Want to be in the loop?
subscribe to
our notification
Business News
SINGAPORE, VIET NAM TO FURTHER ENHANCE STRATEGIC PARTNERSHIP
Viet Nam is an important economic partner of Singapore in the region and Singapore wishes to further develop its strategic partnership with Việt Nam, said Deputy Prime Minister and Coordinating Minister for Economic Policies of Singapore Heng Swee Keat.
Heng made the statement during his talks with Vietnamese Deputy Prime Minister Lê Minh Khái in Hà Nội yesterday.
Khái spoke highly of the visit by the Singaporean official, which takes place ahead of the 50th anniversary of bilateral diplomatic ties and the 10th anniversary of the Việt Nam-Singapore strategic partnership next year.
The two officials shared the view that their strategic partnership has been growing in various areas. Despite COVID-19, two-way trade surged by 23.3 per cent annually to US$8.3 billion in 2021. Singapore remained the biggest ASEAN investor in Việt Nam with 2,959 valid projects worth $69.8 billion, and the Việt Nam-Singapore industrial parks (VSIPs) have become a successful model of bilateral economic cooperation.
They agreed to launch initiatives in the fields of clean energy, sustainable development, innovation, digital transformation, digital economy, risk management in finance-banking, cyber security, and workforce training to meet the requirements of the Fourth Industrial Revolution.
Khái encouraged Singaporean firms to import Vietnamese products such as farm produce, fisheries and apparel; create favourable conditions to bring processed food to Singapore’s distribution system, as well as invest in VSIPs, with priority given to electronics, smart production, information technology, digitalisation, and new materials.
Heng agreed that the two sides should enhance cooperation to boost trade and supply chain connectivity.
Both sides also pledged to together maintain solidarity and uphold ASEAN’s central role in the region.
Congratulating Singapore on becoming the first country to approve the Regional Comprehensive Economic Partnership (RCEP), Khái said multilateral trade deals like the RCEP, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and sub-regional agreements, would be important tools to deliver on commitments related to free trade, fair competition and transparent economic policies.
On regional and global issues, Khái stressed that building the East Sea into a region of peace and cooperation in line with international law and the 1982 United Nations Convention on the Law of the Sea was of utmost necessity, thus laying the foundation to ensure an environment conducive to economic development.
Source: VNS
Related News
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/bn-01.jpg)
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.