International

VSIP model a bright spot in Vietnam-Singapore economic ties: PM

VNA
Prime Minister Nguyen Xuan Phuc, in a meeting with outgoing Singaporean Ambassador to Vietnam Catherine Wong on January 13, highlighted the great success in bilateral trade and investment relations, saying that the Vietnam-Singapore Industrial Park (VSIP) model is a bright spot in the economic ties.

Prime Minister Nguyen Xuan Phuc (R) receives outgoing Singaporean Ambassador to Vietnam Catherine Wong (Photo: VNA)

Prime Minister Nguyen Xuan Phuc (R) receives outgoing Singaporean Ambassador to Vietnam Catherine Wong (Photo: VNA)

During the reception for the diplomat, the Vietnamese Government leader noted that although the relationship has recorded fruitful developments, it is not commensurate with the potential.
Vietnam and Singapore need more cooperation models to contribute to promoting economic cooperation and GDP growth, and creating more jobs for labourers.
PM Phuc expressed his hope that more and more Singaporean technology corporations will explore and invest in the Vietnamese market, thus maintaining Singapore's leading investment position in Vietnam.
He also wished that more and more Vietnamese students will pursue their study in Singapore, which boasts good education, hence improving Vietnam's human resources quality.
He took the occasion to congratulate Singapore on its achievements in COVID-19 control, and thanked the country for its recent assistance for flood victims in central Vietnam.
For her part, Ambassador Wong said despite difficulties caused by the COVID-19 pandemic, the bilateral cooperation has developed constantly, especially in economy. Singapore has become the leading investor in Vietnam, she noted, adding that this is considered an important achievement in the relationship between the two countries.
Vietnam is an important market for Singapore, and Singaporean investors are now looking for more opportunities to invest in the country, especially in priority areas such as innovation, development of smart cities, and startups.
Vietnam and Singapore are not only partners within ASEAN but also in international and regional forums, she said.
The diplomat congratulated Vietnam on its success as ASEAN 2020 Chair despite difficulties posed by the COVID-19 pandemic, saying that Vietnam's initiatives have contributed to further fostering intra-bloc connection and cooperation.
Regarding multilateral trade liberalisation, Ambassador Wong highly valued Vietnam’s role in promoting the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2017 and the Regional Comprehensive Economic Partnership (RCEP) Agreement in 2020.
She also praised Vietnam’s COVID-19 response and economic recovery efforts, expressing her hope that the two countries will work to soon re-open doors to each other as the pandemic is brought under control.

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