Deputy Prime Minister Le Minh Khai and Second Minister of Singapore's Ministry of Trade and Industry Tan See Leng - Photo: VGP
On July 7, in Hanoi, Comrade Le Minh Khai, Secretary of the Party Central Committee, Deputy Prime Minister attended and spoke at the 7th Regional - Singapore Business Forum organized by the Ministry of Planning and Investment and the Singapore Business Federation (SBF).
Attending the forum were Minister of Planning and Investment Nguyen Chi Dung, leaders of ministries, sectors and enterprises.
On the Singapore side, there were Second Minister of Trade and Industry of Singapore Tan See Leng and representatives of more than 700 businesses, of which 400 businesses attended online.
Deputy Prime Minister Le Minh Khai, Minister of Planning and Investment Nguyen Chi Dung, Second Minister of Singapore's Ministry of Trade and Industry Tan See Leng and representatives of major Singaporean enterprises - Photo: VGP
Opportunity to generate new ideas
Expressing his delight at attending the Regional Business Forum – Singapore, Deputy Prime Minister Le Minh Khai highly appreciated the fact that Vietnam is 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 meaningful event, demonstrating the trust, respect and deep interest of Singaporean enterprises in particular and the international business community in general in Vietnam's business and investment environment. And it is even more special when this forum takes place in the context of the two countries celebrating the 50th anniversary of establishing diplomatic relations and the 10th anniversary of the Strategic Partnership.
With the presence of hundreds of business representatives from Singapore and many other countries today, Deputy Prime Minister Le Minh Khai hopes that: "The forum will be an opportunity for us to discuss, propose and initiate new ideas and new opportunities for business investment in the post-pandemic economic recovery period, contributing to making economic, trade and investment cooperation between the two countries in particular, with the region and the world in general, increasingly more 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 takes place in the context of the international and regional situation evolving with rapid and extremely complex changes, beyond normal forecasts.
Never before have economies around the world and the ASEAN region had to simultaneously respond to so many complex, multi-dimensional, and intertwined challenges and risks as they do today. But never before have we witnessed such great efforts and determination from countries to overcome the consequences of the COVID-19 pandemic, gradually recovering and developing the economy sustainably.
The Deputy Prime Minister said that in the current gray picture of the world economy, positive trends are still maintained with the need for peace, stability, and cooperation for development still being the main flow. Asia - Pacific is still the growth engine of the world ( contributing about 39% of GDP, 36% of global exports ). ASEAN remains a bright spot for regional growth ( 2023 growth is forecast to reach about 4.8% , 7 times the growth rate of developed countries ) and Singapore continues to be one of the leading innovation drivers in Southeast Asia.
Deputy Prime Minister Le Minh Khai: Vietnam - Singapore relations have never been as good and comprehensive as they are today - Photo: VGP
Promote the building of an independent and self-reliant economy associated with proactive and active international integration, comprehensively, substantially and effectively.
In the context of the world's general difficulties, Vietnam cannot avoid negative impacts. As an economy with a large openness but still modest in scale, with limited competitiveness and resilience to external shocks, Vietnam's economy continues to be significantly affected by the world and regional economic context, especially in the manufacturing and processing industries, investment attraction, real estate business and global value supply chains...; Vietnam's large, traditional import and export markets are shrinking.
In that extremely difficult situation, Vietnam has synchronously and effectively implemented solutions and policies to adapt to developments in the international and domestic situation and achieved important and quite comprehensive results. successfully achieve the "dual goal" both preventing and fighting COVID-19 and restoring and developing socio-economy: Macroeconomic stability continues, inflation is controlled, growth is restored, major balances of the economy are ensured; social security, material and spiritual life of the people are gradually improved; politics and society are stable; national defense and security are maintained; foreign affairs and international integration are promoted and strengthened; Vietnam's prestige and position continue to be raised in the international arena.
The Deputy Prime Minister shared that in order to continue to overcome all challenges and successfully achieve the strategic goal of Vietnam becoming a developing country with an upper middle income by 2030 and a developed country with a high income by 2045, Vietnam is making efforts to build and perfect: a socialist-oriented market economy; a socialist rule-of-law state; socialist democracy, taking the people as the subject, driving force and goal for development.
In the new period, Vietnam is promoting the building of an independent and self-reliant economy associated with proactive and active international integration, comprehensively, practically and effectively; prioritizing the implementation of three strategic breakthroughs in institutions, human resources and infrastructure. In which, Vietnam identifies internal strength as fundamental, strategic, decisive and long-term, and external strength as important and breakthrough.
Deputy Prime Minister Le Minh Khai and delegates attend the 7th Regional Business Forum - Singapore - Photo: VGP
Never before has the Vietnam - Singapore relationship been as good and comprehensive as it is today.
Deputy Prime Minister Le Minh Khai emphasized: "On that journey, we wish to continue to strengthen increasingly deep and substantive cooperation with the Singaporean Government and business community."
Over the 50 years of establishing diplomatic relations and 10 years of developing strategic partnership, Vietnam - Singapore relations have never been as good and comprehensive as they are today.
The relationship between the two countries is considered typical of the dynamic and effective relationship in ASEAN, becoming a model to promote cooperation mechanisms within the bloc as well as in the region and the world.
Deputy Prime Minister Le Minh Khai cited: 12 Vietnam - Singapore Industrial Parks (VSIP) in 9 provinces/cities of Vietnam are operating increasingly effectively and have become symbols of economic cooperation between the two countries.
