PM suggests Singaporean firms expand investments in Vietnam

Hanoi – Prime Minister Pham Minh Chinh on August 2 called on Singaporean firms and Temasek in particular to expand their investment in Vietnam, particularly in technology, strategic infrastructure development, logistics and innovative startups.

Prime Minister Pham Minh Chinh (right) and Singaporean Ambassador Jaya Ratnam (Photo: VNA)

At a reception for Singaporean Ambassador Jaya Ratnam and CEO of Temasek Foundation Ng Boon Heong in Hanoi, Chinh noted that the Vietnam-Singapore strategic partnership is developing strongly and dynamically across all spheres, especially economy, trade and investment, with two-way trade expanding over 23 percent to reach 8.3 billion USD last year despite COVID-19, and hitting 4.75 billion USD in the first half of this year.

Singapore has become Vietnam’s biggest investor in the Association of Southeast Asian Nations (ASEAN) with 2,959 projects worth 69.86 million USD, ranking second among 139 countries and territories investing in Vietnam.

According to the PM, the recent delegation exchanges and meetings by senior leaders of the two countries have created a new impulse for the bilateral ties, and helped to promote cooperation in post-pandemic recovery and sustainable development.

He used the occasion to thank Singapore and the Temasek Foundation for their support for Vietnam during the COVID-19 pandemic, and highly valued the foundation’s implementation of 27 cooperation and support programmes in Vietnam since 2008 with total funding amounting to some 10 million USD and the participation of around 3,000 Vietnamese officials.

Vietnam wishes to cooperate with Singapore and receive support from the country and Temasek during its development, Chinh continued, emphasising that Vietnam wants to enhance its bilateral strategic partnership and learn from Singapore’s experience in building an independent, self-reliant economy in tandem with intensive and extensive international integration.

The PM suggested the two sides roll out projects and activities marking the 50th anniversary of bilateral diplomatic ties, and the 10th anniversary of the strategic partnership in 2023.

Attention should be paid to projects covering the areas of Vietnam’s priorities and Singapore’s strengths like the digital economy, digital government, digital society, digital citizens, green economy and innovation, he added, urging greater efforts to promote Vietnam-Singapore industrial parks.

He asked Temasek to step up cooperation and policy consultancy with Vietnam, assisting the country to implement programmes on high-quality personnel training and administration.

The Vietnamese government welcomes and stands ready to create favourable conditions for Singaporean businesses to invest in the country, the leader affirmed.

The Singaporean guests lauded efforts by the Vietnamese government in handling economic issues despite an array of challenges, as well as Vietnam’s efforts and achievements in pandemic containment.

They shared the view that investment attraction results have reflected investors’ strong confidence in Vietnam.

They agreed with PM Chinh’s suggestions to boost cooperation in economy, trade, investment, digital transformation, energy transition and public-private partnerships, thus contributing to peace, stability, cooperation and development in the region and the world.

The CEO stressed that Vietnam is the first country in Southeast Asia Temasek has invested in, and that Temasek wants to expand its investments in Vietnam.

The ambassador conveyed an invitation from PM Lee Hsien Loong to PM Chinh to visit Singapore as soon as possible. The Vietnamese leader accepted the invitation with pleasure and suggested arranging the trip through diplomatic channels.

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