July 10, 2023
HANOI – The potential for cooperation between Việt Nam and Singapore is still rich and should continue to be strongly promoted with their abundant internal resources as well as the vitality of the new era of the science and technology revolution, linkages and extensive regional integration.
Deputy Prime Minister Lê Minh Khái delivered a speech at the 7th Singapore Regional Business Forum (SRBF) held in Hà Nội on Friday. Việt Nam has been chosen for the first overseas edition of SRBF not only because of the 50th anniversary of Việt Nam-Singapore diplomatic relations but also the abundance of growth opportunities in the country.
Khái highly appreciated the fact that SRBF chose Việt Nam as the first country outside Singapore to host the forum, demonstrating the interest, expectations and strong commitment of the Singaporean business community to Việt Nam and the ASEAN region, especially concerning the future of sustainable development.
The Deputy PM expected the forum to be an opportunity for Vietnamese and Singaporean firms to seek business and investment partnership during the economic recovery period.
He highly appreciated the effective and cooperative relationship between the two countries in recent years.
Singapore is the second largest investor out of 143 countries and territories investing in Việt Nam with more than 3,200 projects and US$73.4 billion of registered capital. Singaporean investors have participated in most of Việt Nam’s economic sectors and have always implemented projects on schedule with high efficiency.
On the other hand, Vietnamese have invested in nearly 150 projects in Singapore with a total registered investment capital of nearly $700 million, mainly focusing on science and technology.
He said the results of cooperation in the past are encouraging, but still not really commensurate with the two sides’ potential. Through discussions with leaders and businesses of the two countries in recent years, he deeply felt the interest and potential of Singaporean businesses to further promote investment cooperation activities with Việt Nam, as well as with other countries in the region in the coming time.
The Deputy PM affirmed that economic cooperation will continue to be a pillar in the relationship between Việt Nam and Singapore. It will be the driving force to bring the relationship between the two countries to new heights, creating positive spillover effects for the region and the world.
“In the spirit of harmonious benefits and shared risks, the Vietnamese Government is committed to always listening, accompanying, supporting and creating all favourable conditions for foreign enterprises, and Singaporean firms, in particular. The Government prioritises effective, long-term and sustainable investment projects in Việt Nam. I hope the forum will be an opportunity for the two sides to develop business cooperation,” he added.
Vietnamese Minister of Planning and Investment Nguyễn Chí Dũng said that Singapore has achieved many achievements in science and technology development, innovation, digital transformation and sustainable development. At the same time, with its position as a key transit hub, a major financial centre, and the headquarters of many investment funds and large corporations, Singapore plays an important role in connecting and promoting investment capital, creating a spillover effect in the region’s economic development.
To take advantage of the opportunities of the global economic recovery and the Fourth Industrial Revolution, Dũng said the two sides need to expand cooperation within the framework of a digital and green economy partnership.
“Việt Nam wants Singapore and foreign partners to continue to cooperate and support Việt Nam in consulting and criticising policies. It also wants their continued cooperation on the transfer of solutions, modern technology, and new economic models, as well as helping to attract investment from funds, financial institutions, and especially multinational corporations,” he added.
Minister for Manpower & Second Minister for Trade and Industry, Republic of Singapore Dr Tan See Leng said: “Our economic relations with Việt Nam are strong and substantive. This is evidenced by trade and investment figures that have grown steadily over the past decade, riding on the stellar growth of Việt Nam, and vast opportunities presented by a young and vibrant market.”
He added that beyond statistics and figures, Singaporean companies have steadily expanded their investments in Việt Nam, in provinces from the North to the South, and in diversified sectors. More importantly, many have found committed partners in the country, and are happy to continue to play an useful role in its economy.
Lim Ming Yan, SBF Chairman, said: “As the SBF takes its first steps beyond Singapore’s borders, finding its way into the vibrant city of Hà Nội, I would like to thank our host country for your warm welcome. The success of today’s event is underscored by the strong bilateral ties between our countries. This momentous occasion also coincides with the 50th anniversary of our bilateral relationship and the 10th anniversary of our strategic partnership.”
Over 800 business leaders, senior Government officials and diplomats from more than 420 companies and organisations across 32 countries attended the 7th SRBF.
Close to 550 participants attended the forum physically in Hà Nội, representing more than 150 companies across a wide range of sectors including professional services, logistics and transportation, urban development, technology innovation and education.
Twelve memorandums of understanding (MoUs) in sustainability, digitalisation, financial services and human capital development were signed to deepen collaboration between Singapore and Việt Nam as well as the region.
Kok Ping Soon, SBF’s CEO, said: “The region is ripe for an acceleration of regional collaboration and growth. The agreements signed today are reflective of the keen interest in deeper collaboration to seize regional opportunities and build stronger businesses and economies. SBF will support our companies to be part of the region’s growth.” — VNS