Singapore businesses view Vietnam as a rising star in the region

Minister for Trade and Industry Tan See Leng in his opening speech noted that the economic relations between the two countries are now developing substantively.

He cited statistics saying Singapore is currently the largest ASEAN investor and the second largest investor in the world in Vietnam, with a total capital of US$68.68 billion. Singapore-invested projects at Vietnam – Singapore industrial parks (VSIPs) have contributed significantly to infrastructure and transportation development in the country.

Future opportunities will be increased when both countries are looking to accelerate their cooperation in new fields such as energy transformation and innovation, especially following the signing of a document on the establishment of a digital economy and green economy partnership, said Tan.

Meanwhile, Tow Heng Tan, deputy chairman, non-executive & non-independent director at Sembcorp Industries, said the VSIP model has generated more than 300,000 jobs in Vietnam. As technology is playing an important role in digital transformation, he suggested Vietnam make thorough preparations for sustainable development in future.

A CEO of Standard Chartered viewed Vietnam as a rising star in the region and a favourite investment market for foreign businesses thanked to institutional reform. He said Singaporean investors are keen to engage in developing supply chains and promoting digital transformation, and they vow to support Vietnam in realizing its net zero emissions commitment.

Addressing the gathering, Vietnamese Prime Minister Pham Minh Chinh noted 2023 is a special year in bilateral relations as both countries are celebrating 50 years of their diplomacy.

Closer and stronger cooperation only brings about benefits for the two countries, as well as world peace and stability, said Chinh.

According to the PM, Singapore’s present-day development has motivated and inspired Vietnam and many countries around the world to study its model. Vietnam wishes to learn from this model to make it prosperous and strong, and co contribute to stability and peace in the region and the wider world.

He said the strategic partnership between Vietnam and Singapore is developing well in all areas and expressed his belief that it will be better thanks to the increased trust in the two countries’ political circle. He recalled his previous meetings with Singaporean PM Lee Hsien Loong, and said both sides have stressed the need to foster bilateral cooperation for mutual benefit.

He also viewed the VSIP model as a success story in bilateral cooperation, saying both sides have agreed to increase the number of VSIPs in Vietnam to 15 this year from the current 12.

The positive development of the Vietnam – Singapore partnership creates the foundation for attracting investment in each other on the basis of harmonious benefits and shared difficulties, he said.

He assured that the government of Vietnam creates the best possible conditions for foreign businesses, including those from Singapore, to undertake their investment projects in the country.