New Developments in Vietnam-Singapore Relations

Cultural performance at the celebration held in Hanoi.

Important milestones, as well as outstanding achievements gained by the two countries over the past 50 years, were demonstrated by commemorative activities. Vietnam and Singapore officially established diplomatic relations in 1973.

The relationship between the two countries has been upgraded to a strategic partnership since 2013. Over the years, many high-level visits and contacts on all channels, have been maintained and increased in frequency. This created a premise to promote extensive cooperation between the two sides in many fields.

Economic, trade, and investment cooperation between the two countries is a model of bilateral economic relations in Southeast Asia. Vietnam and Singapore are always in the group of 15 largest trading partners of each other. Bilateral trade turnover reached about US$9.15 billion in 2022, up 11.6% compared to 2021.

In the first 6 months of 2023, bilateral trade turnover reached about US$4.5 billion. Singapore is Vietnam's leading economic partner in the region. It ranks second among countries and territories and maintains its leading position in ASEAN in terms of investment in Vietnam with 3,274 valid projects, and a total registered capital of about US$73.5 billion.

Singapore Ambassador to Vietnam Jaya Ratnam and delegates said that the Vietnam-Singapore Industrial Parks (VSIPs) stretching from north to south are typical symbols of economic cooperation between the two countries.

There are currently 14 VSIPs in 10 provinces and cities in Vietnam. Established in February 2023, the partnership in digital economy-green economy opens up new cooperation opportunities between the two countries in many fields.

Ambassador Jaya Ratnam expressed his belief that, with new priorities under this partnership framework, economic cooperation between the two countries will grow stronger.

In the field of defense and security, the two sides maintain high-level delegation exchanges, annual dialogue and cooperation mechanisms. Cooperation between the two countries in fields such as finance, banking, education, training, and justice continues to be promoted. People-to-people exchanges make an important contribution to enhancing mutual understanding and cohesion between the peoples of the two countries.

Foreign Minister Bui Thanh Son (right) and Singaporean Foreign Minister Vivian Balakrishnan at the 50th anniversary of diplomatic relations and the 10th anniversary of the Vietnam-Singapore strategic partnership on July 17, 2023, in Singapore. Photo: Embassy of Vietnam in Singapore

Celebrations, a series of cultural, sports, and business exchange events taking place in both Vietnam and Singapore this year have been contributing to embellishing the milestones of the bilateral relationship, and strengthening the friendship between the peoples of the two countries.

Vietnam and Singapore participate in many multilateral organizations and forums, sharing stances on many international and regional issues. As an important and vocal member in ASEAN, the two countries continue to work together to strengthen solidarity and promote the central role of the association.

Participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), the two countries continue to make effective use of the benefits that the agreements bring.

This makes a practical contribution to the economic development of each country, as well as the region.

Leaders at all levels, experts, scholars, and people's organizations of the two countries participating in the activities affirmed that the achievements in the past journey are a solid foundation for the friendly and cooperative relationship between Vietnam and Singapore.

The two countries share common interests and have a lot of potential for cooperation to explore. Therefore, both sides believe that the Vietnam-Singapore strategic partnership will develop further when it turns to a new page, for the benefit of the two peoples, for peace, cooperation and development in the region and in the world.

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