The Bank for Foreign Trade of Viet Nam (Vietcombank) and Singapore Manufacturing Federation (SMF) on Tuesday signed a comprehensive co-operation agreement in Ha Noi.

Under the agreement, the two sides will co-operate to fully exploit their available potential, thus bringing benefits to SMF’s members and Vietcombank’s customers.

Speaking at the signing ceremony, Dinh Thi Thai, Vietcombank’s deputy general director, said the strategic relationship between Viet Nam and Singapore has been enhanced following the official visit of Lee Hsien Loong in March.

The bilateral trade between the two countries reached US$14 billion last year. Viet Nam has been the Singapore’s 12th biggest partner, while the latter has been one of three countries with the highest FDI capital in Viet Nam.

Many Singaporean-invested projects have been operating effectively, contributing to the growth of Viet Nam’s economy, increasing export turnover and creating jobs.

Vietcombank is the first bank with representatives in Singapore to supports firms investing in Viet Nam. The bank also established an FDI Customer Division, which has a team to serve Singaporean investors.

Douglas Foo, SMF’s chairman, said the co-operation would support SMF in finance, banking and trade activities. Vietcombank, which has been operational since 1963, would help SMF’s members in payment, cash management, trade finance and foreign currency services.

The two sides also organised a meeting between Vietcombank’s customers and SMF’s investors to exchange business opportunities, diversify distribution channels and help develop the market.

SMF, which was established in 1932 in Singapore, includes manufacturing and other related firms. It has more than 3,000 members in many sectors such as property, electricity, food, beverage, energy and chemical.

SMF has been one of two federations operating strongly and it has had the most significant effect in Singapore. — VNS