Vietnam is an important economic partner of Singapore
Singapore established diplomatic relations with Vietnam in August 1973, after the 1973 Paris Accord was signed. Bilateral relations developed rapidly, especially after Vietnam became an ASEAN member in 1995 and both have stayed side by side under a "common roof". In 2013, Singapore became one of the first ASEAN countries to establish a strategic partnership with Vietnam, opening a new era of cooperation for mutual benefit, respect, and trust.
Economic cooperation will continue to be a highlight in the Singapore-Vietnam relationship. Vietnam is a fast-growing economy whose 8% GDP growth last year reflected the determination of the Vietnamese people and the clear vision of the Government.
Singaporean companies have seen Vietnam’s economic potential. Over the past three years Singapore has been Vietnam’s major foreign investor. There are 11 Vietnam-Singapore Industrial Parks in Vietnam, which employ over 300,000 Vietnamese workers.
Prime Minister Chinh’s visit is expected to create opportunities for cooperation projects in digital economy, renewable energy, carbon credits, and sustainable infrastructure.
 Dr. Vannarith Chheang of Nanyang Technological University and President of the Asia Vision Institute |
Dr. Vannarith Chheang of Nanyang Technological University and President of the Asia Vision Institute, said: “Singapore is one of the most advanced, so both countries can work together in capacity building on digital economy, smart city network, green economy and cybersecurity. And of course, Vietnam also have something to offer as well, because Vietnam is very fast in terms of digital transformation. It is one of the fastest digital economy in Southeast Asia, and a lot of SOEs the Vietnamese entrepreneurs are very tech savy and very entrepreneurial in terms of technology startup, so I think both countries can learn from each other and perhaps they will further connect the startups, startup communities, especially the tech startups between the two countries.”
 Vietnamese Ambassador to Singapore Mai Phuoc Dung (Photo: VNA) |
Vietnamese Ambassador to Singapore Mai Phuoc Dung said the two countries are about to sign an agreement on digital and green partnerships that will further several agreements signed by high-ranking leaders last year. The two will continue to cooperate in education and will soon sign an agreement on search and rescue.
Strengthened cooperation with Brunei
Vietnam and Brunei established diplomatic relations on February 29, 1992, and raised bilateral relations to a comprehensive partnership during the Sultan of Brunei’s state visit to Vietnam in March, 2019.
Brunei is a minor market for Vietnamese exports. Last year bilateral trade turnover totaled 700 million USD, up 134% from 2021 and well beyond the target of 500 million USD. Brunei ranked 26th of 141 countries and territories investing in Vietnam, with a total registered capital of 971 million USD invested primarily in processing, manufacturing, construction, and real estate.
The two will promote cooperation in agriculture, forestry, fishery, Halal Muslim food, construction, and infrastructure development. Dr. Vannarith Chheang said: "When it comes to Vietnam, Brunei, relationship also another angle, but it's not as dynamic as Singapore-Vietnam relationship when it comes to trade and investment, but anyway, in terms of energy cooperation for Brunei and Vietnam have a wide area of operations and of course as a member of ASEAN, Brunei and Vietnam can work closely together, either on the South China Sea agenda or other regional issues."
Vietnam and Brunei continue to effectively implement cooperation agreements on the exchange of delegations at all levels, training, information sharing, and coordination in search and rescue. There will be greater cooperation in energy, agriculture, education, the maritime economy, and people-to-people exchanges.
The official visit by Prime Minister Chinh and his wife to Singapore and Brunei will enhance political trust, trade and investment cooperation, and collaboration on global issues.