President’s Singapore visit expected to raise bilateral ties to new height

The upcoming State visit to Singapore by President Nguyen Xuan Phuc is hoped to lift the bilateral relationship to a new height in the context of several new-generation free trade agreements to which both are members taking effective.
President’s Singapore visit expected to raise bilateral ties to new height
President Nguyen Xuan Phuc. (Photo: VNA)

The visit, slated for February 24-26 under an invitation of President Halimah Yacob, is the first foreign trip of President Phuc in 2022, and the first by a head of state to Singapore since the onset of the COVID-19 pandemic.

It aims at affirming Viet Nam's determination to boost economic development and create a favourable business environment, thus delivering an important message helping Singaporean investors feel secure to do business in Viet Nam.

The visit is expected to be an important contribution to Viet Nam's efforts to promote post-pandemic economic recovery, especially in the fields that Singapore has strengths and Viet Nam has demand such as digital economy and transformation, and high-quality human resources.

In recent years, the Viet Nam-Singapore strategic partnership has developed strongly. Amidst complicated developments of the COVID-19 pandemic, the two sides have maintained contacts and meetings at different levels, and made good use of bilateral cooperation mechanisms, especially the annual political consultation at the deputy foreign ministerial level.

Two-way trade hit 8.3 billion USD in 2021, and over 783 million USD in January 2022, up 23.3 percent and 6.8 percent year-on-year, respectively.

As of February this year, Singapore has 2,860 valid projects worth 66 billion USD, ranking second among 140 nations and territories pouring capital into Viet Nam. Notably, last year, Singapore took the lead among all foreign investors with registered investment of over 10.7 billion USD, accounting for 34.4 percent of total capital attracted by Viet Nam.

Singaporean investors have participated in building infrastructure for 13 industrial parks in Viet Nam, with a total area of about 7,517 hectares. Those industrial parks are operating with high occupancy rates (83.2 percent on average), attracting nearly 1,000 projects, in which more than 80 percent are foreign-invested projects with a total registered capital of about 18.1 billion USD and nearly 300,000 jobs have been created.

In the fight against COVID-19, Singapore were among the first ASEAN countries to provide medical equipment and supplies for Viet Nam. Singapore presented medical equipment worth nearly 5 million USD to Viet Nam in September 2021, and has recently announced a gift of 122,400 doses of AstraZeneca vaccine for the latter. Meanwhile, when the pandemic developed complicatedly in Singapore, the Vietnamese National Assembly granted 30,000 face masks to its counterpart.

There are around 13,000 Vietnamese nationals living in Singapore, including 7,000 students and 2,500 workers.

President Phuc’s State visit takes place in the context that the bilateral ties are developing significantly in all fields and it has great significance at a time when the two are preparing to celebrate the 50th anniversary of diplomatic ties in 2023.

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(Source: VNA)