Singapore, Vietnam to strengthen economic ties

Vietnam and Singapore reaffirmed their commitment to strengthen bilateral economic relations today at the 6th Vietnam-Singapore Connectivity ministerial Meeting.

Minister for Trade and Industry, Lim Hng Kiang, and Vietnamese minister of Planning and Investment, HE Vo Hong Phuc both noted that bilateral trade and investment activities have increased even as both economies are recovering from the global financial crisis.

Singapore is one of the largest foreign investors in Vietnam, with local companies investing in some 100 new projects in Vietnam. This brings Singapore’s total investments in Vietnam to $18 billion, as bilateral trade between Singapore and Vietnam has increased four-fold from S$3.24 billion in 1999 to S$13.4 billion in 2009.

Minister Lim noted that there was scope for further collaboration as Vietnam?s economy continues to develop and grow.

He said: “Vietnam presents new opportunities for Singapore companies which have competency in modern services such as info-communications, finance and urban development. Vietnam, in turn, can leverage on Singapore’s established air, sea and financial hubs to connect more effectively to global and regional markets”.

The Vietnam-Singapore Connectivity Framework Agreement provides an overarching platform for the ministers to meet regularly to review and further our economic ties.

To help Vietnam build up the capabilities of its public sector, some 120 Vietnamese officials have been trained in urban development in the past two years. An English language training programme was also launched for 300 Vietnamese teachers and scholarships were given to Vietnamese students.

The ministers also witnessed a signing ceremony for two joint ventures between Singapore and Vietnam companies.

The first joint venture between Miltrade Aerospace (a subsidiary of Miltrade Technologies) and Vietstar Airways is to set up an integrated maintenance, repair and overhaul (MRO) centre in Vietnam. The other joint venture, between TEE International and Khanh Viet, is to develop a residential project in HCM City. – AsiaOne

Tags: Vietnam-Singapore cooperation