Vietnam-Singapore trade increases sharply

Bilateral trade between Vietnam and Singapore has increased by fivefold to more than SGD50 billion since the two countries signed a framework agreement to connect their economies in 2005.

The figures were revealed at a conference held in the Central Highland resort of Da Lat on March 13 to review five years of implementing the Framework Agreement on Vietnam-Singapore Connectivity.

The meeting was co-chaired by Vietnamese Minister of Planning and Investment Vo Hong Phuc and Singaporean Minister of Trade and Industry Lim Hng Kiang.

Currently, Singapore is the fifth largest foreign investor in Vietnam, with 792 operational projects capitalised at US$17.3 billion. They focus on the processing and manufacturing industries, real estate, infrastructure construction, entertainment, services and the hospitality industry. These projects alone are valued at US$15 billion, making up 88 percent of Singapore’s registered FDI in Vietnam.

Both sides shared the view that progress has also been made in other areas such as education and training, information and communication technology, and transport.

They said in the coming years Vietnam and Singapore will focus on developing financial-banking services, encourage Singaporean businesses to invest in Vietnam, connect their tourism industries and develop human resources in the post-crisis period

Minister Vo Hong Phuc said after the meeting both sides will work together to identify specific areas of cooperation between their ministries, sectors and localities.

Ministers Phuc and Lim witnessed the signing of a memorandum of understanding to upgrade Da Nang port to become a major tourism port in Vietnam.

Tags: Vietnam Singapore business forums, Vietnam-Singapore cooperation, Vietnam-Singapore Trade