PM suggests Singaporean firms expand investments in Việt Nam

August 03, 2022 - 14:08
The Vietnam-Singapore strategic partnership is developing strongly and dynamically across all spheres, especially economy, trade and investment, with two-way trade expanding over 23 per cent to reach US$8.3 billion last year.
Prime Minister Phạm Minh Chính (right) and Singaporean Ambassador Jaya Ratnam. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính on Tuesday called on Singaporean firms to expand their investment in Việt Nam, particularly in technology, strategic infrastructure development, logistics and innovative startups.

At a reception for Singaporean Ambassador Jaya Ratnam and CEO of Temasek Foundation Ng Boon Heong in Hà Nội, Chính noted that the Việt Nam-Singapore strategic partnership is developing strongly and dynamically across all spheres and especially in economy, trade and investment, with two-way trade expanding over 23 per cent to reach US$8.3 billion last year despite COVID-19, and hitting $4.75 billion in the first half of this year.

Singapore has become Việt Nam’s biggest investor in the Association of Southeast Asian Nations (ASEAN) with 2,959 projects worth $69.86 million, ranking second among 139 countries and territories investing in Việt Nam.

According to the PM, the recent exchanges and meetings by senior leaders of the two countries have created a new impulse for bilateral ties and helped to promote cooperation in post-pandemic recovery and sustainable development.

He used the occasion to thank Singapore, and the Temasek Foundation in particular, for their support for Việt Nam during the COVID-19 pandemic and praised the foundation’s implementation of 27 cooperation and support programmes in Việt Nam since 2008, with total funding amounting to some $10 million and the participation of around 3,000 Vietnamese officials.

Việt Nam wishes to cooperate with Singapore and receive support from both the country and Temasek during its development, Chính continued, emphasising that Việt Nam wants to enhance its bilateral strategic partnership and learn from Singapore’s experience in building an independent, self-reliant economy in tandem with intensive, extensive international integration.

The PM suggested the two sides roll out projects and activities marking the 50th anniversary of bilateral diplomatic ties, and the 10th anniversary of the strategic partnership in 2023.

Attention should be paid to projects covering the areas of Việt Nam’s priorities and Singapore’s strengths like the digital economy, government, and society, as well as green economy and innovation, he said, urging greater efforts to promote Việt Nam-Singapore industrial parks.

He asked Temasek to step up cooperation and policy consultancy with Việt Nam, assisting the country in implementing programmes on high-quality personnel training and administration.

The Vietnamese Government welcomes and stands ready to create favourable conditions for Singaporean businesses to invest in the country, the leader said.

The Singaporean guests lauded the efforts of the Vietnamese Government in handling economic issues despite an array of challenges, as well as Việt Nam’s efforts and achievements in pandemic containment.

They shared the view that investment attraction results have reflected investors’ strong confidence in Việt Nam.

They agreed with PM Chính’s suggestions to boost cooperation in economy, trade, investment, digital transformation, energy transition and public-private partnerships, contributing to peace, stability, cooperation and development in the region and the world.

The Temasek Foundation CEO stressed that Việt Nam is the first country in Southeast Asia Temasek has invested in and that the firm wants to expand its investments in Việt Nam.

The ambassador conveyed an invitation from PM Lee Hsien Loong to PM Chính to visit Singapore as soon as possible. The Vietnamese leader accepted the invitation with pleasure and suggested arranging the trip through diplomatic channels. — VNS