At the invitation of Prime Minister of the Socialist Republic of Vietnam Pham Minh Chinh and his wife, Prime Minister of the Republic of Singapore Lawrence Wong and his wife will pay an official visit to Vietnam from March 25 to 26, 2025.
Singapore is one of the first ASEAN countries with which Vietnam established a Strategic Partnership in September 2013. After upgrading the relationship to a Strategic Partnership in 2013, the Vietnam-Singapore relationship has grown deeper and more effective in all areas. The two countries recently upgraded their relationship to a Comprehensive Strategic Partnership.
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Along with good political relations, Vietnam-Singapore economic and trade cooperation is one of the bright spots in the Southeast Asian region. Since 1996, Singapore has always been one of Vietnam's largest partners. Trade turnover between the two countries has increased every year, reaching 8.3 billion USD in 2021; over 9.16 billion USD in 2022; 9 billion USD in 2023; 8.64 billion USD in the first 10 months of 2024.
In terms of investment, as of October 2024, Singapore maintained its leading position in ASEAN, ranking 2nd out of 148 countries and territories investing in Vietnam (after South Korea), with 3,838 valid projects, total registered capital reaching 81.1 billion USD. Singapore's investment projects are present in many provinces and cities of Vietnam, focusing on the following areas: Processing and manufacturing industry; real estate business; production and distribution of electricity, gas, water, and air conditioning.
Vietnam-Singapore Industrial Parks (VSIPs) are symbols of economic cooperation between the two countries. Since the first Vietnam-Singapore Industrial Park (VSIP) was launched in 1996 in Binh Duong, Vietnam has become the country where Singapore has built the most industrial parks in the world with 18 VSIPs in 10 provinces and cities, attracting more than 18 billion USD in investment capital and about 900 projects, creating jobs for more than 300,000 workers. VSIPs are truly beacons of economic cooperation between the two countries, not only contributing to promoting industrialization and modernization in Vietnam, but also contributing to the supply chain and economic connectivity in the region.
Source: https://kinhtedothi.vn/thu-tuong-singapore-lawrence-wongsap-tham-chinh-thuc-viet-nam.html
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