New incentives for relations between Vietnam and regional partners

(VOVworld) – President Tran Dai Quang will make state visits to Brunei from 26-28 August and to Singapore from 28-30 August. The visits will tighten Vietnam’s relations with the two ASEAN countries and expand cooperation with them in all fields, especially economics, trade, and investment.

New incentives for relations between Vietnam and regional partners  - ảnh 1
President Tran Dai Quang and his spouse left Hanoi on August 26, 2016 for a State visit to Brunei from August 26 to 28. (Photo: VNA)

Located in Southeast Asia, both Brunei and Singapore have dynamic economies. Both offer a great potential for long-term cooperation with Vietnam in regional and international mechanisms.

Multi-faceted relations with Brunei

President Tran Dai Quang’s visit to Brunei was made at the invitation of Brunei’s King Haji Hassanal Bolkiah Mu’izzaddin Waddaulah.

Since the two countries’ establishment of diplomatic relations 24 years ago, the visit will serve to reiterate Vietnam’s consistent policy of attaching importance to cooperation with Brunei to deepen bilateral relations and produce more benefits for the two countries’ peoples.

During his three-day visit, Mr. Quang and Brunei’s leaders will discuss measures to broaden cooperation in various areas, to promote negotiations to quickly sign an agreement on investment encouragement and protection, a memorandum of understanding on agriculture and aquaculture cooperation, and a memorandum of understanding on labor.

Both will exchange views on international issues of mutual concern and mutual support in regional and international forums, particularly within ASEAN, to maintain unity and uphold ASEAN’s central role in regional processes.

Deepening the strategic partnership with Singapore

Following Brunei, Singapore will become the second neighbouring country President Tran Dai Quang visits since taking office. This is Vietnam’s acknowledgement of the strength and role of Singapore in the region and of bilateral ties.  

 As a dynamic and strong economy in the region, Singapore is an essential partner, one of major investors, and a leading trade partner of Vietnam.

Since both nations established a strategic partnership in 2013, bilateral ties have developed more effectively.

Vietnamese Ambassador to Singapore Nguyen Tien Minh said: “Over the past three years, bilateral trade has grown about 22% each year. In sthe first even months of 2016, the rate has reached 10.7%. Regardless of difficulties around the globe and in the region, Vietnam and Singapore still have much potential for economic development. Now Singapore is Vietnam’s third largest investor, behind Japan and the Republic of Korea. So far this year, Singapore’s investment in Vietnam ranked second.”

President Tran Dai Quang’s visit takes place after a general election in Singapore. Its new cabinet began operation early this year with the determination to set a direction for the development of the island country during the next half a century.

Meanwhile Vietnam also concluded its 12th National Party Congress setting the course as Vietnam seeks to make rapid progress in its integration and development. Thus, the visit is expected to create many opportunities and new momentum to further the strategic partnership with Singapore.

Ambassador Minh explained: “Vietnamese and Singaporean economies are supportive of each other and see potential for cooperation. As more free trade agreements and regional deals like the ASEAN Economic Community and the Regional Comprehensive Economic Partnership take shape, this will become a large economic area including sixteen countries. In the future, when the Trans Pacific Partnership agreement officially takes effect, cooperation between Vietnam and Singapore will be expanded with other countries in ASEAN, Asia Pacific Region, and America.”

Sharing the common benefits from regional integration

Mr. Quang’s visits to Brunei and Singapore aim to convey the development opportunities Vietnam has to offer, to find new methods of cooperation to lift their relations to a new height. President Tran Dai Quang and the leaders of Brunei and Singapore will also exchange views on the preservation of regional peace, stability, and security for shared economic growth and prosperity.

 

 

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