Singapore praised as leading trade and investment partner of Vietnam

VOV.VN -Deputy Prime Minister and Foreign Minister Pham Binh Minh has commended Singapore as the leading trade and investment partner of Vietnam with last year’s two-way trade and the island city-state's total investment capital reaching US$8.6 billion and US$43 billion, respectively.

singapore praised as leading trade and investment partner of vietnam hinh 0

Deputy Prime Minister and Foreign Minister Pham Binh Minh greets Singapore’s President Halimah Yacob (R) (Photo:VNA).

On July 31, Deputy Prime Minister and Foreign Minister Pham Binh Minh met with Singapore’s President Halimah Yacob and Prime Minister Lee Hsien Loong as part of his official visit to Singapore.

At the meeting, President Halimah Yacob noted with joy the positive development of Vietnam-Singapore relations after 45 years of diplomatic ties and five years of strategic partnership.

She thanked Vietnam for its great support to and closer cooperation with Singapore during her nation’s ASEAN Chairmanship Year for 2018 while stressing that in its capacity as Chair of ASEAN, Singapore wishes to promote a united, self-reliant and creative ASEAN, which takes the lead in today's trends so as to serve development goals, narrow the gap, and effectively deal with security challenges.

Binh Minh expressed his pleasure to visit Singapore amid the 45th anniversary of the two countries’ diplomatic relations and conveyed an invitation to visit Vietnam from President Tran Dai Quang to the President and her husband.

singapore praised as leading trade and investment partner of vietnam hinh 1

Deputy Prime Minister and Foreign Minister Pham Binh Minh and Prime Minister Lee Hsien Loong  (Photo:VNA)

Meeting with Prime Minister Lee Hsien Loong, Deputy PM and Foreign Minister Pham Binh Minh affirmed Vietnam's consistent policy of always placing importance on strategic partnership with Singapore and  spoke of his appreciation for Singapore’s efforts to accompany Vietnam in the development and integration process, help to train high quality human resources, share macro-economic management experience.

Minh descried the success of Vietnam-Singapore Industrial Parks (VSIPs) as a symbol and exemplary model of bilateral cooperation, as reflected by nine VSIPs spreading across many provinces and cities throughout the three regions of Vietnam.

He urged Singapore to study and promote investment in high technology and gray matter-intensive industries in line with the trend towards the 4.0 industrial revolution.

In reply, Lee Hsien Loong held that this is also the current trend in Singapore's investment and agreed to step up cooperation across such fields as smart urban development, renewable energy, and hi-tech park building in Vietnam.

Lee Hsien Loong highlighted the Singapore-Vietnam strategic Partnership  as one of the most effective and trustworthy partnerships as the two sides shared many mutual benefits both bilaterally and multilaterally.

He showed his elation at the sound political relations between the two nations, as shown by the successful visit to Singapore by Vietnamese Prime Minister Nguyen Xuan Phuc in April 2018, adding that he is set to attend the World Economic Forum on ASEAN (WEF ASEAN) slated for September in Vietnam.

Regarding international and regional cooperation, the two sides underlined the need to ensure the principles of maintaining peace, stability, security, safety and freedom of navigation and navigation in the East Sea, dealing with disputes by peaceful measures on the basis of respect for international law, and upholding the unified voice and central role of ASEAN in the regional architecture.

Deputy PM Minh extolled the success of Singapore as the ASEAN Chair, as well as the sharing of viewpoints and common interests of both sides in a lot of strategic issues, including those on promoting free trade, and regional and international economic connectivity and integration. 

Additionally, the two sides have boosted their closer coordination in ratifying and realizing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he said.

VOV