State President Nguyen Xuan Phuc and his spouse arrived in Singapore on Feb. 24, beginning an official visit to the island state at the invitation of his counterpart Halimah Yacob, reported VOV Thursday.

President Nguyen Xuan Phuc and his spouse left Hanoi on Feb. 24 afternoon for a State visit to Singapore. Source: Singapore's embassy in Vietnam

The President is accompanied by Defence Minister General Phan Van Giang, Chairman of the Presidential Office Le Khanh Hai, Minister of Planning and Investment Nguyen Chi Dung, Minister of Information and Communications Nguyen Manh Hung, and Minister of Industry and Trade Nguyen Hong Dien, among others.

They were welcomed at Changi airport by Foreign Minister Vivian Balakrishnan and Singapore Ambassador to Vietnam Jaya Ratnam. Vietnamese Ambassador to Singapore Mai Phuoc Dung and other officials and staff of the Vietnamese Embassy were also on hand.

During his Feb. 24-26 stay, President Phuc is scheduled to meet President Halimah Yacob, hold talks with Prime Minister Lee Hsien Loong, and meet Speaker of Parliament Tan Chuan-Jin.

Foreign Minister Vivian Balakrishnan (right) welcomes State President Nguyen Xuan Phuc at Changi airport on Feb. 24. Source: Foreign Ministry

Source: Foreign Ministry

These high-level meetings aim to ramp up the implementation of signed cooperation agreements, outline new cooperation areas, and deepen the Vietnam - Singapore strategic partnership.

Ministries, sectors, and enterprises of the two countries will also exchange cooperation documents in the fields of economy, trade, defense, information and communication, science, and technology.

He will also deliver a keynote speech at the Singapore-Vietnam Business Dialogue, to be organized by the Singapore Business Federation and the Vietnamese Embassy.

President Phuc’s State visit takes place in the context that the bilateral ties are developing significantly in all fields and it has great significance at a time when the two are preparing to celebrate the 50th anniversary of diplomatic ties in 2023.

It is the first foreign trip of President Phuc in 2022, and the first by a head of state to Singapore since the onset of the Covid-19 pandemic.

It aims at affirming Vietnam's determination to boost economic development and create a favorable business environment, thus delivering an important message helping Singaporean investors feel secure to do business in Vietnam.

Two-way trade hit US$8.3 billion in 2021, and over US$783 million in January 2022, up 23.3% and 6.8% year-on-year, respectively.

Currently, Singapore is one of the three largest investors in Vietnam, pouring US$ 66 billion into nearly 2,900 projects. The Vietnam - Singapore Industrial Park (VSIP) is considered a symbol of effective economic cooperation between the two countries. So far Singapore’s capital investment in Vietnam’s industrial parks has reached US$14 billion.

Singaporean investors have participated in building infrastructure for 13 industrial parks in Vietnam, with a total area of about 7,517 hectares. Those industrial parks are operating with high occupancy rates (83.2% on average), attracting nearly 1,000 projects, in which more than 80% are foreign-invested projects with a total registered capital of about US$18.1 billion and nearly 300,000 jobs have been created.

In the fight against Covid-19, Singapore was among the first ASEAN countries to provide medical equipment and supplies for Vietnam.

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