Establishing diplomatic relations in 1973, Vietnam and Singapore have become leading trade and investment partners. The official uplifting of bilateral ties to strategic partnership in 2013 has created a stronger basis for further boosting cooperation in all aspects for mutual benefit.
The bilateral trade relations between Vietnam and Singapore have continuously maintained strong annual growth in the face of global economic downturn. Singapore attaches importance to developing cooperation relations with Vietnam and the latter has become a major market of the former in Southeast Asia. Singapore is also one of leading trading and investment partners of Vietnam. Many Singaporean investment projects are operating effectively in Vietnam. Especially during the official visit to Vietnam by Prime Minister Lee Hsien Loong in September 2013 and at many activities in commemoration of the 40th anniversary of Vietnam - Singapore diplomatic relations establishment (August 1, 1973 - 2013), the two sides expressed satisfactions in the strong development in all fields of politics, economy, trade, investment, education and training, people-to-people exchange in the past time. The two sides also shared the view that further strengthening their long-term, comprehensive and stable relationship not only served the interests of both nations but also contributed to promoting peace, stability, prosperity and cooperation in the region as well as building the ASEAN Community by 2015.
According to data from the General Department of Vietnam Customs, the bilateral merchandise trade between Vietnam and Singapore always occupied a considerable proportion in Vietnam’s export - import revenue in the 2006 -2012 period. The performance was optimistic in the first two months of 2014.
Major Vietnam's exports to Singapore in the first two months of 2014 were down 3.96 percent year on year to US$395.8 million. The key exports included petroleum (up 250.68 percent - the highest growth in the reporting period), pepper (up 194.23 percent) and coffee (up 61.34 percent).
Notably, Vietnam shipped two new products - ceramics and rubber - to Singapore in the January-February period, raking in US$614,000 and US$267,200, respectively.
Meanwhile, Vietnam’s imports from Singapore grossed 2.319 billion SGD (US$1.832 billion) in the first two months, up 25 percent from a year earlier.
Most imports saw high growth rates, specifically food and processed items (568 percent), books and publications (106 percent), aviation spare parts and equipment (105 percent), cigarettes (67 percent), optical machines and instruments (55 percent), gasoline (45 percent) and steel (44 percent). Only chemicals and chemical-based products declined 40 percent and 8 percent year on year in the first two months, respectively.
In investment, by the end of 2013, Singapore had 1,219 direct investment projects in Vietnam with a total registered capital of over US$29 billion, ranking second among 101 countries and territories directly investing in Vietnam. Singapore is present in almost all economic sectors in Vietnam, from oil and gas exploration and exploitation, and industrial manufacturing to agriculture, forestry and seafood processing. A majority of Singapore’s investment capital has been channelled into infrastructure, services and real estate business. Good-performing projects of Singapore have contributed significantly to employment, export and economic growth in Vietnam.
Tourism is a potential cooperation field. The visa-free entry for their citizens affirmed the strong tourism development between Vietnam and Singapore. Singapore tourism authority was also the first international travel agency to open a representative office in Vietnam and this has boosted tourism arrivals between the two nations. In the coming time, the two sides will strengthen tourism cooperation, and bolster cooperation in tourism promotion activities and information exchange through the Singapore - Vietnam Tourism Cooperation Mechanism (SVTC).
In addition, in 2013, the two nations celebrated their 40th anniversary of diplomatic relations. Many meaningful events in honour of this milestone were organised, particularly the Vietnam - Singapore stamp issue on the 40th anniversary by the Ministry of Information and Communications and the Vietnam Posts Corporation; conferences and forums on bilateral cooperation.
By enhancing cooperation at international and regional forums, the two sides agreed to promote free trade and integration in the region through regional forums such as Asia -Pacific Economic Cooperation (APEC), strengthening the multilateral trading system to ensure that the World Trade Organisation (WTO) to uphold its relevance in the present time and in the future; support the conclusion of negotiations on the Trans-Pacific Partnership (TPP); and ensure the interests of all the members with different development levels. Besides, the two sides agreed to strengthen cooperation towards an integrated ASEAN Community and realise ASEAN’s objectives by 2015 and beyond to ensure the long-term growth and prosperity for the region.
Thu Ha
Vietnamese
