 President Nguyen Xuan Phuc and Singapore President Halimah Yacob review a guard of honor (Photo: VOV) |
President Yacob’s visit to Vietnam takes place ahead of the celebration of the 50th anniversary of bilateral diplomatic ties and the 10th anniversary of strategic partnership in 2023.
Strategic trust consolidated
Associate Professor Dr. Vu Minh Khuong, a lecturer at Singapore’s Lee Kuan Yew School of Public Policy, said the development of Vietnam-Singapore diplomatic ties in the last half century and of strategic partnership in the last decade is the manifestation of strategic trust between the two countries.
Singapore has become one of Vietnam’s largest investors with a total investment of 70 billion USD. During the COVID-19 pandemic, Singapore was among the most resilient investors with largest investments in Vietnam. In March, construction of the 11th Vietnam-Singapore Industrial Park (VSIP) began in the southern province of Binh Duong. VSIP has become a model of successful cooperation between the two countries.
 Associate Professor Dr. Vu Minh Khuong, a lecturer at Singapore’s Lee Kuan Yew School of Public Policy, speaks to reporters (Photo: VNA) |
Professor Khuong said Singapore’s investment in Vietnam will grow and Singapore will continue to benefit from Vietnam’s development achievements.
Mr. Khuong said: "Researchers in Singapore are aware of a great resonance between the two countries. Vietnam is a faithful, reliable friend who has strong aspirations and strong will to develop and support its partners’ post-COVID development."
Great potential for bilateral, multilateral cooperation
Vietnam and Singapore are mutually supporting economies in many aspects. Singapore has abundant investment capital, advanced technology, and strength in innovation and is an attractive destination for tourism, health care and education for many Vietnamese.
Vietnam is an attractive investment destination for Singaporean businesses and investors thanks to its stable political climate, abundant workforce, and potential for wind and solar power development. Vietnam’s rich, diverse food production appeals to Singaporeans.
Vietnam and Singapore are geographically close with good air and sea links. They are both members of regional and global multilateral cooperation mechanisms like ASEAN, RCEP, and CPTPP.
These things give the two countries a great potential to expand their economic ties. Singapore’s Minister of Human Resources Tan See Leng, said: "Singapore's companies are expanding within the main cities of Hani and HCM City and in other regions such as Vinh Phuc and Bac Ninh provinces in the north and Binh Duong province in the south. This trend does not appear to slow down, despite the COVID-19 pandemic. Singapore and Vietnam have also continued to identify new areas of bilateral economic cooperation."
Mr. Leng said: "During the 15th Connectivity Ministerial Meeting (CMM) which I co-chaired with HE Nguyen Chi Dung in November, 2021, we affirmed our commitment to explore cooperation in renewable energy, innovation, and startup. This was on top on the ongoing partnership in infrastructure, industrial, digital, financial, agricultural, services, tourism, transport and education sectors."
Amid rapid, strong changes around the world and a gradual recovery from COVID, the two countries should work more closely to strengthen strategic trust and expand their future cooperation.