He affirmed that Vietnam is committed to creating a transparent and fair business environment in line with international practices, especially for foreign investors, including those from Singapore. 

 

Expressing wish to lift strategic partnership with Singapore to a new height to match each country’s potential, the President said Vietnam encourages Singaporean investment in information technology, biology, environment, infrastructure, public-private partnership, finance-banking, tourism-hi-quality services, logistics, health care, education, supporting industry, maritime services and offshore equipment, and equitisation of State-owned enterprises. 

 

Vietnam also encourages Singaporean firms to invest in venture funds and connect Vietnamese partners with the global market, he said, adding that both countries are quite able to double two-way trade in the future on the back of the ASEAN Economic Community and the Trans-Pacific Partnership. 

 

The State leader said Vietnam welcomes Singapore’s market opening for farm produce and wishes to bring more made-in-Vietnam consumer goods, electronics and spare parts to Singapore. 

 

He expressed his desire to increase the number of tourists to 1 million people per year in the nearest future by launching more commercial flights from Singapore’s Changi airport to Vietnam. 

 

Singapore is currently Vietnam’s major partner in ASEAN in the fields of trade, tourism, international transport, education-training, and health care, and the largest trade partner with 1,664 projects worth over 38 billion USD, including Sembcorp’s Vietnam-Singapore Industrial Park as a successful model over the past 20 years. 

 

Singapore is also a priority choice of Vietnamese students for high school, university and tertiary education. 

 

President Quang stressed that Vietnam stays persistent in achieving rapid and sustainable economic development goals on the basis of stablising macro-economy, renewing growth model, developing knowledge-based economy, and enhancing economic competitiveness. 

 

In his opening speech, Singaporean Minister for Trade and Industry S.Iswaran said the Singaporean business community is satisfied with Vietnam’s policies and appreciative of the Vietnamese State’s commitment to ensuring a favourable business environment in the country. 

 

The minister also took the occasion to urge the two countries’ businesses to tap new trade and investment opportunities. 

 

Later, the Singapore Business Federation (SBF) held a business dialogue, during which, President Quang, Minister of Planning and Investment Nguyen Chi Dung, Minister of Industry and Trade Tran Tuan Anh and Minister of Education and Training Phung Xuan Nha answered questions regarding policies to improve business climate, develop small and medium-sized enterprises, cooperation in education, and the world’s impacts on Vietnam’s trade with countries. 

 

At the forum, the Vietnam Chamber of Commerce and Industry and the SBF signed a memorandum of understanding (MoU) on cooperation. 

 

A MoU on the Singapore GIC sovereign wealth fund’s purchase of 7.73 percent of Vietcombank’s shares was also inked. 

 

Also in the afternoon the same day, President Quang hosted a reception for President of Ascendas Singbridge Wong Kan Seng and President of Sembrcorp Tang Kin Fei.