Ambassador: Vietnam creates favourable conditions for cooperation with Singapore
Vietnamese Ambassador to Singapore Nguyen Tien Minh said on the sidelines of the on-going 29th Diplomatic Conference in Hanoi that Vietnam and Singapore have complimentary economies, creating potential for bilateral cooperation.
The Vietnam – Singapore Industrial Park (VSIP) is among the most effective projects in the country
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The Ambassador underlined cooperation between Vietnam and Singapore within the framework of free trade agreements formed and developed in the ASEAN Economic Community nations as well as the Trans Pacific Partnership.
Vietnam has rich natural and human resources and wide geographic location while Singapore is financially capable and experienced in economic development, Minh told Vietnam News Agency reporters. The two nations can collaborate to introduce more products up Singaporean standards to new markets, he added.
The Embassy has provided support for Vietnamese firms to connect with Singaporean ones, enhancing domestic businesses competitiveness. The agency has also coordinated with the Singapore Businesses Federation to bring Singaporean business delegations to seek investment opportunities in Vietnam, the Ambassador said.
The diplomat suggested Vietnamese enterprises take advantage of international and regional integration to create strong and sustainable economic development. The 2016 Vietnam – Singapore Business Forum (VSBF) is a significant foundation to connect trade and investment between the two nations, Singaporean Consul Leow Siu Lin said at the VSBF that opened in the city.
Leow Siu Lin highlighted the importance of business connectivity in Vietnam – Singapore bilateral relations, saying that it contributes to boosting multilateral cooperation, in areas such as trade, investment, finance, education and human resources development.
Echoing the Singaporean diplomat’s view, Vice Chairman of the Vietnam Chamber of Commerce and Industry Doan Duy Khuong said the event will further contribute to the success of multifaceted cooperation between Vietnam and Singapore, especially after the two countries reached a strategic partnership agreement in 2013.
It is also a practical platform for businesses to promote international economic integration since both countries have become members of the Trans-Pacific Partnership and the ASEAN Economic Community, Khuong added.
The key topics discussed during the event include financial services, processing and manufacturing, real estate development, tourism and hospitality. Koh Chong Yu, Director of the Singapore Trade Development Board, (IE Singapore) in Ho Chi Minh City highlighted investment potential in the Asian nations, including Vietnam.
Singaporean enterprises wish to promote cooperation with Vietnamese ones in real estate, retail, restaurant – hotel services and petroleum and oil, she added. As of April 2016, Singapore ranked third among foreign investors in Vietnam, with a total investment exceeding 36 billion USD in 1,600 valid projects.
It will also be a good chance for attendees to be updated on trade and investment policies of the two governments, thus helping them make appropriate business strategies in the future. Singapore is currently the third largest foreign investor in Vietnam with 1,258 valid projects worth more than 30 billion USD.
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