Vietnam and Singapore Deepen Strategic Partnership

Prime Minister Pham Minh Chinh and Singapore Ambassador to Vietnam Jaya Ratnam. Photo: VGP/Nhat Bac

The Temasek Foundation is a large and reputable non-profit charitable organization, part of Temasek Holdings - a global investment group owned by the Government of Singapore. In Vietnam, Temasek has invested since 2004, and by 2021, it has directly disbursed more than US$1 billion.

At the meeting, the Prime Minister said that the Vietnam-Singapore Strategic Partnership is developing strongly in all fields, especially economy-trade-investment, even in the complex global situation.

Despite Covid-19, the two-way trade between the two sides still grew positively, reaching US$8.3 billion in 2021, an increase of over 23%; in 6 months of 2022, it has reached US$4.75 billion.

The Prime Minister said that Vietnam always wants to strengthen the Strategic Partnership with Singapore. Photo: VGP/Nhat Bac

The VSIPs (Vietnam Singapore Industrial Park) are symbols of successful cooperation between the two countries.

High-level delegation exchanges, especially the State visit to Singapore by President Nguyen Xuan Phuc (February 2022) and the visit of Speaker of the Singaporean Parliament (May 2022) have strengthened relations between the two countries, enhance cooperation and sustainable development in the post-Covid-19 period.

The Prime Minister thanked Singapore for the support of the Temasek Foundation in the prevention and control of Covid-19.

He also appreciated the operation model of Temasek and the fact that the Foundation has implemented 27 support programs in Vietnam since 2008, with a total value of about US$10 million.

He said that Vietnam always wishes to strengthen the Strategic Partnership with Singapore, exchange experiences, and receive Singapore's support in building an independent, self-reliant economy and effective international integration.

The Prime Minister suggested that Singapore and Temasek particularly continue to expand their investment in Vietnam. Photo: VGP

The Prime Minister proposed the two sides implement practical projects and activities to celebrate the 50th anniversary of the two countries diplomatic relations and the 10th anniversary of the strategic partnership in 2023.

The two countries foster cooperation projects in new fields that are priorities of Vietnam and Singapore such as digital economy, digital government, digital society, and green economy; continue to develop VSIP (Vietnam Singapore Industrial Park).

The PM said human resource development and capacity management - the focus of Temasek Foundation's activities - are also crucial for the sustainable development of countries.

He asked Temasek to strengthen cooperation, provide policy advice, and support Vietnam in implementing high-quality human resource training programs and expanding cooperation areas.

The Prime Minister said that the Vietnamese Government is ready to create favorable conditions for Singaporean businesses to invest and operate in Vietnam; suggested that Singaporean businesses and Temasek particularly continue to expand investment in Vietnam, especially in technology, strategic infrastructure development, logistics, and start-up innovation.

The Ambassador and CEO of the Temasek Foundation agreed with the Prime Minister's comments on the two countries' relations and cooperation proposals, especially in economy and trade. Photo: VGP

Singapore Ambassador Jaya Ratnam and CEO of Temasek Foundation Ng Boon Heong said that the Vietnamese government had handled economic issues well despite difficulties and challenges while controlling the pandemic.

The Ambassador appreciated the Prime Minister's sharing of Vietnam's foreign policy, building an independent and self-reliant economy. He said the current investment attraction shows investors' strong confidence in Vietnam.

The Ambassador and CEO of the Temasek Foundation agreed with the Prime Minister's comments on the two countries relations and cooperation proposals, especially in economy, trade, investment, digital transformation, and public-private partnership.

The two countries continue to strengthen relations, contributing to peace, stability, cooperation, and development in the region and the world.

Temasek Foundation CEO also said that Temasek has a strategic vision and a desire to expand operations in Vietnam.

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