Singapore and Vietnam reiterate vow for advancing bilateral economic cooperation

SPRING Singapore to lead healthcare SMEs to take advantage in discovering opportunities in Vietnam via a business mission.

Singapore and Vietnam reaffirmed their commitment to strengthen bilateral economic relations at the 7th Vietnam-Singapore Connectivity Ministerial Meeting in Hanoi on 4 July 2011. The meeting was co-chaired by Minister for Trade and Industry Mr Lim Hng Kiang, and Vietnam’s Minister of Planning and Investment His Excellency Vo Hong Phuc. 

Closer Bilateral Cooperation
Both Ministers were pleased with the strong growth in bilateral trade and investment activities in 2010. Singapore companies invested in over 100 new projects in Vietnam last year. This brings Singapore’s total investments in Vietnam to US$23 billion in 900 projects as of April 2011, making Singapore the second largest foreign investor in Vietnam. Bilateral trade has achieved a notable overall four-fold increase since 2000 to reach US$10 billion in 2010.

Minister Lim noted that there remained considerable scope for further collaboration given Vietnam’s rapid economic growth and middle income status. “With Vietnam’s aspirations to become a modern industrial market economy by 2020, there are considerable opportunities for Singapore companies with competencies in modern services such as healthcare, finance, information technology and telecommunications, transportation and education. Vietnam can also leverage on Singapore’s expertise in the areas of quality residential development, integrated townships and land transport systems, as it continues to urbanise”, said Minister Lim, in a government report. 

Opportunities in Vietnam’s Healthcare Sector
SPRING Singapore has organised a business mission comprising healthcare small and medium enterprises (SMEs) to explore opportunities in Vietnam, at the sidelines of with the Connectivity Meeting. Minister Phuc welcomed Singapore SMEs to collaborate with the Vietnamese authorities and medical institutions, and to obtain a better understanding of the medical regulations in Vietnam. 

Dr Jacqueline Yam, Medical Director of Acumed Medical Group was part of the business mission and expressed interest in exploring synergies with Vietnam’s medical institutions. The Acumed group has about 80 staff and offers a wide range of primary care medical facilities across its 12 medical clinics. Dr Yam said, “We can share our experience and explore exciting synergies with Vietnam’s medical institutions. The strong bilateral ties between the two countries are certainly important in facilitating such opportunities for SMEs like us.” 

Collaboration In Capacity Building Programmes
Both Ministers also noted the good collaboration in the area of capacity building between the two countries. Singapore Government agencies have been assisting Vietnam through a range of capacity building programmes in areas such as healthcare, education and transport. For instance, the Singapore Ministry of Transport has provided training in aviation and land transport for a total of 144 Vietnamese officials in 2010 and 2011. The Ministry of Education has also facilitated in an English language training programme for 300 Vietnamese teachers.

New Vietnam-Singapore Industrial Park In Hai Phong
On Tuesday, both Ministers will be visiting the Vietnam-Singapore Industrial Park (VSIP) in Hai Phong province of Vietnam, where they will witness the handover ceremony of the investment certificate by Hai Phong Economic Zone Authority to Kyocera Mita Corporation, a leading manufacturer and provider of computer-connectable peripherals, and third-party network and software solutions. 

Minister Lim is accompanied by the Second Permanent Secretary Mrs Ow Foong Pheng and officials from the Ministry of Trade and Industry, Ministry of Transport, Ministry of Education, International Enterprise Singapore, SPRING Singapore, Monetary Authority of Singapore, and the Infocomm Development Authority of Singapore.