Minister of Trade and Industry to visit Hanoi from Oct 28 to 29
Mon, Oct 27, 2008

Minister for Trade and Industry Lim Hng Kiang will be in Hanoi from Oct 28 to 29 for a third connectivity ministerial meeting.

Along with Vietnam's Minister of Planning and Investment Vo Hong Phuc, he will co-chair the 3rd Singapore-Vietnam Connectivity Ministerial Meeting.

They will review the progress of the six sectors of cooperation under the Singapore-Vietnam Connectivity framework.

They are: education and training, finance, information technology and telecommunications, investment, trade and services, and transportation.

At this visit, Minister Lim will also meet the Secretary of Hanoi Communist Party Pham Quang Nghi and Deputy Prime Minister Nguyen Sinh Hung.

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 slew 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 projects into Vietnam.

The development of the Vietnam-Singapore Industrial Park II and PSA's joint venture project with Saigon Port to develop a container terminal in the Ba Ria-Vung Tau province were fruits of the framework.

Public sector cooperation in all six sectors. Singapore agencies have organised wide-ranging capacity building programmes in areas such as food safety and aviation for Vietnamese officials.

Singapore and Vietnam enjoy strong bilateral economic relations. In 2007, Singapore was Vietnam's 4th largest trading partner; bilateral trade reached S$13.03 billion, 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 over 600 projects worth more than US$15 billion.


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