Singapore press highlight Vietnamese success ahead of ASEAN Summit

With all eyes set to be on the ASEAN Summit which will be held from November 12 to November 15, the country’s current economic success story has also been the subject of much attention, the newspaper states.

The Vietnamese economy has consistently turned in a strong performances over the past decade, growing by 5% to 7% annually. Indeed, foreign investors are particularly drawn to the nation’s expanding middle class, vibrant private sector, and young demographics, with 70% of its population being younger than 35.

According to the first female Ambassador of Singapore to Vietnam Catherine Wong, the island nation views economic ties are a "mainstay" part of its relationship with the country.

Ambassador Wong outlined that Singapore represents the third-largest foreign direct investor in the nation, a very significant factor due to the top two investors being the Republic of Korea and Japan, both of which are far larger economies compared to Singapore. 

The Singaporean diplomat told the Straits Times that longstanding symbols of co-operation include a 24-year-old Vietnam-Singapore Industrial Park, plus a connectivity framework agreement that has been in place since 2006 to boost collaboration in sectors such as finance, information technology, and transport.

There are also new opportunities, she added, setting her sights on the nation’s rapidly rapidly growing infrastructure, urban solutions, innovation, start-ups, and e-commerce.

With regard to agricultural trade, Ambassador Wong said she hopes Singapore’s sources of food supplies can be diversified by importing additional Vietnamese agricultural products and seafood.

Upon discussing the nation’s fight against COVID-19, Ambassador Wong said the Government has taken a number of tough measures, reacted quickly, and swiftly prepared for possible local infections after the emergence of the first cases from China. 

Furthermore, the country also developed its own test kits and ventilators, and is currently working on developing a vaccine.

Most notably, the country experienced two waves of infections, an initial one in March followed by a second in April, with a more localised outbreak occurring in Da Nang in July and August. It was down to the rapid response of the authorities coupled with comprehensive lockdown measures which successfully put a lid on local transmissions.

Due to these factors, Singapore was confident enough to unilaterally lift border restrictions on visitors from October 8, Ambassador Wong said.

In contrast, Vietnam's borders remain closed, with the next step being to see how two-way travel can be eased with health and safety precautions being put in place, the Singaporean diplomat added.