Vietnam, Singapore look towards broader economic ties with new VSIP projects

The conference was organized by the Ministry of Planning and Investment, the Government Office, the Embassy of the Republic of Singapore in Vietnam in coordination with the Vietnam-Singapore Industrial Park (VSIP) Joint Venture Company.

Those in attendance included the wives of the two Prime Ministers and more than 500 delegates who are leaders of ministries, provinces, cities alongside more than 150 business representatives from both nations.

At the conference, the leaders witnessed the announcement of memoranda of understanding on the Vietnam-Singapore investment cooperation including a memorandum of cooperation on developing 12 new VSIP projects across Vietnamse localities.

Minister of Planning and Investment Nguyen Chi Dung gave VSIP representatives a decision to approve the investment policy regarding new VSIP projects, including VSIP Lang Son and Son My 2 Industrial Park in Binh Thuan province.

The two PMs and delegates also attended a groundbreaking ceremony for new VSIP new projects, including VSIP Can Tho, VSIP Bac Ninh 2 and VSIP Nghe An 2.

In his address, Prime Minister Lee Hsien Loong highlighted 2023 as a very important time in the two countries' relations, when they celebrate 50 years of diplomatic relations and 10 years of strategic partnership.

Lee hailed his nation’s contributions to the development of Vietnam over the past time as 10 years ago, he attended the groundbreaking ceremony for VSIP Quang Ngai, the 5th at that time and since then, VSIPs have continued to grow strongly with 13 parks in 9 provinces and cities across northern, central, and southern Vietnam, attracting a total investment of US$18 billion and creating 300,000 jobs.

He said he hoped that VSIPs would continue to contribute to Vietnam's economic growth, while simultaneously contributing to bilateral economic cooperation activities of Vietnam and Singapore. On the other hand, with Vietnam's sustainable development strategy and net zero emissions by 2050, the two sides have plenty of opportunities for broader cooperation, especially in the fields of energy and innovation.

For his part, PM Pham Minh Chinh emphasized that, over the past five decades the Vietnam-Singapore friendship and cooperative relations have been continuously consolidated and developed comprehensively towards new heights based on the sharing of strategic benefits, cooperation achievements and solid friendship between the two countries.

The two sides’ signing of an agreement on establishing the Digital Economy - Green Economy Partnership on February 23, 2023 will create a premise for bilateral cooperation digital economy, green economy, green finance, clean energy, and climate change response.

Up to this point of time, it can be affirmed that the two countries have enough conditions and foundations to upgrade their ties to new heights, especially after this visit by Prime Minister Lee Hsien Loong and his wife.

According to him, economic-investment-trade cooperation is a pillar that holds the most important position in the Vietnam-Singapore strategic partnership, the Vietnamese Government chief went on to emphasize.

Regarding investment, with more than 3.3 thousand projects valued at US$73 billion, the city-island nation ranked 2nd out of 143 countries and territories investing in Vietnam.

Singaporean investors have engaged in almost all economic sectors and fields and have always seriously carried out projects on schedule and with high efficiency.

In the opposite direction, Vietnamese investors have poured nearly US$700 million into more than 150 projects in Singapore, focusing on professional activities and science and technology.

Of which, 11 VSIPs have been put into operation, creating the important driving force for investment attraction and socio-economic development, as well as being a model for long-term effective and sustainable cooperation between the two sides.

Concerning trade exchange, the two countries continue to be in the group of 15 largest trading partners of each other. Cooperation in transportation, education - training, culture, tourism, people-to-people exchange continues to be promoted and obtained many important results.

The number of Vietnamese students in Singapore each year is over 10,000, while many educational establishments of the two countries have connected to strengthen learning and teaching exchange. Vietnam is among the top 10 tourism markets of Singapore.

Totally agreeing with the major orientations in bilateral ties in the coming time put forth by PM Lee Hsien Loong, Chinh said that it is necessary to focus on connecting the two economies with a particular focus on new areas, such as digital transformation, green transformation, circular economy, sharing economy, innovation, human resource training. These are also areas that Vietnam needs to learn more from Singapore, he added.

On the other hand, on the basis of previous results and experience, Vietnam wishes to continue to expand and effectively promote the VSIP model in a sustainable fashion, towards the formation of ecological systems of industry, innovation, urban development and service - high-tech in many localities.

Vietnam will go ahead with making three strategic breakthroughs, thereby creating more favorable conditions for businesses.  Your success is also our success in the spirit of "harmonious benefits, shared risks", the Vietnamese Government leader said, while expressing his wish for greater success to businesses investing in Vietnam, and flourishing ties between the two nations in the time ahead.