Singapore, Vietnam to boost economic ties

Singapore, Vietnam to boost economic ties

Agence France-Presse, Singapore

Singapore and Vietnam on Tuesday called for a further
intensification of trade and investment ties after signing a
joint cooperation pact during the visit of Vietnamese Prime
Minister Phan Van Khai.

Bilateral trade amounted to S$3.53 billion in 2003 and the
city-state is Vietnam's largest foreign investor with S$7.4
billion committed to the country.

Both sides see further potential for growth after the
cooperation agreement was signed on Monday.

"What we have achieved is not commensurate with the two
countries' potential," Phan said in a keynote address on Tuesday
to the Vietnam-Singapore Business Forum.

"Singaporean investors are always welcomed to Vietnam,
especially in areas that Vietnam has great demand and Singapore
has advantages, such as infrastructure, information technology,
real estate, tourism, manufacturing, processing and export
industries," he said.

Singapore's Trade and Industry Minister George Yeo, who also
spoke at the forum, said Singapore was eager to further tap the
business potential offered by Vietnam, which has achieved rapid
economic progress following reforms initiated almost 20 years
ago.

"Our investments into Vietnam are showing no sign of slowing
down," Yeo said.

"We in Singapore are optimistic about the improving business,
trade and investment prospects in Vietnam," he said.

Phan also met with his Singaporean counterpart Goh Chok Tong
on Monday.

"They agreed that it was important for both countries to take
advantage of their economic complementarities for mutual
benefit," said a statement from Goh's office.

"They also exchanged various ideas on further strengthening
the partnership between Singapore and Vietnam."

Phan's visit to Singapore will end Wednesday. He will proceed
to Malaysia for talks with Prime Minister Abdullah Ahmad Badawi.