The two countries cooperate closely on regional and international issues of mutual concern, including the East Sea issue; promote cooperation at multilateral organizations and forums (UN, ASEAN, APEC…) and bilateral and multilateral free trade agreements both countries join and sign (Agreement). Comprehensive and Progressive Agreement for Trans-Pacific Partnership – CPTPP, Regional Comprehensive Economic Partnership Agreement – RCEP).
In particular, the economy is the bright spot in the relationship between the two countries. Currently, Singapore is the leading economic partner of Vietnam in the region. Total trade turnover in 2022 will reach regarding 9 billion USD, up 10.1% compared to 2021. Singapore maintains its leading position in ASEAN and 2nd out of 141 countries and territories investing in Vietnam with 3,032 The project is still valid with a total registered capital of 70.39 billion USD.
Vietnam – Singapore Industrial Parks (VSIP) is a symbol of economic cooperation between the two countries with 12 VS1P zones in 9 provinces and cities in Vietnam with a high occupancy rate (regarding 83.2%), attracting high occupancy rates. 17.6 billion USD of total investment capital for regarding 900 projects, creating nearly 300,000 jobs.
During the recent high-level visits, the leaders of the two sides agreed on a number of major cooperation directions, suitable for the 4.0 industry era, especially in new fields such as digital economy, digital transformation, economic integration, and economic development. connecting regional and global supply chains, building a green economy, sustainable development, chain cooperation in production.
Embassy staff and Vietnamese community welcome Prime Minister Pham Minh Chinh and his wife at Changi Airport, Singapore. (Photo: Duong Giang/VNA).
The visit aims to affirm to bring the economic connectivity cooperation between Vietnam and Singapore to a new height in the context of a series of new-generation Free Trade Agreements (FTAs) with the participation of Vietnam and Singapore coming into effect. and put into practice, including CPTPP, and RCEP.
It is expected that during the official visit to Singapore, Prime Minister Pham Minh Chinh will hold talks with Singapore Prime Minister Lee Hsien Loong; meeting with Singapore President Halimah Yacob; Meeting with Speaker of the National Assembly of Singapore Tan Chuan-Jin… Along with that, Prime Minister Pham Minh Chinh met with the Vietnamese community in Singapore to listen to people’s thoughts and feelings. In particular, the Prime Minister worked with leading businesses in Singapore and attended the Vietnam – Singapore Business Forum to promote trade and investment cooperation between the two countries.