Singapore is the third largest investor in Vietnam.

Vietnam - Singapore economic cooperation has developed strongly in the fields of trade, transportation, education and training, investment, tourism...

In terms of investment, Singapore is currently the third largest investor in Vietnam with more than 1,900 projects with a total capital of more than 41 billion USD. The average investment capital of a Singaporean project is about 21.6 million USD, higher than the average of 12.9 million USD per foreign investment project in Vietnam.

Regarding trade, the two sides discussed measures to increase bilateral trade exchanges towards gradually narrowing the trade balance, through creating favorable conditions for Vietnam's export goods, especially agricultural, forestry and fishery products, processed foods, textiles, footwear, wooden products and construction materials.

At the 13th Vietnam-Singapore Economic Connectivity Ministerial Conference held in Hanoi on October 17, Mr. Nguyen Chi Dung, Minister of Planning and Investment of Vietnam, asked Singapore to encourage Singaporean enterprises to invest in the energy and industrial sectors (prioritizing supporting industries) in Vietnam. At the same time, he asked Singapore to promote cooperation with Vietnam in the fields of renewable energy, liquefied natural gas, energy saving and efficient use measures and smart grid technology...

Singaporean investors have diversified their investment fields in Vietnam (Illustration photo)

Mr. Nguyen Chi Dung emphasized: Currently, the world economy is changing very rapidly, forming new models, production chains, and supply chains. Vietnam and Singapore also need to quickly change their thinking and awareness to find out what are the new opportunities and what are the new challenges to face. From there, they can identify a new vision to share, promote cooperation in a more practical and effective way, on par with the strategic partnership between the two countries.

The two sides also discussed a number of measures to remove difficulties and create conditions for Singaporean businesses to expand their operations in Vietnam as well as seek new areas of cooperation. Particularly in the field of transportation, Vietnam is ready to create conditions for Singaporean airlines to exploit commercial rights with new airports in Vietnam such as: Phu Quoc (Kien Giang), Cat Bi (Hai Phong), Hue (Thua Thien-Hue), Lien Khuong (Lam Dong), Can Tho (Can Tho) and soon Van Don airport (Quang Ninh).

According to Mr. Lim Hng Kiang, Minister of Trade and Industry of Singapore, the trade and investment cooperation relationship between Vietnam and Singapore is developing very strongly. To date, Vietnam has invested in 93 projects in Singapore with a total capital of 235 million USD, ranking 10th among countries and territories with investment projects in Singapore. The investment projects focus on the fields of oil and gas, mining, retail, services, information technology and logistics.

Mr. Lim Hng Kiang affirmed: Regarding tourism alone, every year 250,000 people from Singapore come to Vietnam and about 500,000 Vietnamese people come to Singapore for tourism. If the two sides have better connections in transportation, especially by air and sea... the number of tourists from both sides will certainly increase significantly.

2018 marks the 40th anniversary of Vietnam-Singapore relations. The two sides pledged to actively coordinate to organize meaningful and effective events, promoting development in many fields of both countries./.

According to VOV