Singapore – Vietnam Consolidating Economic Cooperation

2:41:21 PM | 9/6/2023

Vietnamese Prime Minister Pham Minh Chinh and Singaporean Prime Minister Lee Hsien Loong attended a conference to promote the implementation of Vietnam-Singapore investment cooperation projects. The event, which took place during Prime Minister Lee’s recent official visit to Vietnam, was attended by more than 500 central and local officials and 150 companies from both countries.

Party General Secretary Nguyen Phu Trong (R) welcomes Singaporean Prime Minister Lee Hsien Loong

During the conference, both leaders emphasized the importance of enhancing trade relations between the two countries. Prime Minister Lee Hsien Loong recalled his attendance at the groundbreaking ceremony of Vietnam-Singapore Industrial Park (VSIP) Quang Ngai 10 years ago, which was the fifth VSIP at that time. To date, 13 VSIPs have been established in nine provinces and cities across Vietnam, attracting US$18 billion of investment capital and creating 300,000 jobs. VSIPs express the two countries’ strong cooperation and common belief in development.

Prime Minister Lee Hsien Loong also highlighted that VSIP Binh Duong 1 focuses on developing light industries, while VSIP Binh Duong 3 is a green, smart industrial park with an on-site solar power plant, home to the world’s first carbon-neutral factories of Lego Group (Singapore). Many Singaporean investors have found suitable partners in Vietnam.

President Vo Van Thuong (R) and Singaporean Prime Minister Lee Hsien Loong

For his part, Prime Minister Pham Minh Chinh said that after 50 years, Vietnam-Singapore friendship and cooperation have been continuously reinforced and developed strongly and comprehensively. At the same time, the two sides continue to aim for new highs based on shared strategic interests, cooperation achievements, and solid friendship.

Prime Minister Lee reiterated that the two sides signed an agreement on establishing a digital economy-green economy partnership during Prime Minister Chinh’s visit to Singapore in February that laid a foundation for implementing bilateral cooperation in digital economy, green economy, green finance, clean energy, climate change response, and other fields.

National Assembly Chairman Vuong Dinh Hue (R) meets with Singaporean Prime Minister Lee Hsien Loong

Five new VSIP industrial parks to be built

Vietnamese Prime Minister Pham Minh Chinh emphasized that economic cooperation, investment, and trade are the most important pillars of the Vietnam-Singapore strategic partnership, always focused on comprehensive development. He noted that the two countries are well-grounded to upgrade their ties to new heights, especially after the recent visit by Prime Minister Lee Hsien Loong and his spouse. During the conference, both leaders agreed to focus on connecting the two economies in the coming time, particularly on new areas such as digital transformation, green transformation, circular economy, sharing economy, innovation, and human resource training.

The two leaders also witnessed the announcement ceremony of important investment cooperation agreements between Vietnam and Singapore. These include a memorandum of cooperation on the development of 12 new Vietnam-Singapore Industrial Parks (VSIPs) in various Vietnamese localities such as Nam Dinh, Khanh Hoa, Ninh Binh, Hai Phong, Tay Ninh, Hai Duong, Thanh Hoa, Ha Tinh, Thua Thien - Hue, Binh Phuoc, Quang Ngai and Thai Binh.

Prime Minister Pham Minh Chinh and Singaporean Prime Minister Lee Hsien Loong attend the groundbreaking ceremony of VSIP Can Tho, VSIP Bac Ninh 2 and VSIP Nghe An 2

Vietnamese Minister of Planning and Investment Nguyen Chi Dung handed investment certificates for VSIP Lang Son (in Lang Son province) and Son My 2 Industrial Park (in Binh Thuan province). The two prime ministers attended the groundbreaking ceremony of VSIP Can Tho, VSIP Bac Ninh 2 and VSIP Nghe An 2.

Minister of Natural Resources and Environment Dang Quoc Khanh announced the decision to approve marine resources surveys for PetroVietnam Technical Services Corporation (PTSC) and a letter of intent from the Energy Market Authority (Ministry of Industry and Trade of Singapore) on the proposal to develop electricity export infrastructure from Vietnam to Singapore by a joint venture of PTSC and Sembcorp.

The Vietnam-Singapore Innovation Center was launched during the conference held in Binh Duong province. The center was established by Vietnamese partners, including Becamex IDC Corporation, VSIP, and Eastern International University, and Singaporean partners, including Sembcorp, Singapore Polytechnic, and Industry 4.0 Transformation Alliance.

During his official visit to Vietnam, Prime Minister Lee Hsien Loong met with Party General Secretary Nguyen Phu Trong and President Vo Van Thuong. He attended the official welcoming ceremony, held talks, and witnessed the signing ceremony of cooperation documents between Vietnam and Singapore. He also attended the official reception banquet hosted by Prime Minister Pham Minh Chinh and met with Chairman of the National Assembly Vuong Dinh Hue.
Vietnamese leaders welcomed Prime Minister Lee Hsien Loong and his high-ranking delegation to Vietnam on the celebratory anniversary of 50-year diplomatic relations (1973-2023) and 10-year strategic partnership. They highlighted this as an important milestone in Vietnam-Singapore relations.
Prime Minister Lee Hsien Loong expressed his delight to revisit Vietnam and respectfully thanked Vietnamese leaders for the warm welcome and reception. He emphasized that the bilateral relationship has strengthened, deepened, and expanded into many new fields. Singapore attaches great importance to further reinforcing relations with Vietnam.
Both sides welcomed the promotion of high-level and all-level exchanges and contacts across Party, State, Government, and National Assembly channels. They effectively deployed bilateral cooperation mechanisms, especially the ministerial mechanism on economic cooperation. They effectively expanded Vietnam-Singapore Industrial Parks (VSIPs), a symbol of successful economic cooperation between the two countries. They also bolstered education and training cooperation and people-to-people exchanges, especially between young generations.
In addition to further upholding traditional cooperation spheres, the two leaders agreed to promote cooperation in new areas, including innovation, clean energy, just energy transition, digital transformation, and innovation talent exchange.
On this occasion, Vietnam and Singapore signed seven cooperation documents.

Source: Vietnam Business Forum