Prime Minister attends Viet Nam-Singapore Business Forum

The event was jointly hosed by the Vietnamese Ministry of Planning and Investment, the Vietnamese Embassy in Singapore and the Singapore Business Federation (SBF).

Favorable conditions for Singaporean enterprises

Addressing the forum, Prime Minister Pham spoke highly of the bilateral relations over the past 50 years. Now, over 10,000 Vietnamese people are living, studying and working in Singapore. 

Especially, Viet Nam-Singapore Industry Park (VSIP) represents a successful model in economic cooperation between the two countries. So far, 12 VSIPs have come into operation in nine cities and provinces in Viet Nam, attracting about US$ 18 billion of FDI and generated nearly 300,000 jobs. The number of VSIP is expected to touch 15 by the end of 2023 towards a smarter and more sustainable manner. 

According to the Prime Minister, after more than 36 years of its doi moi (renewal) process and integration, Viet Nam has reaped many important achievements, with its economic scale rising to US$409 billion, and per capita income increasing to over US$ 4,100.  

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.

He was convinced that 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”, and “your success is our success”.

The Vietnamese Government pledges to always stand by, share, and create favorable ways for Singaporean enterprises to do a long-term and effective business in Viet Nam, he said. 

Viet Nam – a rising star in the region

In his remarks, Singapore’s Second Minister for Industry and Trade and Minister for Manpower Tan See Leng highlighted the economic relations between the two countries.

Singapore ranks first in ASEAN and second among 141 countries and territories investing in Viet Nam with 3,032 valid projects and total registered capital of US$70.39 billion.

In 2022, Singapore was the largest foreign investor with US$ 6.46 billion worth of investment, accounting for 23.3 percent of the total FDI poured into the country among 108 countries and territories investing in Viet Nam.

The bilateral partnership in digital economy and green economy, established during the ongoing official visit of Prime Minister Pham will create a foundation for enhancing the two countries' relations in energy, infrastructure, innovation and connectivity, he said.

A large number of delegates attending this forum demonstrates the Singaporean business community's interest in the Vietnamese market, Tan See Leng said. 

A representative from Standard Chartered bank assessed that Viet Nam is a rising star in the region thanks to stable policies, dynamic economy, reform efforts. With its commitments to climate change response and net zero emissions by 2050, the bank said it believes Viet Nam will continue to create opportunities for foreign investors./.