Leaders vow to enhance business ties

The business and investment societies have seen strong committments and supports following top Vietnamese leaders’ missions abroad

State President Truong Tan Sang last week visited Singapore and Malaysia, while Prime Minister Nguyen Tan Dung visited the Netherlands, Uzbekistan and will visit Ukraine this week. The visits will strengthen Vietnam’s relationships with these countries, especially in the economic, commercial and investment sectors.

During his September 26-28 visit to Singapore, Sang met with Singapore’s newly elected President Tony Tan Kang Yam and Prime Minister Lee Hsien Loong. The leaders vowed to accelerate the implementation of the framework agreement on Vietnam-Singapore Connectivity and continue expanding and intensifying the two countries’ cooperation in investment, economics, natural defense and security, tourism, culture and education, while more closely combining with each other in international forums.

Loong said Singaporean enterprises would continue expanding investment in Vietnam.
Singapore’s ambassador to Vietnam Simon Wong said Singaporean companies recognised that now was an exciting time to be in Vietnam.

“There are considerable opportunities for Singaporean companies with competencies in modern services such as finance, information technology and telecommunications, transportation, healthcare and education. Vietnam can also leverage Singapore’s expertise in the areas of quality residential development, integrated townships and land transport systems, as it continues to urbanise,” said Wong.

Singapore Joint Venture Company to establish a Vietnam-Singapore Industrial Park (VSIP), raising the total number of VSIPs in Vietnam to five.

Singapore is third out of 92 nations and territories investing in Vietnam, with 945 projects having registered capital of $23.2 billion. The two countries’ bilateral trade turnover was $6.2 billion last year. During Sang’s September 28-30 visit to Malaysia, he met with Malaysian Prime Minister Najib Tun Abdul Razak and Malaysian King Seri Paduka Baginda Al-Wathiqu Billah Tuanku Mizan Zainal Abidin Ibni Al-Marhum Sultan Mahmud Al-Muktafi Billah Shah. The leaders agreed to promote negotiations for soon inking a memorandum on transnational crime prevention and an agreement on the creation of a joint sea patrol mechanism and communication channels between the two navies, a framework agreement on rice purchases and an agriculture agreement.

Sang also met with leaders of Malaysia’s major groups like Jacks Resouces Berhad, CIMB, Proton, Parkson, Hicom and Berjaya which wished to expand investment into Vietnam.

He asked Malaysia to augment its import of Vietnamese goods to help balance two-way trade.

The two nations’ two-way trade turnover touched $5.5 billion in 2010, up 30 per cent against 2009. Malaysia is the fifth foreign largest investor in Vietnam, with 386 projects with registered capital of $18.8 billion.

Meanwhile, Dung’s visit to the Netherlands saw his Dutch counterpart Mark Rutte offer a strong commitment to boost bilateral cooperation in climate change, water resources management, agriculture, oil and gas, sea ports and logistics.

On this occasion, the two sides inked a revised protocol on Vietnam-Netherlands Aviation Transport Agreement and a memorandum on climate service cooperation.

 At the Dutch-Vietnam Oil and Gas and Energy Cooperation Forum, Dung called for further energy cooperation from the Netherlands’ government and enterprises, so that Vietnam could successfully build its energy industry.

Dutch Deputy Prime Minister Maxime Verhagen said his government would continue combining with Vietnam in energy technology transfer and finance the two nations’ enterprises regarding implementing energy projects.

Vietnam’s Ministry of Industry and Trade and the Netherlands’ Ministry of Economic Affairs, Agriculture and Innovation inked a memorandum on energy cooperation, while PetroVietnam and Royal Dutch Shell signed an oil and gas cooperation deal. Besides, PetroVietnam also clinched a deal with Dutch companies on technology transfer and training cooperation, while Vietnam’s Oil and Gas University and Dutch Delft Technology University also inked a memorandum on training cooperation.

The two countries’ bilateral trade turnover was $2 billion last year. The Netherlands is the leading European investor in Vietnam, with 153 projects with $5.57 billion registered as of August, this year.

From October 2-4, Dung will meet with Uzbekistan’s leaders to discuss stronger economic and investment cooperation, with stress to be laid on oil and gas exploration and exploitation. Besides, he will attend a Vietnamese-Uzbekistan business forum.

During his October 4-6 visit to Ukraine, Dung will discuss implementing the two nations’ comprehensive cooperation, with focus on heavy industry, garments, fishery and national defense.

Additionally, the two sides will consider possibilities to opening a direct air route between Hanoi and Kiev. The two countries’ bilateral trade turnover was $250 million last year.