The meeting offered a chance to review bilateral investment in education, information, transport, finance, and tourism services. Vietnam has been working to enrich the business environment and the quality of investment opportunity available and to build a relationship of trust with the international business community. It has affirmed its aims of open trade with the global economy, said Mr. Dung.
He said he hoped that the two countries will expand cooperation, improve bilateral investment efficiency, regularly exchange information and coordinate in smoothing the processes for Singaporean businesses operating in Vietnam.
Singaporean Minister for Trade and Industry, Lim Hng Kiang, in turn asserted that Vietnam is an important economic partner, and an attractive destination for foreign investors, including Singaporean businesses. The two countries’ economies have many favourable conditions and characteristics that complement each other.
During the meeting, the two sides reviewed the effectuation of cooperation agreements in six connectivity fields. These include investment, finance, information and communications technology, education and training, transport, trade, and services. Trade and investment cooperation has yielded significant results.
Bilateral trade ties have steadily developed with an annual growth rate of 12%. Vietnam-Singapore ties were lifted to strategic partnership in 2013.
Singapore is the second largest trade partner of Vietnam in ASEAN and the sixth biggest trade partner globally. Vice versa, Vietnam is the 11th biggest trade partner of Singapore.
The value of two-way trade between the two countries hit US$5 billion during the first seven months of 2017, a year-on-year rise of 16.4%, of which Vietnam’s exports to Singapore were US$1.7 billion (up 28.9%) and imports from the country were US$3.3 billion, up 10.6%.
In terms of investment, Singapore has had 1,918 valid projects with a total registered capital of more than US$41.38 billion, ranking third out of the 122 countries and territories investing in Vietnam.
Singaporean businesses poured US$3.93 billion into Vietnam during the first eight months of this year, including US$2.84 billion in new projects, US$718 million in existing ones and US$370 million buying up shares. However, cooperation in some fields was still below the demands and potential of both sides.
To further promote economic connectivity and investment cooperation in the future, the two sides proposed that management agencies strengthen coordination by exchanging information and sharing experiences of management policies and professional techniques across ICT, education, transport, tourism and services, urban development, road transport, and trade.