Vietnam, Singapore Work to Promote Intra-Regional Trade

Deputy Minister of Industry and Trade Tran Quoc Khanh (R) has a working session with Singaporean Ambassador to Vietnam Jaya Ratnam. Photo:congthuong.vn

Deputy Minister of Industry and Trade Tran Quoc Khanh and Singaporean Ambassador to Vietnam Jaya Ratnam have agree to make greater efforts to promote co-operation activities within ASEAN, amid the regional bloc being in the process of reviewing and upgrading existing free trade agreements, VOV reported Friday.

During their working session held on April 14, both sides acknowledged the efforts and timely response of the two countries in containing the Covid-19 pandemic.

They went on to express hope that activities regarding trade and investment co-operation between the two countries will see swift recovery in the near future.

Deputy Minister Khanh described the island state as one of the nation’s must important partners in the region and throughout the world, adding that his Ministry always welcomes initiatives and co-operation activities to strengthen economic and trade relations between the two sides, especially within the framework of connecting the two economies.

In response, Ambassador Ratnam suggested both sides continue to carry out practical and effective activities, creating a solid foundation for economic and trade development towards the 50th anniversary of diplomatic ties, along with the 10th anniversary of both nations’ strategic partnership.

Deputy Minister Khanh also asked Singapore and Vietnam to strive for closer co-operation in a bid to gradually remove trade barriers in the region as a means of boosting trade facilitation, thereby helping intra-regional trade develop further, and promote regional supply chain connectivity.

He also suggested that Singapore co-ordinate alongside their Vietnamese partners to prompt remaining member countries to ratify the RCEP and CPTPP agreements in order to ensure the full implementation of these agreements, as well as the interests of other members.

At the conclusion of the meeting, Deputy Minister Khanh wished the Ambassador a successful working term in Vietnam and stated his hope of working closely with the Ministry of Industry and Trade on further fostering co-operative ties between the two countries.

Foreign investment poured into real estate hit almost USD 2.7 billion in the first quarter of this year, outpacing the figure of the entire 2021, according to the Ministry of Planning and Investment.

Notably, Singapore added nearly USD 941 million to a project on developing urban infrastructure and services of the Vietnam - Singapore Industrial Park (VSIP) in northern Bac Ninh province, which helped lead to a surge in foreign investment in the property sector.

GLP, an industrial property giant of Singapore, also announced the establishment of GLP Vietnam Development Partners I, a logistics infrastructure development fund worth USD 1.1 billion .

The city state remained the largest investor in Vietnam in Q1, with registered capital totalling USD 2.29 billion, equivalent to 25.7% of the total foreign investment.

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