Vietnamese, Singaporean PMs attends investment promotion conference

Prime Minister Pham Minh Chinh (R) and Singaporean Prime Minister Lee Hsien Loong at the event (Photo: VNA)

Prime Minister Pham Minh Chinh and his visiting Singaporean counterpart Lee Hsien Loong on August 29 attended a conference in Hanoi to discuss measures aimed at speeding up Vietnam-Singapore joint projects.

The event, drawing more than 500 delegates from ministries, sectors, localities and businesses of Vietnam and Singapore, noted that currently Singapore ranks first among the ASEAN member states and second among the 143 countries and territories investing in Vietnam with 3,274 valid projects worth 73.5 billion USD.

Vietnam-Singapore Industrial Parks (VSIPs) are a symbol of the fruitful economic partnership between the two sides, participants underlined.

Meanwhile, Vietnam is running 153 investment projects in Singapore with a total investment of more than 690 million USD, ranking 10th among the 80 foreign investors in the Southeast Asian country.

Two-way trade hit 9.15 billion USD in 2022 and 4.5 billion in the first six months of 2023. The two sides have set up their partnership in digital economy and green economy, which allows them to strengthen cooperation in new areas in green and sustainable directions.

PM Lee said that 2023 is an important year for the two sides with the 50th anniversary of the Vietnam-Singapore diplomatic relations and the 10th anniversary of the bilateral strategic partnership.

Recalling his memory of the launch of the first VSIP in Vietnam 10 years ago, the Singaporean PM noted that so far, 13 VSIPs have been constructed in many localities across Vietnam. The many new cooperation projects to be signed and to receive investment licences during this conference manifest the sound partnership between the two countries, he held.

Underlining the significance of governmental support to the success of investors and businesses of each country, he said he hopes the administration at all levels will continue to back enterprises and investors, contributing to promoting the strategic partnership between Vietnam and Singapore.

Prime Minister Pham Minh Chinh addresses the conference (Photo: VNA)

PM Chinh showed his pleasure at the growth of the Vietnam-Singapore partnership amid the complicatedly changing world and difficult economic situation.

He said that Vietnam is focusing on boosting development basing on three major pillars of building rule-based socialist state, building socialist democracy, and developing socialist-oriented market economy, during which the people is put at the centre, adding the country is also concentrating on implementing three strategic breakthroughs in institution, human resources and infrastructure.

Regarding future cooperation orientations, PM Chinh said he hopes Singapore will continue to support Vietnam in accessing mobility investment sources as well as green and sustainable financial sources, while upgrading and expanding the cooperation scale and promoting the efficiency of bilateral collaboration in connecting the two economies, and strongly facilitating comprehensive partnership in innovation, startup assistance, and high-quality human resources development.

The leader proposed the implementation of a roadmap for energy transition in a fair manner, focusing on new and renewable energy sectors, as well as the expansion of the VSIP model, heading to the formation of industrial - innovation - urban - service - high-tech ecosystems in many localities.

He affirmed that the Vietnamese Government will continue to create optimal conditions for businesses, including those from Singapore, to invest and operate effectively and sustainably for a long term in Vietnam in the spirit of harmonised interest and shared risk.

Prime Minister Pham Minh Chinh (third, right), Singaporean Prime Minister Lee Hsien Loong (middle) and other delegates launch VSIP projects in different localities (Photo: VNA)

At the event, the two PMs witnessed the launch of the Vietnam-Singapore Innovation Centre in Binh Duong, as well as the announcement of decisions allowing a number of activities to explore maritime resources and infrastructure development for the export of electricity from Vietnam to Singapore, and a cooperation agreement on the development of 12 new VSIP projects in cities and provinces across Vietnam. They also kickstarted some projects, including VSIP Can Tho, VSIP Bac Ninh 2 and VISIP Nghe An 2./.