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| The two Prime Ministers attended the launching ceremony of the Vietnam-Singapore Innovation Center. (Photo: Nhat Bac) |
The conference was organized by the Ministry of Planning and Investment, the Government Office, the Embassy of the Republic of Singapore in Vietnam in coordination with the Vietnam-Singapore Industrial Park Joint Venture Company (VSIP).
Also attending were the spouses of the two Prime Ministers, more than 500 delegates who are leaders of ministries, branches, provinces, cities and more than 150 businesses from Vietnam and Singapore.
Launching the Vietnam-Singapore Innovation Center
At the conference, the leaders witnessed the announcement of the Vietnam-Singapore investment cooperation memorandum, including the cooperation minutes to develop 12 new VSIP projects in Vietnamese localities including the provinces of Nam Dinh, Khanh Hoa, Ninh Binh, Hai Phong, Tay Ninh, Hai Duong, Thanh Hoa, Ha Tinh, Thua Thien Hue, Binh Phuoc, Quang Ngai, Thai Binh.
Minister of Planning and Investment Nguyen Chi Dung presented VSIP representatives with the decision approving the investment policy for new VSIP projects including VSIP Lang Son and Son My 2 Industrial Park, Binh Thuan province.
The two Prime Ministers and delegates also performed the groundbreaking ceremony for VSIP's new projects including VSIP Can Tho, VSIP Bac Ninh 2 and VSIP Nghe An 2.
Leaders of the Ministry of Natural Resources and Environment and the Vietnam Oil and Gas Group, Vietnam Petroleum Technical Services Corporation (PTSC) and Sembcorp Group (Singapore) announced the Decision approving the marine resource survey activities of the Minister of Natural Resources and Environment for PTSC and the Letter of Intent of the Energy Market Authority (Ministry of Industry and Trade of Singapore) on the proposal to develop infrastructure for electricity export from Vietnam to Singapore of the PTSC and Sembcorp Joint Venture.
Also at the event, the two Prime Ministers attended the launching ceremony of the Vietnam-Singapore Innovation Center. The center was established in Binh Duong province under the cooperation between Vietnamese partners (including Becamex IDC Corporation, VSIP, Eastern International University) and Singaporean partners (Sembcorp, Singapore Polytechnic, Industry 4.0 Transformation Alliance).
VSIP - Contributing to Vietnam's economic growth
Speaking at the conference, Prime Minister Lee Hsien Loong said that 2023 is a very important year in Vietnam - Singapore relations, when the two countries celebrate the 50th anniversary of establishing diplomatic relations and the 10th anniversary of establishing a strategic partnership.
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| Singapore Prime Minister Lee Hsien Loong speaks at the Conference. (Photo: Nhat Bac) |
Expressing his joy and honor to contribute to Vietnam's development in recent times, Mr. Lee Hsien Loong recalled his visit to Vietnam 10 years ago, when he attended the groundbreaking ceremony of VSIP Quang Ngai - the 5th VSIP at that time. Since then, VSIP zones have continued to develop strongly, attracting a total investment of 18 billion USD and creating 300,000 jobs.
The operations of VSIP zones demonstrate the two countries' strong cooperation and shared belief in development, while the VSIP zones also demonstrate continuous innovation and progress.
The Prime Minister gave an example: if VSIP Binh Duong 1 focuses on developing light industry, Binh Duong 3 is a green, smart industrial park with a solar power plant on campus, and is home to the world's first carbon-neutral factory of the Lego Group. Many Singaporean investors have found suitable partners in Vietnam.
The Singaporean Prime Minister hopes that VSIPs will continue to contribute to Vietnam’s economic growth as well as bilateral economic cooperation. On the other hand, with Vietnam’s sustainable development strategy and the goal of net zero emissions by 2050, the two sides have many opportunities for cooperation, especially in the fields of energy, innovation, etc.
The relationship between the two countries is increasingly bearing fruit.
In response, Prime Minister Pham Minh Chinh emphasized that over the past 50 years of nurturing and development, the friendship and cooperation between the two countries have been continuously consolidated and developed comprehensively and well; at the same time, they continue to reach new heights based on the sharing of strategic interests, cooperation achievements, and solid friendship between the two countries.
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| Prime Minister Pham Minh Chinh speaks at the Conference. (Photo: Nhat Bac) |
The two sides signed an agreement on establishing a Digital Economy - Green Economy Partnership (February 2023), creating a premise for implementing cooperation between the two countries in the fields of digital economy, green economy, green finance, clean energy, climate change response, etc.
"Up to this point, it can be affirmed that the two countries have enough conditions and foundation to upgrade to a new level, especially after this visit by Prime Minister Lee Hsien Loong and his wife," Prime Minister Pham Minh Chinh emphasized.
According to the Prime Minister, economic - investment - trade cooperation is the most important pillar in the Vietnam - Singapore strategic partnership, always receiving attention to promote comprehensive development.
In terms of investment, with more than 3,300 projects and 73 billion USD in registered capital, Singapore ranks 2nd out of 143 countries and territories investing in Vietnam. Singaporean investors have participated in most economic sectors and fields and have always seriously implemented projects on schedule and achieved high efficiency.
In the opposite direction, Vietnamese investors have invested in Singapore in more than 150 projects with a total registered investment capital of nearly 700 million USD, mainly focusing on professional activities and science and technology.
Of these, 11 VSIP industrial parks have been put into operation, creating an important driving force in attracting investment and developing socio-economy, and at the same time being a model for effective, sustainable and long-term cooperation between the two sides.
In terms of trade, the two countries continue to be among each other's 15 largest trading partners and are moving in a balanced direction.
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| The two Prime Ministers and their wives at the Conference. (Photo: Nhat Bac) |
Cooperation in the fields of transportation, education and training, culture, tourism, people-to-people exchange, etc. continues to be focused on, promoted, and has achieved many important results. The number of Vietnamese students studying in Singapore each year is about 10,000; many educational institutions of the two countries have connected to exchange learning and teaching. Vietnam is among the top 10 tourist markets of Singapore, etc.
The Prime Minister also informed about the fundamental factors of development and the socio-economic situation of Vietnam in recent times. Of which, the import-export turnover in 2022 reached over 730 billion USD; 16 FTA agreements were signed with over 60 major markets. Vietnam has 37,000 FDI projects in operation, with a total investment capital of 446 billion USD. In the first 6 months of 2023, newly registered FDI capital increased by 31.3% over the same period, demonstrating the confidence of foreign investors in Vietnam.
Expressing agreement with his counterpart on the major orientations in the bilateral relationship in the coming time, Prime Minister Pham Minh Chinh said that it is necessary to focus on connecting the two economies, focusing on new areas such as digital transformation, green transformation, circular economy, sharing economy, innovation, and human resource training. These are also areas that Vietnam needs to learn more from Singapore.
On the other hand, based on existing results and experiences, Vietnam wishes to continue to expand and promote the effectiveness of the Vietnam-Singapore industrial park model in a sustainable manner, moving towards forming industrial - innovation - urban - service - high-tech ecosystems in many localities.
The Prime Minister said that Vietnam will continue to implement three strategic breakthroughs, creating more favorable conditions for businesses, reducing costs for people and businesses, "your success is also our success in the spirit of 'harmonized benefits, shared risks'.
The Head of Government believes that businesses investing in Vietnam will be increasingly successful, and the relationship between the two countries will become increasingly good and bear more and more fruit.
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