Singaporean PM’s visit expected to strengthen strategic partnership

Prime Minister of Singapore Lee Hsien Loong

Vietnam and Singapore established diplomatic ties on August 1, 1973, and bilateral ties have been thriving especially since Vietnam became a member of the Association of Southeast Asian Nations (ASEAN) in 1995.

The two countries signed a Joint Declaration on Comprehensive Cooperation Framework in the 21st Century in 2004, creating a legal foundation and optimal conditions to promote their all-around friendship and cooperation,

On the occasion of PM Lee’s visit to Vietnam in September 2013 to celebrate the 40th anniversary of bilateral diplomatic ties, both sides issued a Joint Statement on the Establishment of Strategic Partnership.

Over the past years, the Vietnam-Singapore strategic partnership has been going forward in a practical and trustworthy manner with regular exchange of visits by delegations at all levels and extended cooperation via Party, State, National Assembly and government channels. Bilateral links across the fields of economy-trade and investment, national defence-security, education-training, transport, tourism, finance and law have flourished.

Since 1996, Singapore has been one of the three largest partners of Vietnam. The island state is Vietnam’s third largest trade partner in ASEAN and the sixth largest in the world.

Two-way trade hit US$7.1 billion last year, with major traded products being petrol and oils, computer, electronics and spare parts, and mobile phones. Additionally, Vietnam ships fisheries, coffee, pepper and vegetables to Singapore.

Singapore’s direct investment in Vietnam has kept going up since 1998, now totaling US$39 billion, making the island state the third largest investor among 101 countries and territories in Vietnam

Singapore’s investment is mostly in real estate, processing industry, engineering and construction, with the Vietnam-Singapore Industrial Park (VSIP) considered a symbol of Singapore investment efficiency.

The two countries have been organising trade ministerial-level meetings every 8 months and alternately in each country under their Framework Agreement on Vietnam-Singapore Connectivity signed on December 6, 2005 in Singapore. So far, they have convened 12 meetings, with the latest one held in Singapore last September.

The two countries’ State banks have worked closely together via regular exchange of visits to share information and experience. Singapore actively offers technical support and personnel training to Vietnam, and wants to join the finance-banking restructure in Vietnam.

Affiliation in aviation, maritime navigation and road transport also expanded, evidenced by the launch of direct flights linking Hanoi, Ho Chi Minh City, Da Nang and Phu Quoc with Singapore. Both sides shared their master plans on seaport development and agreed to jointly build and manage Thi Vai seaport in the southern province of Ba Ria – Vung Tau.

In April 2017, Vietnam and Singapore signed a Memorandum of Understanding on Education Cooperation. The Singaporean government annually offers university scholarships to Vietnamese students. The two countries also signed agreements on a training programme in Singapore for mid and high-ranking Vietnamese Party officials for 2011-2013 and a specialised training programme for high-ranking Vietnamese Party officials for 2013-2015 and 2016-2017.

In 2014, Singapore became the fifth most popular study destination for Vietnamese students with nearly 8,500 Vietnamese students.

In cultural field, the two nations mainly partner within the framework of the ASEAN Committee for Culture and Information (ASEAN – COCI). Singapore is Vietnam’s significant tourist market and also a popular destination for Vietnamese travellers. The Vietnam-Singapore Tourism Cooperation Joint Committee has so far convened 14 sessions, with the most recent one being held in the Central Highlands city of Da Lat in May 2016.

Last year, Vietnam welcomed 257,014 visitors from Singapore, up 8.7 percent annually while nearly 470,000 Vietnamese visited the island state, marking a 12 percent increase. Since 2006, bilateral tourism coordination has been added to the framework of the two economies’ connectivity.

In March 2008, the two justice ministers signed an MoU on Legal and Judicial Cooperation. Both sides worked closely together at multilateral and global forums such as ASEAN, the Asia-Pacific Economic Cooperation (APEC), the Asia-Europe Meeting (ASEM) and the United Nations.

Singapore is actively assisting Vietnam in building the agenda for the APEC 2017.

The two countries have actively cooperated, shared opinions and protected ASEAN’s common stance on strategic security in the region, including the East Sea issue.