Prime Minister Nguyen Xuan Phuc attends the Vietnam-Singapore Business Forum

Addressing the Vietnam-Singapore Business Forum on April 26, which brought together about 700 delegates from both sides, the PM said five years after the establishment of the Vietnam-Singapore strategic partnership, Singapore now has more than 2,000 projects with total investment capital of over 43 billion USD in Vietnam, and two-way trade has reached nearly 8.5 billion USD. Vietnam also has invested in nearly 100 projects valued at more than 200 million USD in Singapore. 

PM Phuc noted that Vietnam is scaling up efforts to improve growth quality, towards higher productivity and innovations, utilise opportunities generated by the fourth industrial revolution and harmoniously combine the domestic and foreign-invested sectors. He said Vietnam aims to grow 6.5% /year in the next decade. The Prime Minister said: “Vietnam is making efforts to develop innovative start-ups, promote economic dynamism, create open internet policy, and improve its production capacity. The Vietnamese Government commits to creating the best possible conditions for start-up initiatives and intellectual property (IP) right protection within the framework of the Law on Intellectual Property recently approved by the Vietnamese National Assembly, while fulfilling its commitments to protecting IP rights within the framework of free trade agreements (FTAs) to which Vietnam is a signatory.”

Mr. Phuc called on Singaporean partners to continue to share their experience and achievements in start-ups with Vietnam. 

The same day, Prime Minister Phuc witnessed the signing of a memorandum of understanding (MOU) to establish a joint venture for aircraft maintenance between Vietnam Airlines and Singapore Technologies Aerospace Ltd (ST Aerospace).