Prime Minister Pham Minh Chinh visits Singapore: Bringing economic cooperation between the two countries to new heights

At the invitation of Prime Minister of the Republic of Singapore Lee Hsien Loong and Sultan of Brunei Darussalam Hassanal Bolkiah, Prime Minister Pham Minh Chinh and his wife will pay an official visit to the Republic of Singapore and Brunei Darussalam from February 8-11, 2023.

Singapore Prime Minister Lee Hsien Loong and Prime Minister Pham Minh Chinh.

Prime Minister Pham Minh Chinh’s visit to Singapore takes place in the context of the dynamic and strong development of the Vietnam-Singapore strategic partnership in all fields. In 2023, the two countries will celebrate the 50th anniversary of diplomatic relations and the 10th anniversary of the strategic partnership.

Exchanges of delegations and contacts at high and all levels between the two countries have been maintained regularly and effectively, especially in 2022 with the visits of former President Nguyen Xuan Phuc to Singapore (February 2022); Speaker of the Singaporean Parliament Tan Chuan-Jin to Vietnam (May 2022); Deputy Prime Minister and Coordinating Minister for Economic Policy of Singapore Heng Swee Keat to Vietnam (September 2022); President of Singapore Halimah Yacob to Vietnam (October 2022).

In terms of investment and trade, Singapore is Vietnam's leading economic partner in the region. Total trade turnover in 2022 is expected to reach about 9 billion USD, up 10.1% compared to 2021 (in 2021 it reached 8.3 billion USD).

VSIP Binh Duong Industrial Park.

Singapore holds the leading position in ASEAN and ranks second out of 141 countries and territories investing in Vietnam with 3,032 valid projects with a total registered capital of 70.39 billion USD. Vietnam - Singapore Industrial Parks (VSIP) are a symbol of economic cooperation between the two countries with 12 VSIPs in 9 provinces and cities in Vietnam with a high occupancy rate (about 83.2%), attracting 17.6 billion USD in total investment capital for about 900 projects, creating nearly 300,000 jobs.

During recent high-level visits, leaders of the two sides agreed on a number of major cooperation directions, suitable for the era of Industry 4.0, especially in new areas such as digital economy, digital transformation, connecting regional and global supply chains, building a green economy, sustainable development, and chain cooperation in production.

Prime Minister Pham Minh Chinh's visit aims to affirm the elevation of Vietnam-Singapore economic cooperation to a new height in the context of a series of new-generation Free Trade Agreements (FTAs) with the participation of Vietnam and Singapore taking effect and being implemented, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).

Regarding defense and security cooperation, the bilateral defense cooperation agreement signed in February 2022, the defense cooperation plan for the 2023-2025 period, and the Memorandum of Understanding on cybersecurity signed in October 2022 are being implemented by the two countries; effectively promoting dialogue mechanisms and enhancing cooperation between military branches and services.

Minister of National Defense Phan Van Giang met bilaterally with Singaporean Minister of Defense Ng Eng Hen in June 2022. Photo: qdnd.vn

According to Thai scholar and veteran international relations expert Kavi Chongkittavorn, what makes the Vietnam-Singapore relationship unique is the two countries' cooperation in the field of security and defense, with the maintenance of high-level visits and strategic dialogues. Within ASEAN, Vietnam and Singapore share common views on major power competition and its implications for the region. Both countries strongly support ASEAN's central role, calling on all ASEAN dialogue partners to actively engage and support ASEAN in building a peaceful, stable and prosperous Community.

In addition, cooperation between Vietnam and Singapore in other fields such as education, culture, tourism, etc. has also been strengthened and promoted through specific and substantive agreements and memorandums of understanding.

Singapore is an important member with a voice in ASEAN, at multilateral forums and in the international arena. 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 (United Nations, ASEAN, APEC, etc.) and bilateral and multilateral free trade agreements that both countries participate in and sign (CPTPP, RCEP)./.

PV