Singapore to invest over 67.5 billion USD to Vietnam

In News / July 12, 2022

On 12 May 2022, Báo Điện tử Chính phủ published an article in Vietnamese: Singapore đăng ký đầu tư trên 67,5 tỷ USD vào Việt Nam

We provide a translation of the key points in English below:

Prime Minister Pham Minh Chinh and Singaporean Prime Minister Lee Hsien Loong assessed that economic cooperation continues to be one of the driving forces in cooperation and linkage in the region. Singapore recently became the 2nd largest investor in Vietnam with a total registered capital of over 67.5 billion USD.

Singapore đăng ký đầu tư trên 67,5 tỷ USD vào Việt Nam - Ảnh 1.

Prime Minister Pham Minh Chinh and Singapore Prime Minister Lee Hsien Loong – Photo: VGP/Nhat Bac

On the morning of May 12th, on the occasion of attending the ASEAN-US Special Summit, visiting and working in the US and the United Nations, Prime Minister Pham Minh Chinh had a meeting with Singaporean Prime Minister Lee Hsien Loong. Prime Minister Pham Minh Chinh congratulated Singapore on selecting the head of the 4th Generation Leadership Group of the ruling People’s Action Party (PAP); expressed confidence that Singapore will continue to stabilize and develop prosperously; emphasized that Singapore is one of the important partners for Vietnam’s development and showed profound appreciation to the contributions of generations of Singaporean leaders, including PM Lee Hsien Loong, to the cooperation between the two countries.

In return, Prime Minister Lee Hsien Loong affirmed the great importance of Strategic Partnership with Vietnam and looked forward to developing the ties disruptively, both within the bilateral and multilateral framework; also he gave congratulations on Vietnam’s socio-economic development achievements.

The two leaders expressed their satisfaction at the rapid and strong developments in cooperation between the two countries, especially economic cooperation, which continues to be one of the bright spots in cooperation and connectivity in the region. Singapore recently became the second largest investor in Vietnam with a total registered capital of over 67.5 billion USD. Over the past 20 years, the Vietnam-Singapore Industrial Parks (VSIPs) have operated more and more effectively, actively contributing to the strategic partnership between the two countries. Cooperation in defense-security, culture, education, and people-to-people exchanges still maintains a strong pace of development.

Towards the 50th anniversary of the establishment of diplomatic relations and the 10th anniversary of the establishment of the Vietnam-Singapore Strategic Partnership in 2023, the two Prime Ministers agreed to step up high-level visits and contacts; regular maintenance of bilateral cooperation mechanisms; continue cooperation in economic recovery and development after the pandemic, including cooperation in developing the digital economy, green economy and circular economy; continue to expand and develop VSIP zones; jointly coordinate to effectively take advantage of benefits from new-generation free trade agreements between the two participating countries such as CPTPP, RCEP…

Prime Minister Pham Minh Chinh proposed to strengthen the mutual cooperation in the field of education and training, asking Singapore to increase the number of training scholarships for Vietnamese ministries of management at all levels; at the same time, enhance the cooperation between the two countries in handling traditional and non-traditional security challenges related to epidemics and climate change. The two Prime Ministers also discussed a number of regional and international issues of mutual concern; including existing cooperation mechanisms and new economic cooperation initiatives in the region.

Prime Minister Lee Hsien Loong thanked and accepted the invitation of Prime Minister Pham Minh Chinh to pay an official visit to Vietnam and invited Prime Minister Pham Minh Chinh to pay an official visit to Singapore soon.

Key Takeaways

  • On the occasion of the ASEAN-US Special Summit on May 12, Prime Minister Pham Minh Chinh had a meeting with Singaporean Prime Minister Lee Hsien Loong.
  • Singapore recently became the 2nd largest investor in Vietnam with a total registered capital of over 67.5 billion USD.
  • Over the past 20 years, the Vietnam-Singapore Industrial Parks (VSIPs) have operated effectively and actively contributed to the strategic partnership between the two countries.
  • Cooperation in defense-security, culture, education, and people-to-people exchanges still maintains a strong pace of development.
  • Two countries will celebrate the 50th anniversary of the establishment of diplomatic relations and the 10th anniversary of the establishment of the Vietnam-Singapore Strategic Partnership
  • Both leaders agreed to: 
    • continue cooperation in economic recovery and development after the pandemic, including cooperation in developing the digital economy, green economy and circular economy; 
    • expand and develop VSIP zones; 
    • coordinate to obtain the benefits from new-generation FTAs between the two participating countries such as CPTPP, RCEP…
    • strengthen the mutual cooperation in traditional and non-traditional security; education and training; climate change and other regional, international issues.
  • Prime Minister Lee Hsien Loong thanked and accepted the invitation of Prime Minister Pham Minh Chinh to pay an official visit to Vietnam and invited Prime Minister Pham Minh Chinh to pay an official visit to Singapore soon.

The original article in Vietnamese can be accessed here: https://baochinhphu.vn/singapore-dang-ky-dau-tu-tren-675-ty-usd-vao-viet-nam-102220512230858663.htm