Singapore Minister for Trade and Industry Lim Hng Kiang has called oncompanies in the city-state to continue exploring business opportunitiesin Vietnam.
A press release of the Ministry for Trade andIndustry quoted Lim as saying "Vietnam and Singapore are long-term tradeand investment partners. With urbanisation and rapid economic growth inVietnam, there is scope for further collaboration between the twocountries in a diverse range of sectors. I encourage companies tocontinue exploring business opportunities in Vietnam."
The pressrelease, issued following the 10th Singapore-Vietnam ConnectivityMinisterial Meeting which was held in Singapore on April 29, wrote thatthe meeting was successful, highlighting the need for Singapore andVietnam to continue seeking greater economic collaboration and forgingstronger bilateral economic ties.
During the meeting, both sidesnoted good progress made across the six pillars of Connectivity, namelyfinance, education and training, transportation, investment,information technology and telecommunications, and trade and services.
Sinceits implementation in early 2006, the Connectivity Framework hassuccessfully facilitated several private sector projects into Vietnam,and directly or indirectly contributed to the 21 billion USD worth ofSingapore’s registered investments into Vietnam. The projects includethe development of the Vietnam-Singapore Industrial Parks (VSIP), PSA’sjoint venture with Saigon Port to build and operate a deep-sea containerterminal in the Ba Ria-Vung Tau province as well as the establishmentof branch offices by Singapore banks in Vietnam.
TheConnectivity Framework has also strengthened public sector cooperationin all six sectors. For example, Singapore agencies have organised awide range of capacity building programmes for Vietnamese officials inurban development, education and civil aviation, amongst others. Theagencies have also facilitated study visits and seminars to shareSingapore’s experience in areas such as ICT regulations, monetary policyand technical education.
Noting the strong growth in bilateraltrade and investment services between the two countries over the pastdecade, both sides at the 10th Connectivity Ministerial Meeting agreedthat there is potential to deepen and expand bilateral economiccollaboration.
The ministry added, as Vietnam continues toliberalise and develop its economy, Singapore companies can contributeand participate in Vietnam’s economic development in a wide range ofsectors, including urban solutions, retail and food services, logistics,telecommunications as well as tourism and hospitality.
Bilateraltrade has grown steadily over the last decade, achieving a three-foldincrease since 2003 to reach 17.4 billion SGD in 2013. As of March 2014,Singapore is the third largest foreign investor in Vietnam, with about30.2 billion USD in registered cumulative investments in 1,258 projects.
Other upcoming projects include Singapore real estatedeveloper Mapletree’s project to develop SC VivoCity, a one-stop‘family- lifestyle–destination’ mall as well as Keppel Land’sdevelopment of Saigon Centre Phase 2 with Takashimaya as the anchorretail tenant. Both projects are in Ho Chi Minh City.-VNA
A press release of the Ministry for Trade andIndustry quoted Lim as saying "Vietnam and Singapore are long-term tradeand investment partners. With urbanisation and rapid economic growth inVietnam, there is scope for further collaboration between the twocountries in a diverse range of sectors. I encourage companies tocontinue exploring business opportunities in Vietnam."
The pressrelease, issued following the 10th Singapore-Vietnam ConnectivityMinisterial Meeting which was held in Singapore on April 29, wrote thatthe meeting was successful, highlighting the need for Singapore andVietnam to continue seeking greater economic collaboration and forgingstronger bilateral economic ties.
During the meeting, both sidesnoted good progress made across the six pillars of Connectivity, namelyfinance, education and training, transportation, investment,information technology and telecommunications, and trade and services.
Sinceits implementation in early 2006, the Connectivity Framework hassuccessfully facilitated several private sector projects into Vietnam,and directly or indirectly contributed to the 21 billion USD worth ofSingapore’s registered investments into Vietnam. The projects includethe development of the Vietnam-Singapore Industrial Parks (VSIP), PSA’sjoint venture with Saigon Port to build and operate a deep-sea containerterminal in the Ba Ria-Vung Tau province as well as the establishmentof branch offices by Singapore banks in Vietnam.
TheConnectivity Framework has also strengthened public sector cooperationin all six sectors. For example, Singapore agencies have organised awide range of capacity building programmes for Vietnamese officials inurban development, education and civil aviation, amongst others. Theagencies have also facilitated study visits and seminars to shareSingapore’s experience in areas such as ICT regulations, monetary policyand technical education.
Noting the strong growth in bilateraltrade and investment services between the two countries over the pastdecade, both sides at the 10th Connectivity Ministerial Meeting agreedthat there is potential to deepen and expand bilateral economiccollaboration.
The ministry added, as Vietnam continues toliberalise and develop its economy, Singapore companies can contributeand participate in Vietnam’s economic development in a wide range ofsectors, including urban solutions, retail and food services, logistics,telecommunications as well as tourism and hospitality.
Bilateraltrade has grown steadily over the last decade, achieving a three-foldincrease since 2003 to reach 17.4 billion SGD in 2013. As of March 2014,Singapore is the third largest foreign investor in Vietnam, with about30.2 billion USD in registered cumulative investments in 1,258 projects.
Other upcoming projects include Singapore real estatedeveloper Mapletree’s project to develop SC VivoCity, a one-stop‘family- lifestyle–destination’ mall as well as Keppel Land’sdevelopment of Saigon Centre Phase 2 with Takashimaya as the anchorretail tenant. Both projects are in Ho Chi Minh City.-VNA
