framework of an agreement on connecting and encouraging Singaporean firms to invest in Vietnam in new cooperation areas to elevate their win-win affiliation.
At the meeting, the two ministers also proposed measures to increase two-way trade and call for Singaporean investment in Vietnam’s agriculture, aquatic farming and transportation.
Vietnam suggested that Singapore continue supporting education projects and increase scholarships for Vietnamese students, as well as strengthen cooperation in cyber security and startup.
Vietnam asked for Singapore’s stronger engagement in State-owned enterprises’ restructuring through buying shares of large companies, while giving the country technical support in enhancing capacity and building mechanisms for its finance-banking and stock markets.
Minister Dung suggested that Singapore should expand investment in the public-private partnership form in such fields as infrastructure, maritime transportation and energy.
The Vietnam-Singapore economic connectivity agreement was signed by the two governments in 2005, focusing on six areas of finance, education and training, traffic and transportation, information technology and communications, investment, trade and services.
The 13th meeting is slated for September 2017 in Vietnam.
Overview of the meeting .
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They expressed delight at the strong growth of bilateral ties recently, especially in investment, trade and education and training. Singapore is currently the third largest investor of Vietnam with over 1,600 projects totalling 38 billion USD.
In 2015, two-way trade reached 16 billion USD. Seven Vietnam-Singapore Industrial Parks (VSIPs) in Vietnam have attracted 9 billion USD in investment and creating 170,000 jobs.
The two countries have boosted tourism affiliation on the foundation of a memorandum of understanding signed between their Tourism Administrations at the previous meeting.
Speaking at the event, Lim Hng Kiang emphasised that the meeting is an effective mechanism in the framework of the bilateral partnership, which plays an important role in trade and investment ties between the two economies.
Highlighting a huge potential for the two countries to expand their economic cooperation, Kiang hoped that both sides will work more closely together to fully tap the potential in order to deepen their strategic partnership.
For his part, Minister Dung affirmed that Vietnam is interested in fostering ties with Singapore.
The minister asked for the Singaporean side’s coordination in designing and implementing initiatives within the framework of an agreement on connecting and encouraging Singaporean firms to invest in Vietnam in new cooperation areas to elevate their win-win affiliation.
At the meeting, the two ministers also proposed measures to increase two-way trade and call for Singaporean investment in Vietnam’s agriculture, aquatic farming and transportation.
Vietnam suggested that Singapore continue supporting education projects and increase scholarships for Vietnamese students, as well as strengthen cooperation in cyber security and startup.
Vietnam asked for Singapore’s stronger engagement in State-owned enterprises’ restructuring through buying shares of large companies, while giving the country technical support in enhancing capacity and building mechanisms for its finance-banking and stock markets.
Minister Dung suggested that Singapore should expand investment in the public-private partnership form in such fields as infrastructure, maritime transportation and energy.
The Vietnam-Singapore economic connectivity agreement was signed by the two governments in 2005, focusing on six areas of finance, education and training, traffic and transportation, information technology and communications, investment, trade and services.
The 13th meeting is slated for September 2017 in Vietnam.
