According to the diplomat, Party General Secretary To Lam’s trip, the first by a Vietnamese Party General Secretary to Singapore since 2012, takes place at a historic juncture in the bilateral relationship and the world itself. This year, Vietnam celebrates the 80th year of its independence and Singapore celebrates its 60th year of national independence.
Meanwhile, the world is going through a very, very difficult phase in which the multilateral, open system that Vietnam and Singapore depend on for peace and prosperity is coming under severe stress.
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Singaporean Ambassador to Vietnam Jaya Ratnam |
Within this context, the Singaporean leaders are looking very much forward to welcoming the Vietnamese Party chief and also having discussions with him on how Singapore and Vietnam can work together to engage each other in new areas so that they can emerge even stronger from this current situation.
The ambassador stressed that the demand to work stronger and support each other has actually never been stronger, as the bilateral relationship faces common challenges: digital transformation and energy transition.
“We already have a strong foundation to work on. In 2023, we launched our green and digital partnership. So, as we move on, we also know that Vietnam is positioning yourself for a new era, a new era of high economic growth. Singapore has been a long-standing partner of Vietnam. We have excellent and strong, and growing trade and economic relationship,” he said.
Over the last three years, Singapore has been Vietnam's largest source of foreign direct investment. In 2024, Singapore’s cumulative investment in Vietnam accounted for about USD 80 billion, spreading across almost 4,000 projects. Meanwhile, Vietnam was Singapore's 11th largest trading partner last year, and its 9th biggest in the first month of this year, showing a very strong momentum in their relationship.
Regarding the Vietnam-Singapore Industrial Parks – a symbol of the bilateral relationship, Jaya Ratnam stated that there are currently 18 VSIPs in 13 Vietnamese localities, which account for around USD 22 billion worth of foreign direct investment (FDI) and support 300,000 jobs.
However, he went on to say that eight out of these 18 VSIPs are currently being built. So, in the coming years, much more investment is expected to flow into Vietnam through these parks, along with much more employment.
The ambassador also highlighted the importance of the strong political connections between the two countries, adding that Lam’s upcoming visit will reinforce and strengthen these political connections, which were actually built on the basis of the relationship between then Prime Ministers Lee Kuan Yew and Vo Van Kiet in the 1990s.
“This solid foundation gives us the basis to move forward and be partners for a new era,” affirmed the Singaporean diplomat.
Source: VNA