(VOVWORLD) - President Nguyen Xuan Phuc is on a State visit to Singapore at a time when the traditional friendship and strategic partnership between the two countries are flourishing and their new-generation free trade agreements have come into effect.
 President Nguyen Xuan Phuc and his wife begin a State visit to Singapore. Photo: VNA
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President Phuc’s visit from Thursday to Saturday affirms Vietnam’s determination to develop its economy and create a favorable business environment, and encourage Singaporean investors to continue doing business in Vietnam despite problems caused by the COVID-19 pandemic. The visit promotes Vietnam's post-pandemic recovery efforts and cooperation in digital transformation and training high quality human resources.
Effective cooperation
Amid the pandemic, the two countries have maintained high-level contacts and promoted bilateral cooperation mechanisms, in particular the annual consultation meeting at the deputy foreign minister level.
Bilateral trade turnover totaled 8.3 billion USD last year, up 23%. In January trade turnover was over 780 million USD, up 6.8% over the same period in 2021.
As of this month, Singapore is Vietnam's largest investor in ASEAN and second among the 140 countries and territories that invest in Vietnam. Singapore has more than 2,800 valid projects in Vietnam worth 66 billion USD. Last year Singapore was Vietnam’s largest investor, with total investment capital of over 10.7 billion USD.
By the end of 2021, Vietnamese industrial parks had attracted more than 580 production and business projects with Singapore investing 19.3 billion USD, making Singapore the 3rd largest investor out of the 70 countries and territories with projects in Vietnamese industrial parks.
At last November’s Ministerial Conference on Economic Connectivity, Vietnam and Singapore agreed to cooperate in financial connectivity, education, training, transportation, information and communication technology, investment, trade, services, and innovation.
Singapore is an aviation market of special importance to Vietnam. Their airlines are restoring regular commercial flights, with an agreed frequency of 14 flights per week.
 Vietnamese Ambassador to Singapore Mai Phuoc Dung. Photo: NVCC |
In the past two years, Vietnam and Singapore have closely coordinated in COVID-19 prevention and control activities and have donated and shared medical supplies. Vietnamese Ambassador to Singapore Mai Phuoc Dung said: “When the pandemic first broke out, Vietnam, in the spirit of solidarity between ASEAN members, donated masks and medical supplies to Singapore, a gesture Singapore appreciated. When Vietnam encountered another wave of infection, Singapore, through the Tamasek Foundation, transferred to Vietnam ventilators, gloves, and other protective gear, masks, and medical equipment. Their Ministry of Foreign Affairs donated test kits. By September 2021, Singapore had donated to Vietnam medical supplies worth nearly 5 million USD.”
Procedures are underway for Vietnam to receive more than 120,000 doses of AstraZeneca vaccine from the Government of Singapore.
13,000 Vietnamese nationals live in Singapore, most of them students, postgraduates, brides, and workers. According to the Vietnamese Ambassador, the Vietnamese community in Singapore are well-educated, compliant with local laws, and attached to their homeland.
“Singapore has many intellectuals and they look forward to participating in development projects in Vietnam. They are competent young people working in IT in Singapore. In the future, when Vietnam and Singapore cooperate on digital transformation, it will be good to take advantage of all that gray matter,” Mr. Dung said.
President Nguyen Xuan Phuc’s State visit to Singapore anticipates the 50th anniversary of their diplomatic ties in 2023.