The visit is the first foreign trip of President Phuc in 2022. It is also the first State visit that Singapore is hosting since the onset of the COVID-19 pandemic, thus demonstrating Singapore’s great appreciation of Vietnam.
The visit of President Nguyen Xuan Phuc is made at a time when the friendship and strategic partnership between Vietnam and Singapore has witnessed fruitful outcomes. The two countries have built up a closer level in political relations, while the bilateral cooperation on the Party and State channels has constantly expanded. In the context of the COVID-19 pandemic, the two countries have flexibly and effectively maintained the exchange of high-level delegations and contacts and bilateral cooperation mechanisms.
Economic cooperation between the two countries is one of the bright spots in the Southeast Asia. Singapore is always among Vietnam’s top investors. It is Vietnam’s biggest investor in ASEAN and ranks second among 140 nations and territories pouring capital into Vietnam.
Notably, from the beginning of 2020 to September 2021, Singapore took the lead among all foreign investors with more than 400 valid projects with total registered investment of over 11.4 billion USD.
The Vietnam-Singapore Industrial Park (VSIP) has become a symbol of the bilateral economic partnership, which has generated jobs for hundreds of thousands of local workers and contributed to Vietnam’ socio-economic recovery and development. Despite the significant impacts of the COVID-19 pandemic, two-way trade hit 8.3 billion USD in 2021, up 23.3 percent year-on-year.
Other areas of cooperation have also well maintained and enhanced. Along with the cooperation agreement signed in 2009, the two sides have worked toward a defence cooperation agreement, which will create a framework for the two sides to promote defence and military cooperation, thus contributing to consolidating ASEAN’s solidarity. The bilateral cooperation in transport, finance, education and training, and environment has developed well.
Vietnam and Singapore have closely coordinated in the fight against COVID-19. Singapore was among first ASEAN countries to donate medical equipment to Vietnam. Vietnam has also presented face masks and ventilators to support the prevention and control of COVID-19 in Singapore.
At a time when the two countries are preparing to celebrate their 50th anniversary of diplomatic ties in 2023, President Nguyen Xuan Phuc’s State visit to Singapore provides a great opportunity for the leaders of the two countries to discuss measures to strengthen political trust, friendship, and cooperation in all fields in a more practical and effective manner.
The visit also aims at affirming Vietnam's determination to boost economic development and create a favourable business environment for foreign investors, including Singaporean investors, to do business in Vietnam.
Within the visit, the two sides will discuss methods to expand cooperation in key areas of the Fourth Industrial Revolution (Industry 4.0), foster the connection between the two economies in the context that Vietnam and Singapore are members of new-generation free trade agreements (FTAs), and strengthen cooperation within the ASEAN framework on circular economy, green and sustainable development.
Following the consistent foreign policy of the 13th National Party Congress, which prioritises developing relations with neighbouring countries and ASEAN countries, President Nguyen Xuan Phuc's visit reaffirms that Vietnam attaches great importance to and wishes to further strengthen the strategic partnership with Singapore.
Within the framework of the visit, the President will meet with the Vietnamese community in Singapore to promote the national great unity bloc.
May the State visit to Singapore by President Nguyen Xuan Phuc be crowned with success, thus enhancing the friendship and strategic partnership between Vietnam and Singapore in a more practical, effective, and sustainable manner.