(MPI) - With the spirit of “New thinking, new vision for Vietnam – Singapore relations”, the 13th Vietnam – Singapore Connectivity Ministerial Meeting took place in Ha Noi on October 17, 2017. Minister of the MPI Nguyen Chi Dung and Minister for Trade and Industry Lim Hng Kiang co-chaired the meeting.
Whole scene of the meeting. Photo: Duc Trung (MPI)
At the meeting, the two sides reviewed and evaluated the performance of cooperative agreements in such 6 fields as investment, finance, information communication – technology, education – training, transportation, trade and service. Of which, trade and investment are two fields obtaining positive outcomes.
Regarding trade, Vietnam – Singapore trade turnover has increasingly developed with the average growth rate of 12% per year. The bilateral relation has become a strategic partner since 2013. Singapore now is the second largest partner of Vietnam in ASEAN (behind Thailand) and the sixth biggest one in the world, while Vietnam is the 11th largest trade partner of Singapore.
In the first 7 months of 2017, the two-way trade turnover has increased again, reaching US$ 5 billion, up 16.4% as compared to the same period 2016, including US$ 1.7 billion of export turnover into Singapore, up 28.9% and US$ 3.3 billion of import turnover from Singapore, up 10.6% YoY.
Regarding investment, there were 1,918 valid FDI projects of Singapore up to September 2017, with total registered capital of over US$ 41.38 billion, ranking third among 122 nations and territories investing in Vietnam, behind Korea and Japan. Average capital was US$ 21.6 million per project, higher than that of US$ 12.9 million per FDI project. Singapore has invested in 18 (out of 21) fields in the field system of Vietnam, of which, processing and manufacturing industry ranked first with 548 projects and registered capital of US$ 17.99 billion, making up 44% of total registered capital.
In the first 8 months of 2017, registered capital of Singapore investing in Vietnam was US$ 3.93 billion, including US$ 2.84 billion of newly registered capital and US$ 718 million of additionally registered capital and US$ 370 of capital contribution, buying shares.
Up to now, there were 93 projects of Vietnam investing into Singapore with total registered capital of US$ 235 million, ranking 12 among 72 nations and territories Vietnam investing oversea, focusing on such fields as oil and gas, mining, retail, service, IT, logistics…
In additional to trade and investment, Vietnam – Singapore cooperation in terms of information – communication, education – training, transportation, tourism – service has been developing but not commensurate with potential and demand of the two countries.
At the conclusion of the meeting, Minister Nguyen Chi Dung highly appreciated effort and straightful working spirit of the two sides. The outcomes were not commensurate with the potential and advantages, so he wanted to boost collaboration to find out the opportunities, overcome the difficulties, challenges, frankly and openedly cooperate to implement cooperation agreement in the six Vietnam – Singapore economic connectivity fields.
Particularly, recognizing the big potentials in terms of tourism, the Minister emphasized the role of the connectivity, not only direct but also indirect, through the third party. In order to promote cooperation in culture, sports and tourism, Vietnam proposed Singapore to collaborate operating promotion activities in terms of investment, service, culture, entertainment, cinema… for the potential investors.
At the meeting, the two Ministers agreed the time and location of the 14th Vietnam – Singapore Connectivity Ministerial Meeting, which is expected to undertake in Singapore in 2018./.
Ministry of Planning and Investment