Vietnam, Singapore expand economic cooperation

April 05, 2012 | 13:53

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Vietnam and Singapore have agreed to expand their scope of economic cooperation in a number of areas including finance, information-communications and trade in goods.

The agreement was reached by the Singaporean Minister for Trade and Industry Lim Hng Kiang and Vietnam ’s Minister of Planning and Investment Bui Quang Vinh, at the 8th Vietnamese-Singaporean Ministerial Meeting on Economic Connectivity which took place in Singapore on April 4.

The Singaporean daily Straits Times quoted Lim Hng Kiang as saying that there was potential for Vietnam and Singapore to cooperate further, as Vietnam ’s economy continues to develop and grow.

The minister encouraged Vietnam to increase trading its commodities on the Singapore Mercantile Exchange (SMX) to hedge against risks as the prices of agricultural products are extremely volatile, while at the same time the country needs to modernise its logistics and related financial services.

In 2005, the two governments signed the Vietnam-Singapore Economic Connectivity Agreement, focusing on finance, education and training, transport, information-technology and communications, investment, trade and services.

The meeting is held annually in rotation to review the progress of previously made commitments and to draw up out plans and action programmes for the future.