The Vietnam-Singapore economic relationship has progressed rapidly
since the two countries implemented a Connectivity Framework Agreement. On the
occasion of Singapore's 46th National Day, Singaporean ambassador to Vietnam
Simon Wong tells VIR about his hopes for the future progress of bilateral
relations.
What is your
assessment of the overall state of bilateral relations between Vietnam and
Singapore?
Since the establishment of diplomatic relations between Vietnam and
Singapore on August 1, 1973, bilateral cooperation has progressed
rapidly. Politically, there are frequent high-level exchanges by the leaders of
both sides. Last year, Singapore Prime Minister Lee Hsien Loong visited
Vietnam on three occasions, once for an official visit and twice to attend
ASEAN summits in Hanoi. Notably, PM Lee’s official visit in January 2010 helped
showcase the achievements made by both countries in strengthening bilateral
cooperation. PM Lee and Vietnam’s Prime Minister Nguyen Tan Dung co-witnessed
the ground-breaking of the newest Vietnam-Singapore Industrial Park in Haiphong
city and the award of a branch licence to the Development Bank of
Singapore.
Singapore and Vietnam enjoy a robust bilateral economic relationship
underpinned by the Connectivity Framework Agreement.
As of July 2011, Singapore
is the third largest foreign investor with registered cumulative investments of
$23.2 billion in over 930 projects. In addition, bilateral trade achieved an
overall four-fold increase since 2000 to reach $10.1 billion in 2010.
Relations have extended beyond the political and economic spheres to
include other important areas such as defence, education and human resource
development. Defence ties received a boost with the signing of the Defence
Cooperation Agreement by the leaders of both sides in September 2009. In the
area of human resource development and training, the Ministries of Foreign
Affairs of both countries signed a memorandum of understanding in November,
2010 to provide training for middle- to senior-level officials from the
Communist Party of Vietnam.
I am delighted to note that the first run of the course was
successfully conducted earlier this year. I will continue to play my part to
build on the excellent bilateral relations and to explore new and creative
opportunities to enhance the bilateral relationship.
The two
countries have implemented a Connectivity Framework Agreement. What do you
think are some of the notable achievements since the agreement took effect in
early 2006?
The Connectivity Framework Agreement has achieved good progress in all
six sectors of cooperation. Since its implementation in early 2006, the
Connectivity Framework has contributed effectively to the bilateral trade and
investment flows of both countries. In terms of investment, the Connectivity
Framework has successfully facilitated several private sector projects into
Vietnam, and directly or indirectly contributed to nearly $14 billion worth of
Singapore’s registered investments into Vietnam. Some examples of notable
private sector initiatives facilitated under the Connectivity include the
development of the Vietnam-Singapore Industrial Parks, PSA’s joint venture
project with Saigon Port to build and operate a deep-sea container terminal in southern
Ba Ria-Vung Tau province and the establishment of branch offices by our banks
in Vietnam.
In your opinion,
how has the Connectivity Framework Agreement facilitated or helped Singaporean
companies operating in Vietnam?
The Connectivity Framework Agreement has helped to facilitate numerous
business missions to explore market opportunities in Vietnam in various sectors
such as urban infrastructure and services, port and logistics, electronics and
precision engineering, info-communication technology and agri-food. For
instance, between the 6th Connectivity Ministerial Meeting in November 2010 and
the 7th Meeting in July 2011, Singapore had undertaken a total of 14 business
missions and seminars to explore market opportunities in Vietnam, in various
sectors such as urban infrastructure, industrial development and healthcare.
There are also regular dialogues and exchanges between both countries at the
official and industry levels to explore ways to further enhance industry
cooperation and linkages between both countries.
In the recent
Connectivity Framework Agreement meeting between Vietnam’s Ministry of Planning
and Investment and Singapore’s Ministry of Trade and Industry, both sides agreed
to further strengthen the Vietnam-Singapore bilateral economic relationship.
What do you think can be done in the next few years to further strengthen the
bilateral economic relationship?
Despite the past achievements in the bilateral economic relationship,
there remains considerable scope to further enhance economic relations between
Singapore and Vietnam. For instance, with Vietnam’s rapid economic growth and
aspirations to become a modern industrial market economy by 2020, 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 on
Singapore’s expertise in the areas of quality residential development,
integrated townships and land transport systems, as it continues to urbanise.
Besides broadening our investment outreach on a sectoral level,
Singapore companies have also expanded their investments geographically into
the up-and-coming growth corridors in Vietnam. To grow bigger and faster,
Singapore businesses have begun to look at central and northern corridors for
new opportunities. Going forward, Singaporean companies recognise that this is
an exciting time to be in Vietnam. The new five-year Socio-Economic Development
Plan and 10-year Socio-Economic Development Strategy ratified by the 11th
Communist Party of Vietnam Party Congress signal a clear resolve on the part of
the Vietnamese leadership to take the country forward to the next stage of its
development. Singaporean companies are happy to play their part to support
Vietnam on its developmental path. I believe that the bilateral relationship is
a mutually-beneficial one and that there is great potential for this relationship
to be further enhanced. I pledge to do my best to support and to facilitate
this.
vir.com.vn | Aug 08, 2011
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