Deputy Prime Minister Le Minh Khai and Singapore's Second Minister for Trade and Industry, Tan See Leng - Photo: VGP
On July 7th, in Hanoi, Comrade Le Minh Khai, Secretary of the Central Committee of the Party and Deputy Prime Minister, attended and delivered a speech at the 7th Regional Business Forum - Singapore, organized by the Ministry of Planning and Investment and the Singapore Business Federation (SBF).
The forum was attended by Minister of Planning and Investment Nguyen Chi Dung, leaders of ministries and agencies, and businesses.
On the Singaporean side, the event was attended by Singapore's Second Minister for Trade and Industry, Tan See Leng, along with representatives from over 700 businesses, including 400 that participated online.
Deputy Prime Minister Le Minh Khai, Minister of Planning and Investment Nguyen Chi Dung, Singapore's Second Minister for Trade and Industry Tan See Leng, and representatives of major Singaporean businesses - Photo: VGP
An opportunity to generate new ideas.
Expressing his pleasure at attending the Regional Business Forum – Singapore, Deputy Prime Minister Le Minh Khai highly appreciated Vietnam being the first country outside of Singapore to be chosen as the venue for the Forum.
Deputy Prime Minister Le Minh Khai emphasized: "This is a very significant event, demonstrating the trust, respect, and deep concern of Singaporean businesses in particular and the international business community in general towards Vietnam's business and investment environment. It is even more special as this forum takes place in the context of the two countries celebrating 50 years of diplomatic relations and 10 years of strategic partnership."
With the presence of hundreds of business representatives from Singapore and many other countries today, Deputy Prime Minister Le Minh Khai expressed his hope that: "The forum will be an opportunity for us to deeply exchange ideas, propose and create new ideas and opportunities for investment and business in the post-pandemic economic recovery phase, contributing to making economic, trade, and investment cooperation between the two countries in particular, and with the region and the world in general, even more closely connected and successful."
Deputy Prime Minister Le Minh Khai: "Your success is also our success" - Photo: VGP
According to Deputy Prime Minister Le Minh Khai, this year's forum is taking place against the backdrop of rapidly changing and highly complex international and regional situations, exceeding conventional predictions.
Never before have the economies of the world and the ASEAN region had to simultaneously cope with so many intertwined, multifaceted, and complex challenges and risks as they do now. But never before have we witnessed such high levels of effort and determination from countries to overcome the consequences of the COVID-19 pandemic, gradually recovering and developing their economies sustainably.
The Deputy Prime Minister stated that, amidst the current gloomy global economic landscape, positive trends are still being maintained, with the need for peace, stability, and cooperation for development remaining the main current. The Asia-Pacific region continues to be a driving force for global growth ( contributing approximately 39% of global GDP and 36% of global exports ). ASEAN remains a bright spot for growth in the region ( projected to reach approximately 4.8% growth in 2023 , seven times the growth rate of developed countries ), and Singapore continues to be one of the leading engines of innovation in Southeast Asia.
Deputy Prime Minister Le Minh Khai: Never before have Vietnam-Singapore relations been as good and comprehensive as they are today - Photo: VGP
Promoting the building of an independent and self-reliant economy, coupled with proactive, comprehensive, substantive, and effective international integration.
Amidst the global economic challenges, Vietnam is not immune to negative impacts. As an economy with a high degree of openness but a relatively small scale, and limited competitiveness and resilience to external shocks, Vietnam's economy continues to be significantly affected by the global and regional economic context, especially in manufacturing, investment attraction, real estate business, and global value chains; its traditional and large export and import markets are shrinking.
In that extremely difficult situation, Vietnam implemented a comprehensive and effective set of solutions and countermeasures to adapt to the evolving international and domestic situations, achieving significant and fairly comprehensive results. Successfully achieving the "dual objectives" Simultaneously preventing and controlling the COVID-19 pandemic and restoring and developing socio-economic activities: The macroeconomic situation remains stable, inflation is under control, growth is recovering, and major economic balances are ensured; social welfare and the material and spiritual lives of the people are gradually improving; political and social stability is maintained; national defense and security are upheld; foreign relations and international integration are promoted and strengthened; and Vietnam's prestige and position continue to be enhanced in the international arena.
The Deputy Prime Minister shared that, in order to continue overcoming all challenges and successfully achieve the strategic goal of Vietnam becoming a high-middle-income developing country by 2030 and a high-income developed country by 2045, Vietnam is striving to build and perfect: a socialist-oriented market economy; a socialist rule of law state; and socialist democracy, with the people as the subject, driving force, and goal of development.
In this new phase, Vietnam is accelerating the building of an independent and self-reliant economy, coupled with proactive and comprehensive international integration that is substantive and effective; prioritizing the implementation of three strategic breakthroughs in institutions, human resources, and infrastructure. In this context, Vietnam identifies internal strength as fundamental, strategic, decisive, and long-term, while external strength is considered important and crucial for breakthroughs.
Deputy Prime Minister Le Minh Khai and delegates attending the 7th Regional Business Forum - Singapore - Photo: VGP
Never before have Vietnam - Singapore relations been as good and comprehensive as they are today.
Deputy Prime Minister Le Minh Khai emphasized: "Throughout this journey, we hope to continue to strengthen and deepen our cooperation with the Government and business community of Singapore."
Having gone through 50 years of establishing diplomatic relations and 10 years of developing a strategic partnership, the Vietnam-Singapore relationship has never been as good and comprehensive as it is today.
The relationship between the two countries is considered a prime example of a dynamic and effective relationship within ASEAN, serving as a model for promoting cooperation mechanisms within the bloc, as well as in the region and globally.
