Vietnam – Important Partner of Singapore in ASEAN

Ambassador Mai Phuoc Dung spoke at the ceremony. Photo: WVR

Speaking at the opening ceremony, Ambassador Mai Phuoc Dung said that Vietnamese people are always grateful to the previous generations. They have endured many hardships and sacrifices to protect the sovereignty, national sovereignty and territorial integrity of Vietnam.

The Ambassador also announced that Vietnam has successfully controlled the Covid-19 pandemic and enjoyed a strong economic recovery after the pandemic. Vietnam’s gross domestic product (GDP) growth in the first six months of 2022 reached 6.42% over the same period last year.

Vietnam has always been consistent with the principles of promoting independence, self-reliance, peace, cooperation and development, he said. The Ambassador said that Vietnam’s foreign policy is to develop friendly relations with countries and international institutions based on common interests, while maintaining the recognized principles of international law.

Regarding bilateral relations, Ambassador Mai Phuoc Dung said that Vietnam and Singapore have cooperated strongly in politics, economy, security and people-to-people exchanges.

Within the framework of negotiations, the two countries have cooperated with each other and with other countries of the Association of Southeast Asian Nations (ASEAN).

This is to promote ASEAN unity in regional affairs, building a secure, stable regional and international order based on international law.

Regarding the economy, Ambassador Mai Phuoc Dung said that by the end of June, Singapore had nearly 3,000 investment projects in Vietnam with a total registered capital of about US$70 billion. Singapore is the second largest investor in 139 countries and territories investing in Vietnam.

In the first half of 2022, Singapore is the largest foreign direct investor (FDI) in Vietnam with a total investment capital of US$4.3 billion. Bilateral trade reached US$15.7 billion, up nearly 22% over the same period in 2021. Currently, Vietnam is Singapore’s 12th largest trading partner, while Singapore is Vietnam’s 15th trading partner.

The ambassador also said people-to-people exchanges are another solid pillar in Vietnam-Singapore relations.

Tens of thousands of Vietnamese scholars, students and workers are living, studying and working in Singapore. They are the “ambassadors” strengthening the connection between the two countries.

Singapore’s Minister for Communications and Information Josephine Teo. Photo: WVR

Speaking at the ceremony, on behalf of the Government of Singapore, Singapore’s Minister for Communications and Information Josephine Teo said that the longstanding relationship between the two countries, cultivated by generations of leaders of the two sides, has become more profound over the years.

Minister Josephine Teo said Vietnam is currently one of the fastest growing economies in Southeast Asia, an important partner and friend of Singapore in ASEAN.

The two sides cooperate closely in key areas such as trade and investment, finance, security and defense. She said the frequent exchanges between the leaders and the mutual support during the pandemic period is a testament to the close relationship between the two countries.

Delegates attend the ceremony. Photo: WVR

Minister Josephine Teo said Singapore is Vietnam’s largest foreign investor in 2020 and 2021 with about US$20 billion invested in the past two years.

Ten Vietnam-Singapore industrial zones create 270,000 jobs for Vietnam. The two countries are currently working together to recover from the Covid-19 pandemic, expanding cooperation in many new areas such as cybersecurity, smart cities, sustainable development and the digital economy.

Josephine Teo said that in the region, Singapore and Vietnam are close partners. As ASEAN members, the two countries have worked closely and shared common views on regional issues. The two sides strengthen ASEAN solidarity and deepen regional economic integration.