Vietnam Recognized as Singapore's Crucial Regional Strategic Partner by PM Lee

Vietnam Recognized as Singapore's Crucial Regional Strategic Partner by PM Lee

Singaporean Prime Minister Lee Hsien Loong emphasized the significance of Vietnam as a key strategic partner in the region during a dialogue in Hanoi. A press release from the Vietnamese Ministry of Foreign Affairs highlighted Lee’s satisfaction with the progress of the Vietnam-Singapore relationship. The official visit of Prime Minister Pham Minh Chinh and Lee holds great importance as both countries commemorate the 50th anniversary of diplomatic relations and the 10th anniversary of their strategic partnership. This visit reaffirms their strong commitment to cooperation and development.

The leaders acknowledged Singapore’s position as Vietnam’s largest foreign investor, with over $3.6 billion of newly registered capital in the first eight months of this year. They also discussed the possibility of elevating bilateral relations to a comprehensive strategic partnership in the future. Prime Minister Chinh urged Singapore to facilitate opportunities for importing Vietnamese goods and to support the transition of Vietnam-Singapore industrial parks into smart industrial parks. He also sought Singapore’s assistance in industrial development, particularly in textile, wood-making, and ship-building sectors.

Both leaders agreed to enhance cooperation in defense and security through the signing and implementation of agreements, utilizing dialogue mechanisms, and collaborating in multilateral activities. Chinh requested Singapore’s support in establishing a big data center for anti-crime purposes and expediting system connectivity between the two countries’ digital identification and verification systems to facilitate travel and residency.

Maritime freedom and security were emphasized, along with the importance of adhering to the Declaration on the Conduct of Parties in the South China Sea and establishing a practical and effective code of conduct based on international law. Vietnam refers to these waters as the East Sea.

Following the dialogue, the leaders witnessed the signing of seven agreements in areas such as innovation, skill development, infrastructure, and economic development. Singapore remains Vietnam’s top economic partner in the region, with bilateral trade reaching $9.15 billion in 2022, marking an 11.57% increase from 2021. The Vietnam-Singapore industrial parks serve as a symbol of economic collaboration, with 14 parks across 10 Vietnamese localities attracting $18.7 billion in investments for 866 projects and creating 300,000 jobs.

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