Singapore: two economies linked on a digital platform


On the invitation of the President of the Republic, Nguyên Xuân Phuc, the President of Singapore, Halimah Yacob, and her spouse pays a state go to to Vietnam from October 16 to twenty.

>> The Singaporean press welcomes the go to of the Vietnamese president

>> Assembly between the Vietnamese and Singaporean presidents


>> President Nguyên Xuân Phuc concludes his State go to to Singapore

>> Singaporean President Halimah Yacob anticipated in Vietnam

Singapore President Halimah Yacob.

That is the primary state go to by a overseas head of state to Vietnam for the reason that thirteenthe Nationwide Occasion Congress and the Singaporean President’s first abroad journey for the reason that outbreak of the COVID-19 pandemic.

The go to will assist to strengthen political belief, promote cooperation in lots of areas comparable to politics-diplomacy, defense-security, economic system, funding, expertise…, specifically to deliver cooperation between the 2 economies to a brand new degree: “connecting the 2 economies on a digital platform”.

Over time, the Vietnam-Singapore strategic partnership has developed properly.

In 2022, in a context the place the COVID-19 pandemic is below management, the 2 nations are getting into the restoration and development section. The 2 sides alternate many high-level delegations, together with President Nguyên Xuân Phuc’s state go to to Singapore (February 24-26). The 2 sides issued a Joint Press Launch on “Strengthening Strategic Partnership and Cooperation for Restoration”, signed 5 cooperation paperwork on protection, commerce, digital economic system, mental property, inter the 2 peoples.

As well as, there are 28 contracts, memorandums of understanding, cooperation agreements between Vietnamese associations, localities and firms with Singaporean companions, totaling greater than 11 billion USD in commerce, innovation and creativity, the event of good industrial parks, airport infrastructures, logistics, renewable energies…

Cooperation between the 2 legislative our bodies has been promoted lately. The presidents of the legislature of the 2 events held a gathering to debate bilateral cooperation. The 2 sides signed a memorandum of understanding on bilateral cooperation in the course of the official go to of the President of Singapore to Vietnam in Might.

Bilateral commerce: 8.3 billion USD in 2021

Financial cooperation continues to be thought-about a optimistic level within the relations between the 2 nations. Regardless of the COVID-19 pandemic, bilateral commerce between the 2 nations reached USD 8.3 billion in 2021 and USD 6.9 billion in September, up 16 % yr on yr.

Vietnam – Singapore Industrial Zone in Hai Phong (North).
Photograph: VNA/CVN

Singapore maintains the place of ASEAN’s largest investor in Vietnam. In August, Singaporean traders operated 2,974 efficient tasks, with a complete registered capital of 69.9 billion USD, accounting for 16.3% of whole funding. Singapore has invested in 18 sectors, primarily in processing and manufacturing, actual property, manufacturing and distribution of electrical energy, gasoline, water… Singapore has funding tasks in 50 of the 63 cities and provinces of Vietnam.

On the finish of 2021, Singaporean traders invested within the building of infrastructure for 11 Vietnam-Singapore Industrial Parks (VSIP), which cowl a complete space of ​​about 7,517 hectares. Invested Industrial Parks have attracted almost 1,000 tasks, greater than 80% of that are overseas funding tasks, with a complete funding capital of 18.1 billion USD, creating jobs for almost 300,000 direct employees.

As of July, Vietnam had 136 lively funding tasks in Singapore, with a complete registered capital of over 538 million USD. The tasks relate to science and expertise, wholesale and retail, automobile and bike restore, communication, manufacturing and manufacturing trade…

By way of transportation, Singapore is among the aviation markets of explicit significance to Vietnam, rating 6e rank in variety of passengers within the nation (primarily based on 2019 information). At present, Vietnamese and Singaporean airways have principally restored common industrial flights.

Cooperation in different areas comparable to safety – protection, finance – banking, training – coaching, pure assets – atmosphere, legislation – justice between the 2 nations continues to strengthen. .

At present, Singapore has about 13,000 Vietnamese.

Assessing this state go to to Vietnam by Singaporean President Halimah Yacob, Vietnamese Ambassador to Singapore Mai Phuoc Dung mentioned the go to goals to deepen the Strategic Partnership established by the 2 nations greater than 9 years in the past. years and to concretize the outcomes of cooperation between the nations.



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