Deputy PM pays working visit to Singapore

During Deputy Prime Minister Vu Van Ninh’s November 5-8 working visit to Singapore, he called on Prime Minister Lee Hsien Loong, and met with ministers of Finance, National Development, Environment and Water Resources, Foreign Affairs, Home Affairs, and Trade and Industry.

The Singaporean side affirmed that Singapore stood ready to boost co-operation with and share experiences for Vietnam in socio-economic development planning, and attraction of foreign direct investment.

Notably, Singapore was ready to help Vietnam establish an agency similar to Singapore’s Economic Development Board, which is the lead government agency for planning and executing strategies to enhance Singapore’s position as a global business centre. It also operates like a one-stop shop assisting foreign investments into Singapore and Singaporean outward investments.

Ninh proposed that Singapore’s government encourage Singaporean firms to further their investments into Vietnam, and provide Vietnam with experiences in planning and building development policies and those relating to managing land and finance in the long-term.

The two sides also agreed to open more Vietnam-Singapore industrial parks in Vietnam, in addition to the existing five already in operation.

Ninh also received briefings from the Monetary Authority of Singapore, the Casino Regulatory Authority, and Temasek Holdings.

Ninh’s visit was prompted by the invitation under the S R Nathan Fellowship programme.

The programme invites foreign leaders, prominent personalities and opinion-shapers to Singapore to exchange ideas and experiences on current and long-term challenges with Singapore’s leaders and senior government officials. The Fellowship was launched by former President S R Nathan in November 2012.

Trade between Vietnam and Singapore reached over $9 billion last year, and $3.5 billion in this year’s first five months.

Currently Singapore is Vietnam’s second biggest foreign investor, with 1,165 investment projects registered with over $28 billion.