Singapore is the second largest investor in Vietnam ( 3,200 projects and 73.4 billion USD registered capital ). Singaporean enterprises have participated in most of Vietnam's economic sectors and fields and have always seriously implemented projects on schedule and achieved high efficiency.
On the other hand, Vietnamese investors have invested in Singapore in nearly 150 projects with a total registered investment of nearly 700 million USD, mainly focusing on professional activities and science and technology.
In terms of trade, Singapore continues to be one of Vietnam's leading partners in the region with a total two-way import-export turnover of 9.2 billion USD in an increasingly balanced direction ( up 11.6 % compared to 2021 ).
Deputy Prime Minister Le Minh Khai and delegates witnessed the memorandum handover ceremony - Photo: VGP
Opening up many great opportunities to promote Vietnam - Singapore economic, trade and investment cooperation to new heights
Deputy Prime Minister Le Minh Khai said that the above cooperation results are encouraging, but still not really commensurate with the cooperation potential of the two sides. The new development context with many challenges, but also opening up many great opportunities for economic, trade and investment cooperation between Vietnam and Singapore to continue to move towards new heights, more commensurate with the potential and desires of both sides.
To contribute to developing the Vietnam - Singapore Strategic Partnership more deeply and effectively, Deputy Prime Minister Le Minh Khai suggested a number of orientations.
Firstly, businesses of the two countries need to be more proactive and active, and maximize their cooperation. multi-functionality, comparative advantages, dynamism, creativity, daring to break through with new directions and ways of doing things; thinking big to go far; fulfilling investment commitments, said must be done, committed must be done, done must have results, measurable; comply with legal regulations; promote social responsibility, responsibility to workers, to develop prosperity together.
For its part, the Government Vietnam committed to making efforts to create the best environment for businesses of the two countries to cooperate and do business smoothly, aiming at OECD standards. That is: Maintaining socio-political and macroeconomic stability; removing economic bottlenecks in legal institutions, infrastructure and human resources; developing supply chains, reducing transaction costs, especially logistics and administrative costs; building a stable, highly predictable and transparent policy environment.
The Government always accompanies and creates favorable conditions for investors to do business successfully, sustainably and long-term in Vietnam - Photo: VGP
Promote cooperation in various fields Singapore has strengths , Vietnam has the need and potential for development
Second, Vietnam and Singapore are both members of new-generation FTAs (RCEP, CPTPP). Deputy Prime Minister Le Minh Khai suggested that businesses of both countries should make efforts to effectively utilize the benefits of these agreements, contributing to supporting the multilateral trading system and contributing to the economic recovery of both countries and the region after the pandemic.
Third, as a leading financial center in the region, Vietnam hopes that the Singaporean business community will continue to support Vietnam in accessing investment sources, green finance, serving sustainable development needs in areas such as innovation, smart infrastructure, green transportation, startups, high-quality human resource training, and climate change response.
Fourthly, the Deputy Prime Minister suggested that the two sides promote investment and cooperation in areas where Singapore has experience and strengths and Vietnam has development needs and potential, especially developing eco-industrial parks associated with smart cities, eco-cities, high-quality services to create industrial-urban ecosystems ; digital transformation, energy transformation, training of high-quality human resources...
Thursday, continue Expand the scope of cooperation, promote the role and effectiveness of the Vietnam - Singapore Economic Connectivity Cooperation Framework and the Digital Economy and Green Economy Partnership Framework was just signed by the two countries in February 2023.
In particular, it is necessary to maximize the effectiveness of the Vietnam-Singapore Joint Innovation Working Group to strongly promote comprehensive cooperation in the fields of innovation and startup support. I hope that the Singapore Business Federation (SBF) and businesses and business associations of the two countries will continue to play the role of an effective bridge between Singapore and Vietnam in these areas.
Deputy Prime Minister Le Minh Khai received Singapore's Second Minister of Trade and Industry Tan See Leng and leaders of leading Singaporean businesses - Photo: VGP
The Government always accompanies and creates favorable conditions for investors to do business successfully, sustainably and long-term in Vietnam.
Deputy Prime Minister Le Minh Khai emphasized: In the spirit of " harmonious benefits, shared risks ", consistently implementing the policy of protecting the legitimate rights and interests of investors and businesses, the Vietnamese Government affirms that it will always accompany, listen, share, support and create favorable conditions for foreign investors in general and Singaporean investors in particular to carry out successful, sustainable and long-term investment and business activities in Vietnam.
With the efforts, determination, goodwill of both sides and above all, the deep understanding of each other and increasingly closely linked interests, economic cooperation will continue to be an important pillar in the relationship between Vietnam and Singapore, a driving force to bring the relationship between the two countries to new heights.
Deputy Prime Minister Le Minh Khai believes: "The forum will bring out many good ideas and, more importantly, specific solutions to make economic, trade and investment cooperation between the two countries in particular, and between the regional and international business communities in general, more closely linked and successful, bringing about real results, for the benefit of each business and people of the two countries and the region."
"Your success is also our success," Deputy Prime Minister Le Minh Khai emphasized.
* On the same morning, Deputy Prime Minister Le Minh Khai received Singapore's Second Minister of Trade and Industry Tan See Leng and leaders of leading Singaporean enterprises.
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