DPM works with Singapore Manufacturing Federation

Deputy PM Truong Hoa Binh attended a roundtable with the Singapore Manufacturing Federation (SMF) on the sidelines of his working visit to Singapore. 

Deputy PM Binh said that after 46 years of diplomatic ties and six years of strategic partnership, Singapore has become an important partner of Viet Nam in terms of investment, trade, tourism, education, healthcare, and transportation in ASEAN. Singaporean businesses early set their footholds in Viet Nam in various fields. 

So far, Singapore poured over US$ 50 billion of FDI into over 2,300 projects in 48 out of 63 provinces and cities in Viet Nam, making it third largest investor among 132 countries and territories investing in Viet Nam. In the first half of 2019, Singapore invested US$ 3.2 billion in Viet Nam. 

Especially, seven Viet Nam-Singapore Industrial Parks (VSIP) were effectively operatiing. They represented good symbols of economic cooperation between the two countries. 

Two-way trade turnovers hit US$ 7.66 billion in 2018 and US$ 3.7 billion in the first six months of 2019. A large number of made-in-Viet Nam products were present in Singapore including agricultural and electronic products. 

Deputy PM Binh underlined the impressive outcomes in the bilateral cooperation in culture, education, healthcare, and tourism. Particularly, over 300,000 Vietnamese people visited Singapore in 2018. 

He added that the Vietnamese market has witnessed basic changes with US$ 2,600 of average income per capita in 2018. By 2020, the country targets to raise GDP growth rate by 6.5-7% and average GDP per capita at US$ 3,200-3,500. 

The Vietnamese market is large enough for Singaporean investors to do successful business, said Permanent Deputy PM Truong Hoa Binh. 

He stressed that in the coming time, the Government would focus on restructuring the economy; actively integrating into the world economy; raising labor productivity; developing digital economy. 

Specifically, Viet Nam would perfect the legal system towards transparency, openness, less administrative procedures, raise labor quality; promote auxiliary industries; and raise localization rates.  

Deputy PM Binh praised the Singaporean economy and expressed the aspiration to learn her experiences especially in infrastructure development, modern energy, and advance education. 

At the roundtable, the Deputy PM, Vietnamese leaders from the Ministry of Construction, the Ministry of Planning and Investment, the Ministry of Transport, and the Commission for the Management of State Capital responded to inquiries of Singaporean investors on business opportunities in Viet Nam./.

By Kim Anh