Singapore, Vietnam to step up economic cooperation

Singapore and Vietnam have pledged to step up the pace of economic cooperation and strengthen strong bilateral ties.

This was reaffirmed on Saturday by Singapore's Minister for Trade and Industry Lim Hng Kiang and Vietnam's Minister of Planning and Investment Vo Hong Phuc at the 5th Connectivity Ministerial Meeting in Da Lat City, Vietnam.

The Ministry of Trade and Industry (MTI) said in a statement that both sides acknowledged the excellent cooperation achieved so far, and noted that this underscores the effectiveness of connectivity as the overarching bilateral economic cooperation framework.

The ministers also expressed confidence that there remains good potential to improve economic collaboration.

As Vietnam continues to transform and develop its economy, it could leverage on Singapore's strengths in physical connectivity through air and sea linkages, as well as modern services such as finance and info-communications, to connect with the global economy.

Both ministers also acknowledged the good progress in the area of financial services. There has also been increased activity of Singapore financial institutions in Vietnam.

In January 2009, DBS was awarded its licence to set up a branch in Vietnam. Other Singapore banks such as OCBC and UOB are also committed to contribute to the growth of Vietnam's financial sector through banking applications to establish subsidiaries.

In the area of capital markets, the Monetary Authority of Singapore and Singapore Exchange are working with Vietnam's securities regulators to facilitate the dual-listings of Vietnam enterprises on the Singapore Exchange.

Singapore and Vietnam also enjoy strong cooperation in the tourism sector and are exploring new opportunities for collaboration.

Mr Lim urged Vietnam to continue to develop ports of call to tap into the region's growing cruise tourism industry and leverage on Singapore's cruise hub status to offer unique value propositions to cruise tourists.

Both ministers also witnessed the signing of a Memorandum of Understanding between Singapore Cruise Centre and Danang Port Authority to develop cruise services in the region.

The ministers agreed that the next meeting will be held in Singapore in November this year.