According to statistics, Vietnam’s two-way trade with Singapore reached US$6.2 billion in 2010, and that with Malaysia US$4 billion in the first nine months 2011. The visit of President Truong Tan Sang to the two countries in late September will no doubt further strengthen the cooperation with these two countries of great potential.
Singapore ranks third among countries and territories investing in Vietnam, with 938 projects worth US$23.2 billion. The visit of the Vietnamese President has created new motivation for more efficient cooperation between the two countries, strengthening ASEAN and promoting multifaceted cooperation between Vietnam and Singapore. VCCI organized the accompanying business delegation and co-sponsored the “Vietnam-Singapore Business Forum” with over 250 participants. President Truong Tan Sang attended the Forum and discussed with business people of the two countries the development of supporting industry, restructuring of State-owned enterprises and bilateral cooperation on potential areas, raising confidence among Vietnamese and Singaporean businesses.
On the same occasion, Petroleum Service Corporation of PetroVietnam signed an agreement worth US$105 million with OCBC/OUB Bank of Singapore, providing oil floating storage (FOS) to Bien Dong Petroleum Operation Company (Bien Dong POC). Meanwhile, Vietnamese and Singaporean businesses met and discussed cooperation to establish centres for knitting wear in Vietnam, rice supply, fertilizer import-export in Singapore, smart solution upgrades for commercial banks, and building the Oriental Plaza complex.
During his visit to Malaysia, President Truong Tan Sang was received by King Tuanku Mizan Zainal Billah Shah and met with Prime Minister Najib Tun Abdul Razak and former Prime Minister Mahathir Mohammad.
At the Business Forum, Malaysian businesses showed great interest in Vietnamese efforts to stabilize the economy and control inflation, the policy on developing support industries and the skilled workforce market. The Forum also discussed the development of strategic cooperation between big companies of Vietnam and Malaysia, as well as cooperation among Asian countries in the implementation of the Trans-Pacific Free Trade Agreement.
Also in the framework of the Forum, important agreements were signed. Petroleum Service Corporation of PetroVietnam signed a shareholder agreement with Yinson Holdings to establish joint venture PTSC South East Asia Pte., Ltd. Hoa Binh Real Estate JSC signed with UOA Holdings SDN BHD an agreement valued at US$66 million to build 670 apartments of UOA project in Kuala Lumpur.
In addition to official agreements, initial agreements have been reached between Vietnamese and Malaysian businesses on Vietnamese rice supply and yarn export to Malaysia, development of new urban areas in Chau Doc and An Giang, and certain oil and gas sector agreementsH. The two countries will soon convene the 5th meeting of the Mixed Committee on Economic, Technology and Science Cooperation and try to increase two-way trade value to US$10 billion in the years to come.
These events are good opportunities for Vietnamese businesses to understand the markets and exchange information to establish suitable strategic linkages. The two forums have promoted trade and cooperation, bilaterally as well as in the region and the world as a whole.
Thu Ha
Vietnamese
