VN-Singapore relations advance quicklyFriday, March 17,2017
Viet Nam-Singapore relations have advanced quickly, especially since Viet Nam became a member of ASEAN in 1995, according to the Vietnamese Foreign Affairs.
Singapore attaches importance to the ties with Viet Nam and considers Viet Nam as of one its key trade and investment partners in Southeast Asia.
In 2004, the two countries signed the Joint Declaration on Comprehensive Cooperation Framework in the 21st century, creating legal base and favorable conditions to accelerate their friendship and multi-faceted cooperation.
Both sides lifted up their ties to strategic partnership on the occasion of PM Lee’s visit to Viet Nam in September 2013 and have organized ten annual political consultations at deputy foreign ministerial level.
Regarding defense cooperation, the two countries signed a Memorandum of Understanding on defense cooperation in September 2009 and exchanged a number of reciprocal visits by defense ministers.
They also inked agreements on sharing non-military maritime information and submarine rescue in 2013.
In terms of trade, Singapore remains one of Viet Nam’s biggest trade partners since 1996 with the two-way trade volume increasing to US$9.2 billion in 2015 and US$7.1 billion in 2016.
Key Vietnamese exports to Singapore include rice, crude oil, transport means and spare parts, aquatic products, coffee, pepper and vegetables.
Singapore investment inflows have soared continuously since 1998, making Singapore the 3rdbiggest investor in Viet Nam with total registered capital of US$39 billion, mainly poured in real property, processing and manufacturing and construction domains.
Viet Nam and Singapore added another pillar to their already excellent economic relationship with the signing of the Connectivity Framework Agreement in December 6, 2005.
The Framework Agreement identifies six key areas, namely trade and services, investment, education and training, info-communication technology, finance and transport, where both countries can build economic connectivity between each other.
Both sides have also coordinated closely at multi-lateral and international forums like ASEAN, APEC, ASEM, and the United Nations.
Singapore pledged to support Viet Nam’s bid to become member of the UN Human Rights Council in the 2014-2016 tenure, the UN Security Council in the 2020-2021 tenure, and UNESCO in the 2015-2019 tenure.
The neighbor is also actively assisting Viet Nam in designing APEC 2017 agenda.
For strategic security matters, including the East Sea issue, the two countries have also actively cooperated, shared viewpoints, and protected the common positions of ASEAN./.
By Huong Giang
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