S'pore, Vietnam sign cooperation pact
SINGAPORE - Singapore and Vietnam on Tuesday called for a further intensification of trade and investment ties after signing a cooperation pact during a visit by Vietnamese Prime Minister Phan Van Khai. Bilateral trade amounted to US$3.53 billion in 2003 and the Republic is Vietnam's largest foreign investor with $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,' Mr Phan said in a keynote address on Tuesday to the Vietnam-Singapore Business Forum. 'Singaporean investors are always welcome in 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.
He said: 'Our investments into Vietnam are showing no sign of slowing down. 'We in Singapore are optimistic about the improving business, trade and investment prospects.'
Mr Phan also met his Singaporean counterpart, Mr Goh Chok Tong, on Monday.
A statement from the Premier's office said: 'They agreed that it was important for both countries to take advantage of their economic complementarities for mutual benefit. 'They also exchanged various ideas on further strengthening the partnership between Singapore and Vietnam.'
Mr Phan's visit to Singapore will end on Wednesday, when he will proceed to Malaysia for talks with Prime Minister Abdullah Ahmad Badawi.
Agence France Presse - March 9, 2004
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