(VOVWORLD) - Vietnam's economic success story has been the subject of much attention ahead of the ASEAN Summit opening in Hanoi on Wednesday, according to Singapore’s newspaper The Straits Times.
 Singaporean Ambassador to Vietnam Catherine Wong. (Photo:straitstimes.com) |
An article released on Monday said that Vietnam’s economy has consistently turned in a strong performance in the past decade, growing by 5 to 7% each year. It said foreign investors are especially drawn by its expanding middle class, vibrant private sector and young population, adding that about 70% of its 95 million people are younger than 35.
The article quoted the first female Singaporean ambassador to Vietnam Catherine Wong as saying that for Singapore, economic ties are a "mainstay" of its relationship with Vietnam, adding that Singapore is the third-largest foreign direct investor in Vietnam. This is very significant because the top two investors are South Korea and Japan, which have far larger economies than Singapore, said Wong.
Longstanding symbols of cooperation include a 24-year-old Vietnam-Singapore Industrial Park joint venture, plus a connectivity framework agreement from 2006 to boost collaboration in finance, information technology and transport, said the article.