Vietnam desires to boost bilateral trade with Singapore

The two leaders showed their elation at economic, trade and investment links which are always a bright spot in bilateral relationship. Singapore remains the third largest foreign investor in Vietnam while Vietnamese businesses have invested in Singapore with more than 100 projects worth nearly US$300 million.

Singaporean PM Lee expressed his appreciation for Vietnam’s potential and strengths, especially its young workforce capable of mastering modern technology.

Singapore will incentivize enterprises to increase investment in infrastructure, smart urban development, hi-tech areas, seaports exploitation and management in Vietnam, Lee told Phuc.

The two PMs consented to promote connectivity, especially in pillar fields of science-technology and innovation; launch projects such as the Vietnam – Singapore Industrial Park in the central province of Quang Tri, software park No.2 in the central city of Danang and the national innovation centre; and share experience in building e-government. 

During the meeting, they compared notes on regional and global issues of shared concern, including joint work to build a strong ASEAN community, especially when Vietnam takes on the role of ASEAN Chair by 2020. 

They said the hope that parties concerned will accelerate the implementation of the Declaration on the Conduct of Parties in the East Sea (DOC), build an effective and legally binding Code of Conduct of Parties in the East Sea (COC) in the not too distant future.