 Prime Minister Nguyen Xuan Phuc received Singaporean Prime Minister Lee Hsien Loong during the later's visit to Vietnam in March, 2017. (photo: Thong Nhat/VNA)
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Practical outcome of bilateral strategic partnership
The Vietnam-Singapore Strategic Partnership was established in 2013. Besides good political relations, cooperation in economics, trade, and investment have progressed effectively. Singapore is Vietnam’s biggest trade partner in ASEAN and the 6th biggest trade partner in the world. Singapore is the 3rd biggest investor in Vietnam with 2,000 projects worth 42 billion USD. Eight Vietnam-Singapore Industrial Parks have made important contributions to Vietnam’s socio-economic development.
Former Vietnamese Ambassador to Singapore Nguyen Tien Minh said: “Economic cooperation is key to bilateral ties. Vietnam and Singapore have seen fast economic growth. Singapore’s investment in Vietnam has risen. Two-way trade has increased 22% annually. Both countries can cooperate to create diverse products to meet Singapore’s standard and target broader markets.”
Bilateral cooperation in defense and security has moved forward, particularly naval ship exchanges, anti-terrorism, and cyber security. Cultural cooperation and people-to-people exchanges have been enhanced to deepen mutual understanding. High-level visits of Party, government, state, and National Assembly delegations and consultations have laid a firm foundation for bilateral ties.
Singapore has pledged to increase investment in Vietnam’s energy, urban development, and network of smart cities. Former Ambassador Nguyen Tien Minh said: “Vietnam and Singapore have huge cooperative potential because the two economies can support each other. Singapore has capital and experience in market economy and economic development. Vietnam has an abundant work force, rich natural resources, and large land area. Free Trade Agreements have opened space for further Vietnam-Singapore cooperation, which will be expanded to ASEAN and the wider Asia-Pacific.”
Prime Minister Nguyen Xuan Phuc will hold talks with his Singaporean counterpart Lee Hsien Loong, meet with President Halimah Yacob, deliver a speech at the Singapore Management University, attend the Vietnam-Singapore Business Forum, and visit some local economic facilities.
Close collaboration at regional, global forums
Vietnam and Singapore have worked closely at regional and global forums. Singapore is President of ASEAN for 2018. Vietnam supports Singapore’s initiatives and efforts for ASEAN Year’s theme “Resilience and Innovation”. Both countries have agreed that ASEAN should raise high the spirit of resilience in all fields based on its regulations and commitments and maintain unity and its central role in regional strategic issues. Singapore has pledged continued promotion of sub-regional cooperation.