Both Ministers noted that bilateral trade and investment activities have increased even as both economies are recovering from the global financial crisis.
Singapore is already one of the largest foreign investors in Vietnam.
In the past year, Singapore companies invested in some 100 new projects in Vietnam.
This brings Singapore’s total investments in Vietnam to US$18 billion. Bilateral trade
between Singapore and Vietnam has increased four-fold from S$3.24 billion in 1999 to S$13.4 billion in 2009.
Minister Lim noted that there was scope for further collaboration as Vietnam’s economy continues to develop and grow.
“Vietnam presents new opportunities for Singapore companies which have competency in modern services such as info-communications, finance and urban development.
Vietnam, in turn, can leverage on Singapore’s established air, sea and financial hubs to connect more effectively to global and regional markets,” said Minister Lim.
Signed in December 2005, the Vietnam-Singapore Connectivity Framework Agreement provides an overarching platform for the Ministers to meet regularly to review and further our economic ties.
Since the inaugural meeting in January 2006, both countries have made notable progress and achievements in various sectors of cooperation including investment, finance, education and training, information technology and telecommunications, transport, and trade and services.
To help Vietnam build up the capabilities of its public sector, some 120 Vietnamese officials have been trained in urban development in the past two years.
An English language training programme was also launched for 300 Vietnamese teachers and scholarships were given to Vietnamese students. Singapore government agencies have also shared their expertise and experience with their Vietnamese counterparts through training programmes and study visits.
At the sidelines of today’s meeting, the Ministers also witnessed a signing ceremony for two joint ventures between Singapore and Vietnam companies.
The first joint venture between Miltrade Aerospace (a subsidiary of Miltrade Technologies) and Vietstar Airways is to set up an integrated maintenance, repair and overhaul (MRO) centre in Vietnam. The other joint venture, between TEE International and Khanh Viet, is to develop a residential project in Ho Chi Minh City.