Singapore, Vietnam strengthen bilateral cooperation

Singapore and Vietnam have jointly signed a memorandum of understanding (MoU) on financial cooperation, as well as an agreement on public administration. Moreover, both nations are set to sign a strategic partnership agreement in 2013 to celebrate 40 years of diplomatic relations.

The signing was witnessed by Singapore Prime Minister Lee Hsien Loong and General Secretary Nguyen of the Vietnam Communist Party. A key component of the agreements is the initiative to send Vietnam’s senior officials to Singapore for extensive education and training programs focused on growth sectors like transport management and urban planning. Meanwhile, the strategic partnership agreement will explore new development opportunities in education, training, finance, defence and security.

To date, Vietnam is Singapore’s 19th  largest trading partner, while Singapore is Vietnam’s fourth largest foreign investor, with stakes in housing, electronics, healthcare, shipping and other areas. Data from International Enterprise Singapore, the national agency driving Singapore’s external economy, revealed that bilateral trade between the two economies registered nearly US$15 billion in 2011. This represents yearon- year (y-o-y) increase of approximately 22% vis-a-vis total trade registered in 2010. Meanwhile, the first half of 2012 saw a 13% y-o-y increase in bilateral trade, amounting to almost $S10 billion in the first seven months of the year.