President Nguyen Xuan Phuc and his wife left Hanoi on February 24 afternoon for a State visit to Singapore from February 24-26 at the invitation of Singaporean President Halimah Yacob.
President Nguyen Xuan Phuc and his wife left Hanoi on February 24 afternoon for a State visit to Singapore from February 24-26 at the invitation of Singaporean President Halimah Yacob.
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| President Nguyen Xuan Phuc and his spouse leave Hanoi on February 24 afternoon for a State visit to Singapore. |
The President is accompanied by Defence Minister General Phan Van Giang, Chairman of the Presidential Office Le Khanh Hai, Minister of Planning and Investment Nguyen Chi Dung, Minister of Information and Communications Nguyen Manh Hung, and Minister of Industry and Trade Nguyen Hong Dien, among others.
President Phuc’s State visit takes place in the context that the bilateral ties are developing significantly in all fields and it has great significance at a time when the two are preparing to celebrate the 50th anniversary of diplomatic ties in 2023.
It is the first foreign trip of President Phuc in 2022, and the first by a head of state to Singapore since the onset of the COVID-19 pandemic.
It aims at affirming Vietnam's determination to boost economic development and create a favourable business environment, thus delivering an important message helping Singaporean investors feel secure to do business in Vietnam.
In recent years, the Vietnam-Singapore strategic partnership has developed strongly. Amidst complicated developments of the COVID-19 pandemic, the two sides have maintained contacts and meetings at different levels, and made good use of bilateral cooperation mechanisms, especially the annual political consultation at the deputy foreign ministerial level.
Two-way trade hit 8.3 billion USD in 2021, and over 783 million USD in January 2022, up 23.3 percent and 6.8 percent year-on-year, respectively.
As of February this year, Singapore has 2,860 valid projects worth 66 billion USD, ranking second among 140 nations and territories pouring capital into Vietnam. Notably, last year, Singapore took the lead among all foreign investors with registered investment of over 10.7 billion USD, accounting for 34.4 percent of total capital attracted by Vietnam.
Singaporean investors have participated in building infrastructure for 13 industrial parks in Vietnam, with a total area of about 7,517 hectares. Those industrial parks are operating with high occupancy rates (83.2 percent on average), attracting nearly 1,000 projects, in which more than 80 percent are foreign-invested projects with a total registered capital of about 18.1 billion USD and nearly 300,000 jobs have been created.
In the fight against COVID-19, Singapore was among the first ASEAN countries to provide medical equipment and supplies for Vietnam.
(Source: VNA)
