A Vietnam - Singapore business forum has been organized to cement the two countries’ economic partnership, within the framework of Prime Minister Nguyen Xuan Phuc’s official visit to Singapore from April 25 to 27.

The event took place on Thursday and was attended by about 700 delegates including officials and business leaders from both nations.

Speaking at the gathering, PM Phuc highlighted the practical foundation for the bilateral collaboration between two countries.

Singapore has had more than 2,000 projects worth a combined investment capital of over US$43 billion in Vietnam and two-way has reached nearly $8.5 billion, the premier stated, adding that up to 280,000 Singaporean tourists visit Vietnam each year. 

Vietnam has invested in nearly 100 projects valued at more than $200 million in Singapore, he continued.

Vietnam is exerting its efforts to improve growth quality, increase productivity and innovation, utilize opportunities generated by the fourth industrial revolution, and improve its domestic and foreign-invested sectors. 

He also said the Vietnamese government is committed to creating the best possible conditions for start-up initiatives and intellectual property rights protection.

PM Phuc called on Singaporean partners to continue sharing their experiences and achievements in start-ups with Vietnam. 

According to Douglas Foo, President of the Singaporean Manufacturing Federation, Vietnam has become a destination for Asian manufacturers, opening up opportunities for Singaporean enterprises, especially those operating in civil electronics, garment-textile and food production, to provide their logistics services.

Many Singaporean companies have invested in seaport, logistics, housing, urban and industrial park projects in Vietnam thanks to the support of the local government, Foo continued.

Seven Vietnam-Singapore Industrial Parks (VSIP) have been established in Vietnamese localities, serving as symbols of the economic links between the two countries, the official stressed.

The first VSIP opened in the southern province of Binh Duong in 1992.

At the event, Singaporean Minister for National Development and Finance Lawrence Wong suggested both sides cooperate in energy, oil and gas, and smart city building, along with developing their digital economies.

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