He said this at a state banquet held for visiting Vietnamese President Truong Tan Sang, who arrived in Singapore on Monday on his first overseas trip after being elected in July.
President Tan is also hosting his first visit by a foreign head of state after being sworn in on 1 September.
But relations between the two countries go back much further, with healthy political ties and robust economic relations.
Underpinning bilateral economic cooperation is the Connectivity Framework Agreement, currently in its seventh year.
Singapore is one of the top three foreign investors in Vietnam, with projects worth nearly US$23 billion. And plans are underway to study the feasibility of a fifth Vietnam-Singapore Industrial Park, with President Sang signing an MOU during this visit.
Dr Tan said: "Today, there are already three VSIPs which are operating successfully and a fourth in Hai Phong City which is being developed. I am very pleased that an MOU on the feasibility study of a new VSIP will be signed during Your Excellency's visit. These flagship projects symbolise our excellent partnership and Singapore's confidence in the future of Vietnam."
During the meeting, both Presidents reaffirmed the strong bilateral ties and discussed areas where the two countries can strengthen cooperation. These include trade and investment, education and tourism.
Dr Tan also commended Vietnam's role in ASEAN. Its chairing of the summit last year saw the adoption of a masterplan to enhance intra-regional connectivity. He added that in uncertain economic times, both countries should press ahead with a shared vision to advance its people and the region.
Dr Tan said: "We also look forward to working with Vietnam to realise the Trans-Pacific Strategic Economic Partnership Agreement (TPP), which can be the foundation of an eventual Free Trade Area of the Asia-Pacific (FTAAP). In these uncertain economic times, Singapore and Vietnam should press ahead with our shared vision for the betterment of our peoples and the region."
-CNA/ac
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