In the fast changing world economy, Singapore continues to be a leading investor in Vietnam. Vietnam-Singapore Business Forum (VSBF) 2011 to be organised by Vietnam Chamber of Commerce and Industry (VCCI) from November 30 to December 2 will reaffirm the attractive investment environment in Vietnam and promote cooperation between the two countries. On this topic, the Vietnam Business Forum had an interview with Dr Doan Duy Khuong, VCCI Vice President and Chairman of ASEAN Business Advisory Council. Giang Ha reports.
How do you see the cooperation between Vietnam and Singapore in the ASEAN framework?
Vietnam and Singapore established diplomatic relations in 1973. In 1991, especially after Vietnam joined ASEAN membership in July 1995, the relations between the two countries entered a new period. The comprehensive bilateral cooperation has been increasingly efficient, especially in economy and trade. Vietnam and Singapore have become first ranking trade partners. In spite of the change in the FDI flow from ASEAN to Vietnam in recent years, Singapore continues the lead in projects, capital and size of investments in Vietnam. Bilateral relations in economy, trade and investments continue to expand after the signing of Vietnam-Singapore Connectivity Frame Agreement.
In the 10 months of 2011, there were 81 new Singapore investment projects in Vietnam with total capital of US$1,419 million. Singapore becomes the third biggest investor in Vietnam. Singapore investors participate in almost all economic sectors of Vietnam: oil and gas exploration, agriculture, processing industry, especially in infrastructure, services and real estate. Bilateral trade value increased to US$10 billion in 2010, four times that of 2000.
Singapore plays an important role not only in bilateral economic relations with Vietnam but also in ASEAN multilateral cooperation. In return, the close cooperation between Vietnam and ASEAN will contribute to the bilateral relations as well as a strong ASEAN and towards ASEAN Economic Community (AEC) in 2015. Evidently, the economic cooperation between Vietnam and other countries, especially Singapore, is increasing and will reach a new height.
With such a strong foundation, will Vietnam-Singapore Business Forum (VSBF) 2011 attract more Singapore businesses?
Vietnam-Singapore Business Forum 2011: Chance to interact and understand each other
Mr Bobby Liu, President of Singapore Business Association in Vietnam (sbav)
Currently, the friendship and comprehensive cooperation between Vietnam and Singapore is seeing strong growth. The leaders of the two countries frequently visit each other and have high level contacts. Singapore is always a trade partner and top investor in Vietnam. Singapore is currently Vietnam’s 5th largest trading partner. Bilateral trade between the countries has seen an overall four-fold increase since 2000, reaching US$10.1 billion in 2010.
Vietnam- Singapore Business Forum (VSBF) 2011 is a chance to interact and understand each other. Moreover, the event will bring business representatives from the two countries together; will also update Singaporean and Vietnamese firms about investment opportunities in Vietnam and Singapore.
Besides, VSBF will also provide enterprises the opportunity to contact and communicate with officials of the ministries and agencies of the two countries, to establish new relationship with potential partners and gain access to capital, and search for new business opportunities in Singapore and Vietnam.
This forum once again confirms the interest of the leaders, researchers, and business communities in cooperation and concrete investment between the two countries, particularly in the areas of financial services and banking, executive education, real estate and property management services, as well as manufacturing and supply chain management. |
The first VSBF 2011 will be organised by VCCI and ASEAN BAC with the cooperation of Singapore Trade Federation, Singapore International Business Development Department and Singapore Federation of Trade and Industry. The event has attracted some 300 participants, including over 100 businesses from Singapore with leading Singapore and Vietnamese companies as Capitaland, Savills, Mercatus, Keppel Land, Sembcorp, Vingroup, Kinh Bac Urban Development Corporation, BRG Group, Tan Tao Group, Vinaconex etc. It will be the biggest event promoting bilateral trade and direct investments in recent years, especially after the visit of President Truong Tan Sang to Singapore in September 2011.
The Forum will reaffirm the interests of the two countries and businesses in economic cooperation and investments, especially in financial-banking, transport, education and real estate.
Can you elaborate further on the proceeding of the business forum?
VSBF will proceed in three days. Day 1, representatives of ministries, experts and entrepreneurs of Vietnam and Singapore will discuss Vietnamese macro-economy and investment environment. Day 2, VSBF will have intensive discussion on four topics: financial-banking services, real estate, high education and supply chains. In particular, two cooperation agreements will be signed right at the Forum, namely the agreement between the International Women's Federation of Commerce and Industry (IWFCI) and the Hanoi Association for Entrepreneur Women (HNEW), and the agreement between Mercatus Capital of Singapore and Vietnam Business Forum Magazine (VCCI).
Day 3, the participants will have a chance to explore business and investment opportunities in Bac Ninh province, and visit some such as urban infrastructure and housing projects in Que Vo Industrial Zone of Kinh Bac Urban Development Corporation, Vietnam –Singapore Industrial Park (VSIP) and some other industrial zones.
In the framework of the Forum, there will be exhibition of businesses of the two countries on activities, products and services. Participants can have the chance to understand more on business cooperation between the two countries. There are also other programmes such as get-together between businesses, visits to Vietnamese and Singapore industrial zones and businesses. Those activities are also most helpful for businesses of the two countries.
As the organizer of the event, what do you expect from the Forum 2011?
As many economists believe, the constraints in the global economy, high production cost and fluctuations in exchange rates make Vietnam a most attractive investment destination in the region with strategic location and a bridge linking dynamic economic regions of the world and especially among ASEAN countries. Furthermore, political stability and small risk of natural disasters make businesses especially those from Singapore to invest in Vietnam. We do hope that the participation of policy-makers and businesses of the two countries, as well as those inside and outside ASEAN will contribute to the socio-economic development in Vietnam, the promotion of Vietnam-Singapore economic cooperation and other regional and international economic cooperation such as East Asia Summit (EAS) and Trans-Pacific Free Trade Agreement (TPP).
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