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Addressing the Vietnam-Singapore Business Forum on April 26,
which brought together about 700 delegates from both sides, the PM
highlighted the practical foundation for the bilateral collaboration, which
was laid by late Singaporean PM Lee Kuan Yew who supported the construction
of the first Vietnam-Singapore Industrial Park (VSIP) in Vietnam’s southern
Binh Duong province in 1992.
Five years after the establishment of the Vietnam-Singapore
strategic partnership, Singapore now has more than 2,000 projects with total
investment capital of over US$43 billion in Vietnam, and two-way trade has
reached nearly US$8.5 billion, PM Phuc said, adding that up to 280,000
Singaporean tourists visited Vietnam each year.
Vietnam also has invested in nearly 100 projects valued at more
than US$200 million in Singapore.
The numbers reflect improvements in Vietnam’s investment
environment, he said, citing a report released by the World Bank at the end
of last year which ranked Vietnam’s business climate at the 68th position among
190 countries surveyed, up 30 places as compared with 2010.
Vietnam also claimed the 55th place among 137 countries in the
rankings of the World Economic Forum, the leader added.
PM Phuc noted that Vietnam is scaling up efforts to improve
growth quality, towards higher productivity and innovations, utilise
opportunities generated by the fourth industrial revolution and harmoniously
combine the domestic and foreign-invested sectors.
He told the participating Singaporean businesses that the number
of internet users in Vietnam amounts to 52 million or 54% of its population,
ranking fifth in Asia-Pacific.
Besides, up to 55% of Vietnamese people are using smart phones,
and the rate is expected to reach 80% by 2020, the highest rate in the
region, the PM said, urging Singaporean firms to notice this potential trend.
Highlighting Vietnam’s efforts to develop innovative start-ups,
PM Phuc emphasised that the Vietnamese Government commits to creating the
best possible conditions for start-up initiatives and intellectual property
(IP) right protection within the framework of the Law on Intellectual
Property recently approved by the Vietnamese National Assembly, while
fulfilling its commitments to protecting IP rights within the framework of
free trade agreements (FTAs) to which Vietnam is a signatory.
In that spirit, he called on Singaporean partners to continue to
share their experience and achievements in start-ups with Vietnam.
Speaking at the forum, President of the Singaporean
Manufacturing Federation Douglas Foo said Vietnam has become a destination of
Asian manufacturers, thus opening up opportunities for Singaporean
enterprises, especially those operating in civil electronics, garment-textile
and food production, to provide logistics services for the manufacturers.
Many Singaporean companies have invested in seaport, logistics,
housing, urban and industrial park projects in Vietnam, Douglas Foo said,
stressing that thanks to the support of the Vietnamese Government, seven
VSIPs have been established in Vietnamese localities, becoming a symbol of
the economic links between the two countries.
He called on PM Phuc and the Vietnamese Government to continue
to support Singaporean projects in Vietnam.
Singaporean Minister for National Development and Finance
Lawrence Wong suggested Vietnam and Singapore cooperate in energy, oil and
gas, and smart city building, along with digital economy.
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Source: NDO
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