Deputy Prime Minister Le Minh Khai cited the example of the 12 Vietnam-Singapore Industrial Parks (VSIP) in 9 provinces/cities of Vietnam, which are operating increasingly effectively and have become a symbol of economic cooperation between the two countries.
Singapore is the second largest investor in Vietnam ( 3,200 projects and US $ 73.4 billion in registered capital ). Singaporean businesses have participated in almost all sectors of Vietnam's economy and consistently implement projects on schedule and with high efficiency.
Conversely, Vietnamese investors have invested in nearly 150 projects in Singapore with a total registered investment of nearly 700 million USD, mainly focusing on professional and scientific and technological activities.
In terms of trade, Singapore continues to be one of Vietnam's leading partners in the region, with total bilateral trade reaching US$9.2 billion, moving towards a more balanced relationship ( an increase of 11.6 % compared to 2021 ).
Deputy Prime Minister Le Minh Khai and other delegates witness the signing ceremony of the memoranda of understanding - Photo: VGP
This opens up many great opportunities to promote economic, trade, and investment cooperation between Vietnam and Singapore to a new level.
Deputy Prime Minister Le Minh Khai stated that the aforementioned cooperation results are encouraging, but still do not fully reflect the potential for cooperation between the two sides. The new development context presents many challenges, but also opens up many great opportunities for economic, trade, and investment cooperation between Vietnam and Singapore to continue to reach new heights, more commensurate with the potential and aspirations of both sides.
To contribute to the deeper and more effective development of the Vietnam-Singapore Strategic Partnership, Deputy Prime Minister Le Minh Khai suggested several directions.
Firstly, businesses in both countries need to be more proactive and assertive, maximizing their potential. Multi-faceted capabilities, mutual comparative advantages, dynamism, creativity, a willingness to innovate with new approaches and methods; thinking big to go far; fulfilling investment commitments. What is said must be done, what is committed must be fulfilled, and what is done must yield measurable results; comply with legal regulations; uphold social responsibility and responsibility towards employees, so that we can all develop and prosper together.
For its part, the Government Vietnam We are committed to striving to create the best possible environment for businesses from both countries to cooperate and conduct business smoothly, aiming towards OECD standards. These include: maintaining political, social, and macroeconomic stability; removing bottlenecks in the economy related to legal institutions, infrastructure, and human resources; developing supply chains, reducing transaction costs, especially logistics and administrative costs; and building a stable, highly predictable, and transparently implemented policy environment.
The government always stands alongside and facilitates investors to conduct successful, sustainable, and long-term business in Vietnam - Photo: VGP
Strengthening cooperation in various fields. Singapore has Vietnam has strengths , needs, and potential for development.
Secondly, both Vietnam and Singapore are members of new-generation FTAs (RCEP, CPTPP). Deputy Prime Minister Le Minh Khai suggested that businesses in both countries should strive to effectively utilize the benefits of these agreements, contributing to the multilateral trading system and the economic recovery of both countries and the region in the post-pandemic era.
Thirdly, as a leading financial center in the region, Vietnam hopes that the Singaporean business community will continue to support Vietnam in accessing shifting investment sources and green finance, serving the needs of sustainable development in areas such as innovation, smart infrastructure, green transportation, startups, high-quality human resource training, and climate change response…
Fourth, the Deputy Prime Minister suggested that both sides should boost investment and cooperation in areas where Singapore has experience and strengths, and Vietnam has needs and potential for development, especially the development of eco-industrial parks linked to smart cities, eco-cities, and high-quality services to form industrial-urban ecosystems ; digital transformation, energy transition, and high-quality human resource training...
Thursday, continue Expanding the scope of cooperation and enhancing the role and effectiveness of the Vietnam-Singapore Economic Connectivity Framework and the Digital and Green Economy Partnership Framework. The agreement was signed by the two countries in February 2023.
In particular, it is necessary to maximize the effectiveness of the Vietnam-Singapore Joint Task Force on Innovation to strongly promote comprehensive cooperation in the field of innovation and startup support. We hope that the Singapore Federation of Business (SBF) and businesses and business associations of both countries will continue to play an effective bridging role between Singapore and Vietnam in these areas.
Deputy Prime Minister Le Minh Khai receives Singapore's Second Minister for Trade and Industry, Tan See Leng, along with leaders of leading Singaporean businesses - Photo: VGP
The government is always supportive and creates favorable conditions for investors to conduct business successfully, sustainably , and for the long term in Vietnam.
Deputy Prime Minister Le Minh Khai emphasized: In the spirit of " harmonious interests, shared risks ," and consistently implementing the policy of protecting the legitimate rights and interests of investors and businesses, the Vietnamese Government affirms its commitment to always accompany, listen to, share, support, and create favorable conditions for foreign investors in general, and Singaporean investors in particular, to successfully, sustainably, and long-term carry out investment and business activities in Vietnam.
With the efforts, determination, and goodwill of both sides, and above all, a deep understanding of each other and increasingly close shared interests, economic cooperation will continue to be an important pillar in the relationship between Vietnam and Singapore, and a driving force to take the two countries' relationship to new heights.
Deputy Prime Minister Le Minh Khai expressed his confidence: "The forum will generate many good ideas and, more importantly, concrete solutions to further strengthen and succeed economic, trade, and investment cooperation between the two countries in particular, and between the regional and international business communities in general, bringing tangible results for the benefit of individual businesses, citizens of both countries, and the region."
"Your success is also our success," Deputy Prime Minister Le Minh Khai emphasized.
* Earlier that morning, Deputy Prime Minister Le Minh Khai received Singapore's Second Minister for Trade and Industry, Tan See Leng, along with leaders of leading Singaporean businesses.
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