The agreement was reached during a meeting in capital Singapore on November 7 between Prime Minister Lee Hsien Loong and Deputy Prime Minister of Vietnam Vu Van Ninh, who is visiting Singapore under the the Singaporean Cooperation Program’s (SCP) S.R Nathan Fellowship.

They said the official establishment of the Vietnam-Singapore strategic partnership during Lee’s September 2013 visit to Hanoi creates plenty of opportunity for the two countries to deepen their cooperation in various areas spanning politics, diplomacy, economics, trade, investment, education-training, culture, and people-to-people exchanges.

Both sides noted with satisfaction the effective realisation of the framework agreement on economic connectivity, and the effective operation of Vietnam-Singapore Industrial Parks (VSIPs) in Vietnam’s three regions.

Lee said Singapore will boost its investment in Vietnam’s Phu Quoc island and proposed Vietnam create favourable conditions and provide up-to-date information about the island’s zoning plan and investment policies.

Ninh said Vietnam is accelerating its institutional reform, especially in finance and banking, to sharpen its economic competitive edge and improve the operational efficiency of State-owned businesses, meeting the requirements of integration and development.

He proposed Singapore cooperate and share its experience in this field with Vietnam.

PM Lee said Singapore prioritises cooperation with Vietnam as a strategic partner and hoped Vietnam will support Singapore’s financial institutions in expanding their operations in the country.

The two leaders shared the view that Vietnam and Singapore have cooperated well within the Association of Southeast Asian Nations (ASEAN), Asia-Pacific Economic Cooperation (APEC), Asia-Europe Meeting (ASEM) and United Nations.

Ninh appreciated Singapore’s stance on issues relating to peace and stability in the region, including the East Sea.

Lee affirmed Singapore supports Vietnam in the ongoing Trans-Pacific Partnership (TPP) agreement negotiations to ensure TPP is a balanced trade pact taking into the interests of its members, especially developing economies. 

VOV