The Singapore Regional Business Forum was held in Vietnam for the first time.

On July 7, the Singapore Regional Business Forum (SRBF) will be held in Vietnam for the first time with the participation and opening speech of Prime Minister Pham Minh Chinh .

Diễn đàn Doanh nghiệp Khu vực Singapore lần đầu tiên được tổ chức tại Việt Nam

The Singapore Regional Business Forum (SRBF) will be held in Vietnam for the first time with the participation and opening speech of Prime Minister Pham Minh Chinh. (Source: SRBF)

The event, organised by the Singapore Business Federation (SBF) and now in its seventh year, attracts industry leaders, government officials, policy makers, academics and diplomats to strengthen regional cooperation and explore sustainable business opportunities.

Expanding economic relations, creating close ties

The SRBF Forum aims to expand economic relations, create close ties, and at the same time, celebrate the 50th anniversary of bilateral partnership and 10 years of Vietnam-Singapore Strategic Partnership.

According to Mr. Kok Ping Soon, Executive Director of SBF, the Forum in Hanoi chose the theme of Strengthening Regional Cooperation for Sustainable Growth to highlight the importance of cooperation, sustainability and inclusive growth in promoting economic development in Southeast Asia. At the same time, towards social progress and shared prosperity across the region.

Mr. Kok Ping Soon added that the Governments of Vietnam and Singapore recently signed a Memorandum of Understanding on enhancing trade and investment, green economy and digital economy. This SRBF will serve as a platform to create more opportunities in the fields of digitalization, sustainable development and human resource development between the two countries.

The SRBF in Hanoi will include four main discussion sessions. The highlight will be the Ministerial Talks with Singapore’s Minister for Labour and Second Minister for Trade and Industry Tan See Leng, Minister for Planning and Investment Nguyen Chi Dung and Minister for Industry and Trade Nguyen Hong Dien. The event will address issues such as global tensions and discuss the prospects for building a sustainable future for Southeast Asia in the social, economic and environmental fields.

In addition, the Forum will have 3 other discussion sessions on topics such as Sustainable Development Opportunities in the Region for Investors ; Technological Innovation in ASEAN's Digitalization Process and The Future of Human Resources .

A series of other activities will also take place within the framework of the Forum, including the signing of memorandums of understanding (MOUs), direct and online business connections, and exhibitions of business sectors, helping businesses explore business growth opportunities in the region. Leaders of Hai Phong, Hung Yen and Nghe An provinces will also speak at a separate session to introduce the business environment and investment opportunities in these three localities.

The 7th SRBF in Hanoi will be held in a hybrid format, allowing attendees to interact with each other through virtual exhibitions, live-streaming programs and online business connections. The event will be attended by more than 500 leading business leaders, senior government officials, policymakers, academics, diplomats and media representatives from over 30 countries and territories.

In conjunction with SRBF, the Singapore Business Federation is also sending a business delegation to Hanoi from July 5-8. The business delegation of 30 delegates will learn more about Vietnam’s business environment, strengthen cooperation with local businesses and promote bilateral relations between Vietnam and Singapore.

Singapore - top investor

With the signing of many Free Trade Agreements (FTAs) such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the trade and investment relations between Singapore and Vietnam are increasingly stronger.

Vietnam - Singapore Industrial Park (VSIP) joint venture in Binh Duong. (Source: SRBF)

In 2022, bilateral trade between the two countries increased by nearly 10% over the previous year, reaching 9.1 billion USD. In the first 5 months of 2023, trade turnover reached nearly 3.76 billion USD, down 5% over the same period. Of which, Vietnam exported nearly 1.7 billion USD and imported more than 2 billion USD.

In terms of investment, in 2022, Singapore's FDI capital in Vietnam reached nearly 6.46 billion USD, making Singapore the largest foreign investor in the year. According to data from the Ministry of Planning and Investment, as of May 2022, Singapore had 3,240 direct investment projects in Vietnam with a total registered capital of 73.4 billion USD, making it the second largest investor in Vietnam after South Korea.

According to Mr. Kok Ping Soon, Singaporean companies are very interested in expanding operations to Vietnam, due to Vietnam's rapidly growing middle class and strong manufacturing capabilities to support exports.

The SBF National Business Survey 2022 - 2023 shows that Vietnam is among the top three countries where Singaporean companies are looking to expand their investment in the short term, with key areas of interest being manufacturing, infrastructure, wholesale and retail trade.

Singapore looks forward to working together to support Vietnam's digital transformation, especially in priority areas such as e-commerce, banking and finance, and cybersecurity.

In the field of green economic development, Singapore wants to cooperate with Vietnam in the process of equitable energy transition, towards the goal of zero emissions in both countries. At the same time, it is looking to develop a power grid connecting Singapore and Vietnam, which can become a model for cooperation and trade in electricity in ASEAN.

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