Vietnam - Singapore: Deep, Broad and Close Cooperation

 

Vietnam Business Forum is given an exclusive interview with Dr Vu Tien Loc, VCCI President. Thu Ha reports.

 

Vietnam and Singapore established the diplomatic relations on August 1, 1973. The Vietnamese Embassy in Singapore was opened in December 1991 and the Singapore Embassy in Hanoi was established in September 1992. Vietnam - Singapore cooperation ties have nicely and strongly developed over the past 40 years, powered by the close relationship and absolute trust of the Parties, the governments and the peoples. Economically, Singapore has become a leading trade and investment partner of Vietnam.

 

According to data from the Vietnam Chamber of Commerce and Industry (VCCI), the two-way trade turnover keeps growing up. The value reached US$6.2 billion in 2010, US$8.7 billion in 2011 and US$9 billion in 2012. As of 2012, Singapore had 1,099 investment projects with a total registered capital of US$24.67 billion in Vietnam, ranking fourth among more than 98 countries and territories with investment in Vietnam and being the biggest ASEAN investor in the country. In 2012 alone, Singapore had 89 new projects worth nearly US$490 million in Vietnam. The high operating efficiency of many Singapore-invested projects has helped increase employment, export turnover and economic growth for Vietnam. Vietnam International Container Terminals Joint Venture (VICT) in Ho Chi Minh City and Vietnam - Singapore Industrial Park (VSIP) in Binh Duong province are cited as the evidences for right investments of Singaporean corporations in Vietnam.

 

Especially, the two countries’ governments have set up the economic connectivity strategy on the occasion of the 40th anniversary of diplomatic relations establishment, and Vietnam and Singapore have also reached the agreement to upgrade the cooperation relations to the strategic partnership. This very important event will open up a new chapter in friendship and cooperation relations, and create a driving platform for powerful expansion of bilateral and multilateral ties for the sake of benefits the two peoples, peace, stability, cooperation and development in the region and the world.

 

Taking place for the first time in 2011, the Vietnam - Singapore Business Forum (VSBF) has become a large-scale business matchmaking event that contributes to bilateral cooperation promotion.

VSBF 2013 is one of important and first events in commemoration of the 40th founding anniversary of Vietnam- Singapore diplomatic relations and an important element to elevate the nice multifaceted cooperation ties to strategic partnership as agreed by Vietnamese Party General Secretary Nguyen Phu Trong and Singapore Prime Minister Lee Hsien Loong.

 

With the attendance of big corporations from both nations like VSIP, Ascendas, Capital Land, Keppel Land, VinaCapital, Mercatus Capital and Raffles International, VSBF 2013 will further promote multifaceted ties between Singapore and Vietnam. This is also a good opportunity for the business communities of the two countries to update macroeconomic situation in Vietnam for the time being and learn about investment encouragement policies in the future. In addition, honourable ministers of the two countries and other speakers will represent specific directions to promote the bilateral trade and investment relations. These strong commitments guarantee the success of the forum in particular and open up more cooperation opportunities for enterprises of the two countries in general.

 

This is also a very practical activity when ASEAN countries are working towards the establishment of the ASEAN Economic Community by 2015. The economic community will facilitate the circulation of capital flows and trade exchange and create opportunities for businesses to expand more efficient business and bring more benefits for Vietnam and Singapore in particular and the region in general.

 

In addition, 2013 will witness the 50th founding anniversary of VCCI. VSBF falls on the celebratory duration. Hence, the forum is also one of celebrating activities.

 

In fact, VCCI has organised a lot of investment promotion and cooperation activities for Vietnamese enterprises with foreign companies, including Singapore. For instance, VCCI has hosted many business delegations to survey foreign markets, the Vietnam Days in Singapore and the Vietnam - Singapore Trade, Investment and Tourism Forum. It also led a business delegation to attend the ASEAN Summit and the ASEAN Business and Investment Summit. These events have effectively promoted the bilateral relationships.

 

VCCI is also advising policies and business environment, focusing on macroeconomic stability, sustainable growth, market and partner search, and for multilateral cooperation expansion. In the near term, VCCI will work closely with other organisations to launch more events to strengthen economic, commercial and investment cooperation between Vietnam and Singapore in particular and with other countries in general.

VCCI will strive to become a reliable and effective bridge for Vietnamese and Singaporean enterprises; answer questions on new policies from enterprises; and promote education cooperation, especially in electronics, information technology, biotechnology, high-tech medicine; and connect Singaporean universities and research institutes with Vietnamese partners.

 

Regards the target towards the ASEAN Economic Community, I believe that Southeast Asia has made important progress in the regional integration but it is also facing considerable difficulties and challenges. Thus, as a role representative of the Vietnamese business community, VCCI will strengthen solidarity and cooperation with businesses and other organisations to overcome difficulties to achieve the goal of forming the ASEAN Economic Community by 2015.