The information was released at the meeting between Prime Minister Nguyen Xuan Phuc and a Singaporean business delegation, led by the Singapore Business Federation (SBF) and Enterprise Singapore, in Ha Noi on Monday.

SBF President Teo Siong Seng said in recent years, although the world had seen many economic fluctuations, Viet Nam maintained stable growth.

Expressing the honour of leading the delegation of 36 Singaporean enterprises to Viet Nam to seek business co-operation opportunities, Seng said Singapore would continue to contribute to Viet Nam’s growth, tightening the relationship between the two countries.

Phuc stated that there are many opportunities for Singaporean businesses to invest in Viet Nam.

He said the two countries have a strategic partnership, in which economic relations have developed very closely. Meanwhile, the two countries have a mechanism connecting the two economies that has been implemented for 14 years.

“It is an effective mechanism, bringing benefits to the two countries, in which the typical co-operation symbol is the model of Vietnam Industrial Park - Singapore (VSIP), which is very successful in many localities in Viet Nam,” Phuc said.

The Prime Minister said he hoped Singaporean businesses would continue to invest in Viet Nam in a number of advantageous areas such as infrastructure, logistics, banking and finance, information technology, electronics, education, health and the development of start-ups and equitisation of State-owned enterprises.

He also expected the two sides would co-ordinate well in smart urban development.

He appreciated Singapore's innovation experience, especially Singapore’s proposal to develop innovation centres.

“The investment in airports in Viet Nam is also very attractive as the country’s aviation market is growing strongly,” Phuc said.

At the meeting, Phuc stressed the Government always strives to maintain macroeconomic, political and social stability. Legal institutions are increasingly transparent, consistent with international practices and commitments, creating an environment for businesses to operate long-term in Viet Nam.

Phuc said Viet Nam continues to actively promote international integration with a focus on economic integration, strongly promoting the formation of major economic and trade co-operation frameworks such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and European Union – Viet Nam Free Trade Agreement (EVFTA) which were signed at the end of June.

In addition, the negotiation of ASEAN’s Regional Comprehensive Economic Partnership is speeded up and expected to be officially signed by the end of this year, he added.

The PM affirmed Viet Nam’s consistent policy of international economic integration and globalisation. That means if entering Viet Nam, Singaporean businesses can enter a large market with which Viet Nam has partnerships.

“The Government of Viet Nam commits to create favourable conditions for Singaporean businesses to succeed in Viet Nam and is willing to listen to the opinions of Singaporean businesses. I want foreign investors, including those from Singapore, to invest in long-term business in Viet Nam,” Phuc said. — VNS