Minister Lim Hng Kiang visits Vietnam for Third Connectivity Ministerial Meeting
Minister for Trade and Industry Lim Hng Kiang will be in Hanoi from 28 to 29 October 2008 to co-chair the 3rd Singapore-Vietnam Connectivity Ministerial Meeting with Vietnam's Minister of Planning and Investment Vo Hong Phuc. Minister Lim and Minister Phuc will jointly review the progress of the six sectors of cooperation under the Singapore-Vietnam Connectivity framework, namely, education and training, finance, information technology and telecommunications, investment, trade and services, and transportation.
Established in December 2005, the Connectivity framework is the key platform for economic cooperation between Singapore and Vietnam. Since its establishment, the Connectivity framework has seen good progress, with the implementation of a wide range of initiatives that build on each country's strengths and competencies for mutual economic benefits.
To date, the Connectivity framework has facilitated several significant Singapore private sector initiatives in Vietnam, such as the development of the Vietnam-Singapore Industrial Park II, the establishment of PSA's joint venture project with Saigon Port to develop a container terminal in the Ba Ria-Vung Tau province, and the awarding of a license for Neptune Orient Lines to establish a wholly-owned subsidiary to provide shipping and logistics services in Vietnam.
The Connectivity framework has also enabled the strengthening of public sector cooperation in all six sectors. For example, Singapore agencies have organized wide-ranging capacity building programmes, for instance in food safety and civil aviation, for Vietnamese officials. Singapore agencies have also organized study visits to share Singapore’s experience in various areas, such as ICT regulation and monetary policy.
During this visit, Minister Lim will also meet the Secretary of Hanoi Communist Party Pham Quang Nghi and Deputy Prime Minister Nguyen Sinh Hung.
Minister Lim will be accompanied by officials from the Ministry of Trade and Industry, Ministry of Transport, International Enterprise Singapore, Monetary Authority of Singapore, Singapore Tourism Board and Infocomm Development Authority of Singapore.
Singapore and Vietnam enjoy strong bilateral economic relations. In 2007, Singapore was Vietnam's 4th largest trading partner, with bilateral trade reaching S$13.03 billion. This represented an increase of 15.4% over 2006.In the first nine months of 2008, bilateral trade amounted to S$12.54 billion, a 30.8% increase over the same period in 2007.Singapore is also the 5th largest foreign investor into Vietnam, with investments in over 600 projects worth more than US$15 billion [1].
27 OCTOBER 2008
MINISTRY OF TRADE AND INDUSTRY
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[1] As of 22 September 2008.Source: Vietnam Investment Review.