Prime Minister attends Vietnam – Singapore business forum

Vietnam encourages partners and investors to engage in digital transformation, green transition, circular economy, innovation, and hi-tech and low-emission development in the country, Prime Minister Pham Minh Chinh stated while attending a Vietnam – Singapore business forum on February 10 as part of his official visit to Singapore.

In his remarks, the Vietnamese leader highlighted the fruitful development of the bilateral ties, saying that over the last 50 years, Vietnam and Singapore have understood and trusted each other more.

This is an important foundation to promote cooperation, towards setting new milestones in the relationship between the two countries, contributing to peace, stability, cooperation and development in the region and the world, PM Chinh stressed.

He informed participants about the results of his talks with Singaporean Prime Minister Lee Hsien Loong, noting that the increasingly strengthened relationship will create a favourable environment for partners and investors of the two sides to further promote win-win cooperation.

He affirmed that Vietnam consistently pursues the foreign policy of independence, self-reliance, multilateralization, and diversification of relations; and works hard on comprehensively and effectively promoting international integration.

The country is a good friend and trustworthy partner of international community, he stressed.  

According to the PM, after more than 36 years of its doi moi (renewal) process and integration, Vietnam has reaped many important achievements. Vietnam’s economic scale reached 409 billion USD, and per capita income increased from 160 USD to over 4,100 USD.

He stressed that the Vietnamese government is working to maintain macro-economic stability, ensure major economic balances and remove bottlenecks in the national economy in terms of institutions and laws, infrastructure and human resources.

The country also aims to develop supply chains, and build a stable environment along with policies, and ensure transparency, he added.

Chinh expressed his belief that with the resolve of both sides as well as the close friendship between the two peoples, economic ties will remain an important pillar in the bilateral relationship and serve as an engine to elevate it to a new height in the spirit of “harmonious interests and shared risks.”

Speaking at the forum, Singapore’s Second Minister for Industry and Trade and Minister for Manpower Tan See Leng highlighted economic relations between the two countries.

Singapore continues ranking first in ASEAN and second out of 141 countries and territories investing in Vietnam with 3,032 valid projects and total registered capital of 70.39 billion USD. In 2022, among 108 countries and territories pouring capital into Vietnam, Singapore was the largest foreign investor with 6.46 billion USD worth of investment, accounting for 23.3% of the total FDI poured into the country.

The bilateral partnership in digital economy and green economy, established during PM Chinh’s visit, will create a basis for enhancing the two countries' relations in energy, infrastructure, innovation and connectivity, he said, adding that the large number of delegates attending this forum also demonstrates the Singaporean business community's interest in the Vietnamese market.

At the forum, representatives of organisations and businesses discussed issues considered key to stabilising the macro-economy, ensuring major balances, and promoting economic growth in the coming years.

They showed their wish to invest and expand investment in Vietnam, especially in green economy and digital economy.

A representative of Standard Chartered Bank described Vietnam as a rising star in the region with its stable policies, dynamic economy, and reform efforts.

With its commitments to climate change response and net zero emissions by 2050, the bank said it believes Vietnam will continue to create opportunities for foreign investors.

On the occasion, the PM and representatives from ministries and agencies of the two countries witnessed the handover of some decisions and cooperation agreements, including a decision approving investment in building the VSIP Nghe An II, an agreement between the PetroVietnam Technical Services Corporation (PTSC) and Sembcorp Utilities of Singapore, and another between the Diplomatic Academy of Vietnam and Nanyang Technological University's S. Rajaratnam School of International Studies.

The Singaporean Business Association said a Singapore Regional Business Forum will be held in Hanoi this year as part of activities to celebrate the 50th anniversary of the bilateral diplomatic ties and the 10th anniversary of the strategic partnership between the two countries.