Singapore bonds strengthen

VSIP is considered a symbol of Singapore-Vietnam relationship , Photo: Le Toan

During Singapore Prime Minister Lee Hsien Loong’s September 11-13 official visit to Vietnam, he and his Vietnamese counterpart Nguyen Tan Dung officially lifted the two countries’ relationship to a strategic partnership.

“Both sides agreed to establish a strategic partnership on the basis of mutual respect, trust and benefit. The strategic partnership shall conform to the UN and ASEAN Charters, the Treaty of Amity and Cooperation in Southeast Asia, and other universally recognised principles of international law,” said a joint statement released during the visit.

Dung and Loong described the news as “a historical decision” amid the 40th anniversary of the two countries’ diplomatic relations.

Under the strategic partnership, both sides have agreed to enhance bilateral co-operation in five key areas.

With regard to political relations, the two sides will promote regular high-level exchanges in order to boost bilateral strategic co-operation, establish direct communication between the leaders of the two countries to facilitate parliamentary co-operation.

In economics, the two countries will expand economic, trade and investment co-operation by creating favourable investment climates and strengthening business links and partnerships.

Vietnam and Singapore will also support joint business projects such as the Vietnam-Singapore Industrial Parks (VSIP), continue stepping up co-operation in such key sectors as transportation, information and communications technology, finance, banking, industry, urban management and development, investment projects, logistics, education and training, trade and services, and creative industries.

On security and defence, Vietnam and Singapore will continue to further strengthen bilateral defence ties, mutual understanding and trust by increasing co-operation in areas such as military and training exchanges in both countries.

They will also enhance security co-operation, including capacity-building and exchange of information and intelligence, promote regular exchange of visits at the deputy ministerial level between Vietnam’s Ministry of Public Security and Singapore’s Ministry of Home Affairs.

Other areas of mutual benefit include human resource development and activities to promote good governance, the rule of law, and continued co-operation on legal and judicial areas. Public health will be another key area with exchanges taking place on research and healthcare-related education and training.

The strategic partnership also working together to achieve an integrated ASEAN Community by 2015.

While in the country, Loong paid courtesy visits to Party General Secretary Nguyen Phu Trong and President Truong Tan Sang, and met with National Assembly Chairman Nguyen Sinh Hung.

The visit also marked the construction of the fifth Vietnam-Singapore Industrial Park in Quang Ngai province. Singapore is Vietnam’s second largest foreign investor with accumulative registered capital of over $28.67 billion for 1,180 projects, with bilateral trade totalling over $9 billion last year.