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Friday, July 19, 2024

Singapore agrees to expand VSIPs in Vietnam

The Saigon Times

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HCMC – At their meeting in the United States on May 12, Vietnam’s Prime Minister Pham Minh Chinh and his Singaporean counterpart Lee Hsien Loong agreed to expand the Vietnam-Singapore Industrial Parks (VSIP) in Vietnam.

On the sidelines of the U.S.-ASEAN Special Summit in Washington D.C., the two leaders reached a consensus on further cooperation in post-pandemic economic recovery and development, including boosting digital economy, green economy, and circular economy, the local media reported.

PM Chinh expressed appreciation of Singapore leaders, especially PM Lee Hsien Loong, for their contributions to deepening cooperation between the two countries.

PM Lee affirmed that Singapore attaches importance to its strategic partnership with Vietnam through bilateral and multilateral frameworks.

The two sides expressed their satisfaction at the fast and robust progress in the two countries’ partnership, with economic cooperation continuing to be a bright spot.

Singapore is the second-largest foreign investor in Vietnam, with total registered capital of over US$67.5 billion.

Over the past two decades, VSIPs have operated sucessfully. Bilateral cooperation in defense, security, culture, education and people-to-people exchange has maintained the robust development.

Heading toward the 50th anniversary of the establishment of diplomatic relations between Vietnam and Singapore and the 10th anniversary of their strategic partnership in 2023, the two PMs agreed to promote high-level visits and meetings and maintain bilateral cooperative mechanisms. The two sides will cooperate to use the new-generation free trade agreements to which they are signatories, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership.

PM Chinh suggested bolstering the collaboration in education training and asked Singapore to provide more scholarships for Vietnamese officials.

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