"Vietnam has a great demand for high quality service products such as education, health, tourism, logistics and trade, which has created great appeal and is attracted investment from Singapore’s businesses.” This is the statement of Singapore's Minister of Trade and Industry Lim Hng Kiang at Vietnam-Singapore Business Forum 2013 (VSBF 2013) with the theme “Building economic linkages: the way forward” The forum was held by Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with Singapore Business Federation (SBF).
Vietnam and Singapore established diplomatic relations in 1973, but not until after Vietnam became a member of ASEAN (1995) has the relationship between the two countries been improved to a new development stage. In addition, the two countries signed the Framework Agreement on Vietnam-Singapore Connectivity on 6 key areas. The result of this close cooperation is that Singapore always holds a place among Vietnam’s leading investment and trade partners. According to data from VCCI, in recent years the bilateral trade turnover of Vietnam - Singapore continued to increase. In 2010, it reached US$6.2 billion, in 2011 US$8.7 billion and in 2012 US$9 billion. In the area of investment, Singapore is present in most sectors of Vietnam from exploration and exploitation of oil and gas to industrial production, agriculture, forestry and seafood processing, infrastructure, services and real estate.
As of March 2013, Singapore had 1,139 investment projects in Vietnam with a total capital of US$27 billion. In the first 3 months of 2013, through Singapore, foreign investors invested about US$2.4 billion in Vietnam. VCCI President Vu Tien Loc said that Singaporean investors investing in Vietnam not only bring financial resources and advanced technology, but also global distribution network as well as valuable experience in management and business operation. This is truly a golden opportunity for Vietnamese enterprises, especially small and medium enterprises to learn valuable experience to be able to withstand and overcome economic downturn, towards sustainable development. Vietnam highly appreciates the constructive contribution and hopes to receive more positive support from the island’s business.
According to Mr Loc, there is no longer one side investment as before; now it comes from both sides. While Singapore companies focus on the manufacturing sector in consumer products, commerce, manufacturing assembly, industrial parks, urban planning and logistics, on the other hand, Vietnam is now particularly interested in investment opportunities in Singapore through greater investment sales office in the country in order to create good-commerce platform for dealing with big economies such as the US and EU. Mr Ho Meng Kit, CEO of Singapore Federation of Trade, appreciated the importance and significance of the Vietnam-Singapore Business Forum, and also confirms that this is the foundation for Vietnam and Singapore businesses to together explore new opportunities and learn from each other. Currently, Vietnam and Singapore are receiving special benefits from the bilateral economic relationship, including the The 9th Vietnam - Singapore Ministerial Meeting on Connectivity to strengthen cooperation between the two countries in the public and private sectors. Besides, in 2013, Singapore and Vietnam celebrate 40 years of bilateral relations. The signing of agreement of Strategic Partnership scheduled for this year will open up opportunities for potential cooperation, contributing to further strengthening bilateral relations in economic cooperation between the two countries. According to Minister Lim Hng Kiang, if Vietnam knows how to refresh itself and constantly enhance the promotion of trade and investment expansion, Vietnam can not only increase the attraction for Singapore businesses but also become the focus of attracting FDI investment in Southeast Asia. During the past 20 years, Singapore enterprises have invested in Vietnam in a positive way and now continue to look for long term relationships here. Singapore investors are looking forward to sharing experiences and cooperating with partners in Vietnam in the fields that Vietnam is calling for investment such as environment, infrastructure, real estate management, training and health care. Singapore companies committed to continuing long-term cooperation and actively participate in the development of Vietnam.
Mr Bui Quang Vinh, Minister of Planning and Investment said that Vietnam is making great efforts to improve the domestic investment environment to attract foreign investors, especially Singapore’s enterprises. Minister Vinh recommended that when facing any difficulties and obstacles, Singapore businesses should actively share directly in VSBF 2013 for assistance to overcome difficulties. The Vietnam Government committed to thoroughly solve the problems related to administrative procedures and policies, and create good conditions for foreign investors in general and Singapore businesses in particular to operate in the most efficient way.
Thanh Thao
Vietnamese
