News: The Business Times -  13 January 2010


PM Lee calls for vibrant economic ties with Vietnam
More Viet firms welcome to do business in S'pore
By LEE U-WEN
IN HANOI


WHILE ties are already strong between Singapore and Vietnam at the government level, a vibrant economic and commercial relationship is needed to complement the partnership further, said Prime Minister Lee Hsien Loong.

This would help 'build a fuller and mutually beneficial' relationship between the two countries, he said during a dinner hosted in his honour by Vietnam Prime Minister Nguyen Tan Dung at Hanoi's International Convention Centre.

In his speech to some 75 guests, Mr Lee said that he had told Mr Dung that Singapore welcomed more Vietnamese companies to do business in the Republic. 'Singaporean companies big and small are also eager to participate in Vietnam's growth. We hope that the Vietnamese government will support their ventures and facilitate their operations,' he said.

At Mr Dung's office earlier in the day where Mr Lee had a 30-minute closed- door meeting, the leaders discussed 'promising new areas of cooperation', primarily at the government-to-government level. This includes many programmes to build up Vietnam's capabilities in human resource, transportation and tourism, said Mr Lee.

'At the same time, we agreed that the two countries should actively foster commercial opportunities in sectors such as telecommunications, port and logistics as well as financial services and civil aviation.'

Bilateral trade between Singapore and Vietnam has been growing in recent years and stood at $13 billion in 2009. The Republic is Vietnam's fifth largest investor, with total investments of around US$17 billion in 766 projects.

Mr Lee also spoke of the connectivity framework agreement signed by both countries five years ago, noting how 'good progress' has been made in all six sectors of cooperation that were developed.

'Our officials have identified new areas of cooperation, in human resource development, urban development and other fields, and I encourage both sides to push ahead in these areas as well,' said Mr Lee.

Mr Dung, meanwhile, congratulated Singapore on its 'rapid rebound' from the global financial crisis, and expressed his confidence that the country would be a 'leading economy in the post-crisis world'.

Mr Lee, who last visited Hanoi in November 2006 when he attended the Asia-Pacific Economic Cooperation (Apec) leaders' meeting, said that Singapore would lend its full support to Vietnam as it chairs the 10-member Asean grouping this year.

Later today, the prime minister will join Mr Dung at the groundbreaking ceremony of the fourth Vietnam-Singapore Industrial Park in Hai Phong city, which is a two-hour drive from Hanoi. He will then head to the presidential palace in the Vietnamese capital to call on President Nguyen Minh Triet.

- end of BT article