PM Nguyen Tan Dung talks with Singapore businesses

Prime Minister Nguyen Tan Dung (centre) meets with Singaporean businesspersons (Photo: VNA)

Prime Minister Nguyen Tan Dung attended a roundtable workshop with leading Singaporean businesses in Singapore on August 9 on the occasion of celebrating the host’s 50th anniversary of the Independence Day.

Singaporean entrepreneurs described the event as a golden opportunity to explore the investment cooperation in Vietnam.

The Vietnamese Government leader highlighted the remarkable strides in the Vietnam-Singapore strategic partnership across the board, particularly economics, trade and investment.

He noted that Singapore is among the leading economic partners of Vietnam with two-way trade reaching nearly 10 billion USD last year.

Singapore’s investment into Vietnam has been increasing in recent years, with more than 1,400 valid projects worth over 33 billion USD, he added.

The Vietnam-Singapore Industrial Park (VSIP) is a vivid illustration for the sound and effective cooperation between the two countries, he said.

The PM continued that there remains enormous potential for economic cooperation between the two nations. The Vietnamese Government welcomes and will create favourable conditions for Singaporean firms to boost trade and investment activities in Vietnam in the long run.

He spoke in length the economic situation in Vietnam, revealing that the country is now home to over 18,500 foreign investment projects from 103 countries and territories with capital totaling 260 billion USD.

He added that Vietnam and Singapore are joining efforts to complete the formation of the ASEAN Economics Community by the year-end.

Additionally, with high political resolve, both nations are together with partners to conclude negotiations for the early signing of the Trans-Pacific Partnership Agreement (TPP), he said.

The PM said the engagement in free trade agreements (FTA) has allowed Vietnam to open its trade relations with other 55 countries in the world, including 15 members of the G-20.

He disclosed that Vietnam is taking drastic measures to improve the efficiency and competitiveness of the local economy such as restructuring State-run businesses, banking and finance systems, and public investment.

Simultaneously, the country has continued to improve the market economy institution and business environment in line with the regional and international standards.

Vietnam’s business climate is expected to reach the average level of nations in ASEAN-6 (including Singapore, Malaysia, Thailand, the Philippines, Indonesia and Brunei) this year and in ASEAN-4 (comprising of Singapore, Malaysia, Thailand and the Philippines) in 2016, the PM said.

The PM welcomed Singaporean entrepreneurs to study investment cooperation or expand operation in Vietnam in the fields of logistics, real estate, restaurant, hotel, industrial park development, and maritime transport.

The bilateral cooperation potential in the fields remain high, especially since Vietnam is integrating well into the global economy and the ASEAN Community is going to be formed at the end of this year, he said, adding that the countries’ Governments have been promoting connection activities in the fields.

He confirmed that the Vietnamese Government as well as ministries and departments will take into account proposals of Singaporean investors at the workshop.

The same day, PM Dung received leaders of some top Singaporean businesses such as Sembcorp, Ascendas, and Banyan Tree.

Earlier, right on his arrival in Singapore on August 8, the PM met with officials from the Vietnamese Embassy in Singapore and representatives of the overseas Vietnamese community.-VNA