Vietnam and Singapore sign 12 MoUs at joint business forum

The forum was attended by more than 800 entrepreneurs, government officials, and diplomats from over 420 companies and organisations from 32 countries across the world.

Addressing the forum, Deputy Prime Minister Le Minh Khai hailed the Vietnam – Singapore cooperation as a role model in international cooperation, saying Singapore is the second largest foreign investor in Vietnam, with more than 3,200 projects worth US$73.4 billion in registered capital.

Singaporean firms have engaged in most of Vietnam’s economic sectors and have seriously implemented projects on schedule and with high efficiency.

Meanwhile, Vietnamese businesses have invested in nearly 150 projects in Singapore with a total registered investment capital of nearly US$700 million, focusing on professional fields and science – technology.

Those results of cooperation are encouraging, but still not really commensurate with the cooperation potential of the two sides, he said.

The Deputy PM expressed his belief that economic cooperation will continue to be an important pillar in bilateral relations and a driving force for the lifting of the Vietnam – Singapore partnership to new heights, while creating a positive spillover effect on the region and the world.

The Vietnamese Government is committed to listening to, accompanying, supporting and creating all favourable conditions for foreign firms, including those from Singapore, to operate in an effective, long-term and sustainable manner in the country, he assured delegates attending the forum.

Taking the floor, Vietnamese Minister of Planning and Investment Nguyen Chi Dung said, to take advantage of the opportunities of the global economic recovery and the Fourth Industrial Revolution, the two sides need to expand cooperation within the framework of their economic connectivity agreement and the digital economy - green economy partnership.

Accordingly, he suggested that the two countries focus on their potential and highly complementary areas, such as innovation, digital transformation, energy transition, green transformation, green finance, and science - technology.

For his part, Tan See Leng, Second Minister for Trade and Industry of Singapore, emphasized the forum is an opportunity to further enhance economic cooperation between Vietnam and Singapore. He noted that Singaporean companies have over the years expanded their operations in Vietnam, making a practical contribution to the Vietnamese economy.

Currently, the Singapore Business Federation (SBF) is bringing a delegation of 25 Singapore businesses to Hanoi from July 5 to 8 to learn about the local business climate and culture, as well as to promote cooperation with local enterprises.