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Submitted by ctv_en_4 on Tue, 01/12/2010 - 13:05
Singaporean Prime Minister Lee Hsien Loong arrived in Hanoi on January 12, beginning his four-day visit to Vietnam at the invitation of Prime Minister Nguyen Tan Dung.

This is his third visit to Vietnam aimed at promoting friendly and cooperative relations between the two countries.

Located in the southern part of the Malay peninsula, the island nation covers 692.7 square kilometers with a population of over 4.8 million. Its economy depends heavily on exports and services which make up 40 percent of its GDP. The manufacturing industry is well-diversified and includes electronics, petroleum refining, chemicals, mechanical engineering and biomedical science sectors.

However, the global financial and economic turmoil took its toll on Singapore, slowing down its GDP growth rate to 1.2 percent in 2008 compared to 7.5 percent in 2007.

Thanks to the government’s US$16-17 billion economic stimulus package, the national economy bottomed out from its downward trend and has shown the green shoots of recovery in the last 6 months of 2009, growing at 0.9 percent in Quarter III and 3.5 percent in Quarter IV.

Singapore is taking the lead in shifting its economy to a knowledge-based one and the country aims to become a diverse economic hub globally in 2018.

Politically, the island nation gives priority to creating a peaceful and stable environment for cooperation and sustainable development in the Southeast Asian and Asia-Pacific regions.

Relations between Vietnam and Singapore have fared well since both countries established diplomatic ties in 1973, especially after Vietnam joined the Bali Accord in July 1992 and the Association of Southeast Asian Nations (ASEAN) in July 1995.

During a visit to Singapore in March 2004 by the then Prime Minister Phan Van Khai, the two countries signed a joint statement on the framework of comprehensive cooperation in the 21st century, laying the legal foundations for promoting bilateral friendship and cooperative ties.

The excellent bilateral relationship has also been marked by the regular exchanges of high-level visits, including a visit to Vietnam in February 2008 by Singaporean President S.R. Nathan and a reciprocal visit to Singapore in November 2009 by State President Nguyen Minh Triet.

Singapore is Vietnam’s third largest trading partner, with two-way trade in 2008 reaching US$12 billion, up 23 percent against 2007. However, from January-October 2009, bilateral trade only fetched US$4.9 billion due to the adverse effects of the global economic recession.

Vietnam is one of Singapore’s key investment destinations in Southeast Asia. By November 2009, Singapore had 763 operational projects in Vietnam capitalised at US$17 billion, ranking fifth amongst foreign investors in the country.

These projects, which focus mainly on industry, infrastructure construction, services and real estate, have paid off, helping Vietnam to generate jobs, increase exports and stimulate its economy. The Vietnam-Singapore Industrial Park in the southern province of Binh Duong has also become a role model for investment and cooperation between Vietnam and foreign businesses.

Currently, both countries are actively carrying out their Framework Agreement on Vietnam-Singapore signed in December 2005 in investment-finance-banking, trade-services, transport, post-telecommunications, education and training. They are currently considering expanding cooperation in other areas.

Being both ASEAN members, Vietnam and Singapore have worked closely together within the regional bloc to build a united ASEAN community by 2015 and realise the ASEAN Charter. They have also supported each other in international forums such as the Asia-Europe Meeting (ASEM), the Asia-Pacific Economic Cooperation (APEC), and the United Nations.

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