PM Nguyen Xuan Phuc has approved the draft document and assigned Deputy PM Minh to sign the MoU with a representative of the Singaporean Government.
He is on an official visit to Singapore from July 30 to 31, which is expected to deepen the cooperative and strategic partnership between the two countries.
The countries founded diplomatic ties on August 1, 1973 and set up a strategic partnership in September 2013 during Singaporean PM Lee Hsien Loong’s official visit to Vietnam.
Singapore has been one of Vietnam’s biggest trade partners since 1996, ranking second amongst ASEAN and eighth in terms of global trade partners. Bilateral trade last year rose by 8.9% from 2016 to reach US$8.3 billion.
Direct investment from Singapore into Vietnam has also been on the rise. The former is now the biggest ASEAN and the third largest international investors in the latter. As of the end of last May, Singapore had 2,048 investment projects worth US$43.53 billion in Vietnam. Their businesses have been present in 48 of the 63 provinces and cities of Vietnam.