Singapore’s Prime Minister Lee Hsien Loong today [August 27] arrived in Hanoi to begin a three-day visit to Vietnam, where Singaporean investors are pouring US$73.4 billion. 

Singapore’s Prime Minister Lee Hsien Loong arrives at Noi Bai International Airport, Hanoi on Sunday afternoon [August 27]. Photo: VNA

Economic ties are believed to dominate the agenda between Vietnam’s Prime Minister Pham Minh Chinh and his Singaporean counterpart.

The Vietnam-Singapore Industrial Parks (VSIPs) symbolize the tightened partnership between the two ASEAN countries, which celebrate this year the 50th anniversary of establishing diplomatic ties and 10 years of Strategic Partnership.

There are 14 VSIPs operating in 10 cities and provinces across Vietnam, accommodating nearly 870 projects with a total investment of $18.7 billion, offering approximately 300,000 jobs.

During this visit, the two prime ministers are anticipated to attend some VSIPs’ online groundbreaking ceremonies and confer investment licenses on fresh VSIPs.

The two sides have promoted collaboration in security, defense, education and training, innovation, and people-to-people exchanges. They specifically established the Digital and Green Economy Partnership during Prime Minister Pham Minh Chinh’s visit to Singapore in February 2023 to further expand cooperation in new fields.

Two days ahead of the arrival of PM Lee, a delegation of Singaporean entrepreneurs led by George Choo, President of the Association of Telecommunications & Technology Industry of Singapore, sought investment opportunities in Vietnam’s northern province of Ha Nam, 60km from Hanoi.

Choo said the association, with more than 200 members, is interested in investing in Ha Nam thanks to its good infrastructure and transport system and location close to Hanoi.

The three main sectors businesses seek to invest in Ha Nam Province are solar energy, environmental protection, finance, and banking. 

On this occasion, the Singaporean delegation made a field trip to Dong Van Industrial Park III and Dong Van Industrial Park IV in Duy Tien Town. They also worked with Wistron Infocomm Co., Ltd, an electronics manufacturer based in Taiwan.

Deputy Chairman of the Ha Nam People’s Committee Nguyen Duc Vuong said the local authority offers investors cleared land and preferential policies to facilitate their operations and business expansion. The province is home to seven Singaporean companies which have poured $117 million into the projects in the locality. 

According to Vietnam News Agency, accompanying the Singaporean Prime Minister are his wife, Ho Ching, Minister of Foreign Affairs Vivian Balakrishnan, Minister for Education Chan Chun Sing, and Minister for Manpower and Second Minister for Trade and Industry Tan See Leng.

This is his fifth visit to Vietnam by Lee Hsien Loong as Prime Minister of Singapore, showing the closeness and cohesion between the two countries.