(VOVworld) – Singapore’s Prime Minister Lee Hsien Loong began a four-day official visit to Vietnam on Tuesday to deepen the Strategic Partnership between the two countries.
Singapore's Prime Minister Lee Hsien Loong- Photo: AFP/TTXVN |
The Republic of Singapore is an ASEAN member and one of the leading developed industrial countries in the world. Singapore has led the shift to a knowledge-based economy with the intention of becoming a major center in the the global economy by 2018.
A long stride in bilateral cooperation
Cooperation between Vietnam and Singapore has developed steadily since bilateral ties were established in August, 1973, and even more since Vietnam became an ASEAN member in 1995. Vietnam has become one of Singapore’s key trade and investment market in Southeast Asia. In 2004, they signed a “Joint Declaration On a Comprehensive Cooperation Framework in the 21st century” which created a legal framework and conditions to boost bilateral friendship and multifaceted cooperation. The two countries issued a Joint Statement on Establishing a Vietnam-Singapore Strategic Partnership during Prime Minister Lee Hsien Loong’s visit to Vietnam in 2013 to celebrate the 40th anniversary of bilateral diplomatic ties.
Two-way trade between Vietnam and Singapore grew dramatically over the years, reaching 16 billion USD in 2016. Singapore is Vietnam’s 3rd largest investor with a total capital of 39 billion USD. Vietnam-Singapore Industrial Parks, which symbolize the effectiveness of Singapore’s investment in Vietnam, have reached 7 7 in number in the last 11 years. Vietnamese Ambassador to Singapore Nguyen Tien Minh elaborates on the potential of Vietnam-Singapore cooperation: “Vietnam and Singapore have a great potential for further cooperation because they can support each other. Singapore has capital and experience in trade and economic development. Vietnam has abundant human resources, natural resources and land. The cooperation potential has grown following the signing of a number regional free trade agreements and the establishment of the ASEAN Economic Community, and the Regional Comprehensive Economic Partnership.”
Vietnam-Singapore cooperation in education, training, health care, culture and tourism has gained remarkable results. In 2016, 260,000 Singaporean tourists visited Vietnam, 8.7% more than in 2015. The two sides have worked closely at global forums like ASEAN, APEC, ASEM, and the UN. They have enhanced cooperation in addressing strategic security issues in the region, especially in the East Sea.
Milestone in Vietnam-Singapore relationship
During Prime Minister Lee Hsien Loong’s visit to Vietnam, the two sides will discuss ways to deepen their strategic partnership to keep pace with the rapid changes of the current 4th Industrial Revolution. Ambassador Minh again: “Cooperation opportunities are great. Vietnam-Singapore cooperation should be expanded within ASEAN and the Asia-Pacific region.”