Over the past five decades since the establishment of bilateral diplomatic ties, and particularly after the relationship was upgraded to a Strategic Partnership in 2013, relations between the two countries have been deepened and demonstrated tangible and effective outcomes. Vietnam and Singapore are now among each other's most important partners across fields, from trade and investment to diplomacy, security, and defence.
The cooperative relationship between Vietnam and Singapore is built on a naturally strong bond between the two nations and their peoples. It has been and will remain a shining example of effective cooperation in the region and the world. The bilateral relations are a successful model in both bilateral and multilateral contexts, built on the foundation of strategic trust, goodwill, and mutual respect, they said said.
Political and diplomatic cooperation through the Party, State, and NA channels between the two countries has been effectively implemented, with an increasing frequency of all-level delegation exchanges and bilateral meetings. Vietnamese Prime Minister Pham Minh Chinh’s visit to Singapore in February 2023 produced tangible and practical results. Shortly after that, his Singaporean counterpart Lee Hsien Loong also visited Vietnam in August.
Cooperation between the legislative bodies of Vietnam and Singapore has also been intensified over the recent times. The two top legislators held an online talks in July 2021 on substantive cooperation between the two bodies.
The Speaker of the Singaporean Parliament paid an official visit to Vietgnam in May 2022 and attended the 31st Southeast Asian Games (SEA Games 31), during which the two sides signed a Memorandum of Understanding to promote cooperation between the two parliaments.
According to Vietnamese Ambassador to Singapore Mai Phuoc Dung, Man’s three-day official visit to Singapore demonstrates the comprehensiveness of the fruitful relationship between the two countries. It also serves as a reciprocal gesture to former Speaker of Singaporean Parliament Tan Chuan-Jin’s trip to Vietnam in May 2022, showcasing the all-encompassing nature of the diplomatic Party, State, and parliamentary diplomatic relations.
In addition to political cooperation and building strategic trust, economic, trade, and investment cooperation can be considered a bright spot in the bilateral relations.
According to Cao Xuan Thang, Trade Counselor and Head of the Vietnamese Trade Office in Singapore, in the first 10 months of 2024, the trade between Vietnam and Singapore reached nearly 26.1 billion SDG (nearly 43.4 million USD), up 8.64% year-on-year.
Over recent years, Singapore has consistently been one of the top investors in Vietnam.
Thai Thu Phuong, Investment Counselor at the Vietnamese Embassy in Singapore, said as of October 2024, Singapore maintained its position as the second-largest foreign investor in Vietnam, with 3,838 active projects worth 81.1 billion USD. In the first 10 months of 2024, foreign direct investment (FDI) from Singapore ranked first among the 91 countries and territories investing in Vietnam, with a total capital of over 7.8 billion USD, surging by 61% compared to the same period last year, accounting for 28.6% of Vietnam's total FDI.
Regarding the potential for cooperation between Vietnam and Singapore, Associate Prof., Dr. Vu Minh Khuong at the Lee Kuan Yew School of Public Policy under the National University of Singapore said that the two countries share many similarities in their political systems and possess great potential for synergistic collaboration, making it possible to implement long-term cooperative strategies.
Singapore is a successful example of rapidly advancing from a "third-world" country (developing or impoverished nations) to a "first-world" country (nations with advanced technology and high living standards) in a relatively short period, Khuong said, adding that Vietnam currently has great potential and momentum to achieve "first-world" status within the next two decades.
The strategic trust between the two countries is currently at a high level and will continue to become stronger, Khuong stressed, noting that closer and deeper cooperation between Vietnam and Singapore will accelerate Vietnam's progress in this new era, helping it become a developed nation.
At the same time, Singapore also stands to gain numerous benefits from Vietnam's development, which will help further solidify its leading position in Asia and the world, he went on.
Experts in Singapore have stated that the Vietnam-Singapore partnership is regarded as a model of bilateral cooperation in Southeast Asia and there still remains a large room for stronger growth, especially as the two countries aim to upgrade their relations to a Comprehensive Strategic Partnership by 2025.
Emerging cooperation areas in digital economy, green economy, renewable energy, carbon credits, and finance are expected to be promising areas with mutual benefits that the two sides can continue to strengthen in the coming time, they said.
