Vietnam President Nguyen Xuan Phuc visited Singapore between February 24 to 26 to discuss issues of bilateral interest and also explored possibilities of cooperation in the field of technology, trade, investment, and maritime security. The Vietnam-Singapore strategic partnership has grown multifold in the last few years and during Vietnam chairmanship of ASEAN in 2020. The countries committed to developing synergies between medical institutions, research labs, and undertaking collaborative efforts encountering the future viruses which can lead to a pandemic. Singapore is one of the first countries with whom Vietnam has restored commercial flights.
Singapore has been one of the major investors in Vietnam with the total cumulative investment of USD$ 66 billion which ranks it among the top investors within the ASEAN region. In terms of trade also the bilateral trade between the two countries has been at the tune of $8.5 billion in 2021. In the year 2021 Singapore took the lead with the total investment rising up to 1.7 billion which accounts for more than 1/3 of total investment in Vietnam. The collaboration between the two countries has been manifested in areas such as counterterrorism, sharing of information related to maritime security, convergences of ideas in the ASEAN defence ministers meeting, and regular dialogues through the ASEAN platform with the dialogue partners. The three-day visit to Singapore highlighted the possibilities of cooperation in terms of foreign direct investment, joint ventures between the enterprises of two countries especially in the wake of the fact that Vietnam is building up its private entrepreneurship in Ho Chi Minh city and there is a need for the two countries to come together for the post pandemic economic integration.
Singapore has also been looking forward for better interactions with Vietnam given the fact that it is one of the promising economies in the Asian region and Singapore given its paucity of land and increasing office prices and rentals is also looking for relocating few of its companies abroad. Singapore economy, which is transit trade hub and relies much on services exports, is also looking for harnessing the potential of the Vietnam’s manufacturing shows that there is more potential for collaboration between the two economies. In terms of governance, waste disposal, urban planning, upgrading electricity transmission lines, renewable energy, and developing digital economy, Singapore is one of the countries which have done commendable job and therefore Vietnam would be looking forward for drawing lessons from Singapore’s experience.
Singapore itself has very good relationship with all the dialogue partners of ASEAN, and has been very proactive in outlining the priorities for the Southeast Asian nations, and has been providing new ideas related to the Asia Europe Meeting (ASEM). Singapore has also been supportive of Vietnam’s approach related to resolving the dispute in South China Sea, and a mutually acceptable solution can be explored if the country is work together for the common code of conduct among the contesting parties.
Singapore media has also highlighted Vietnamese president visit to Singapore acknowledging the fact that Vietnam has been working as a constructive partner in regional security and developing common code of conduct.
During the visit Vietnamese president met president Halimah Yacob, Prime Minister Lee Hsien Loong, senior minister Goh Chok Tong , Speaker of parliament and Singaporean parliamentarians during this visit to the island state. The two sides signed bilateral agreements related to industry, business, the regular dialogue at official level, education, and information sharing. Singapore and Vietnam have established their diplomatic relations way back in 1972 and would be celebrating the 50thanniversary of the same as well as a decade long strategic partnership which was signed in 2013. One of the airlines of Vietnam Bamboo Airways would launch regular flights to Singapore from March of this year. This will also promote tourism between the two countries as the tourists have contributed largely to the GDP of Vietnam.
During the visit Vietnamese president visited floating solar farm and also explored possibilities with regard to setting up renewable energy research centres between the two countries. The development in Southeast Asia particularly in the context of Myanmar and tensions in South/East China Sea figured prominently in the discussions between the two leaderships. ASEAN has been also working on the security community pillars to build political, security, social and cultural community, Singapore has been very supportive of the initiatives which have been undertaken by the Vietnamese chairmanship of ASEAN in 2020.Therefore the meeting between the two leaders would discuss areas of cooperation related to actualising the ASEAN Action plan 2025 and also working towards better synergies between the two countries.
During the visit agreements related to sustainable industrial park development, renewable energy, skills and capacity building, reliable power transmission systems, and technology sharing were signed. President Phuc has also asked the Singapore’s investors to support Phuc Vietnam’s initiatives in energy, infrastructure, real estate developers. Vietnam has outlined plans for stimulating growth in hi-tech agriculture, Information technology, smart cities, 4th Industrial revolution manufacturing processes, finance and banking. President Phuc has bene making extra efforts to put Vietnam on a steady growth path and his diplomatic endeavours have brought investors to Vietnam.
