Singapore is Vietnam’s second largest source of foreign investment, Prime Minister Lee Hsien Loong leads a delegation to visit

Singaporean Prime Minister Lee Hsien Loong arrived in Hanoi this afternoon to embark on a three-day visit to Vietnam. Singapore is Vietnam’s second-largest source of foreign investment, with a total of 3,273 investment projects valued at $73.4 billion in Vietnam.

According to reports by VnExpress, Lee Hsien Loong’s visit to Vietnam was in response to an invitation from Vietnamese Prime Minister Pham Minh Chinh. Lee Hsien Loong’s official aircraft landed at Noi Bai International Airport in Hanoi this afternoon.

The reports note that Lee Hsien Loong’s visit coincides with the 50th anniversary of diplomatic relations between Vietnam and Singapore, as well as the 10th anniversary of their strategic partnership. During this trip, Lee Hsien Loong will meet with Vietnamese leaders and witness the signing of various bilateral agreements.

Vietnam and Singapore established diplomatic relations in 1973, and in 2013, they elevated their relationship to a strategic partnership. According to the Vietnam News Agency (VNA), this is Lee Hsien Loong’s fifth visit to Vietnam as Prime Minister, underscoring the close relationship between Singapore and Vietnam.

Accompanying Lee Hsien Loong on this visit are Madam Ho Ching, Minister for Foreign Affairs Vivian Balakrishnan, Minister for Education Chan Chun Sing, Minister for Manpower Tan See Leng, and other officials.

Singapore is Vietnam’s second-largest source of foreign investment, with a total of 3,273 investment projects valued at $73.4 billion. Bilateral trade reached $9.15 billion in 2022, marking an 11.57% annual increase.

The Vietnam-Singapore Industrial Parks symbolize bilateral economic cooperation, with 14 of these industrial parks jointly established in 10 Vietnamese provinces and cities. They have attracted a cumulative total of $18.7 billion in investment and created 300,000 job opportunities.

Singapore is a major economic partner for Vietnam in the region. Vietnam is currently Singapore’s 12th largest trading partner, while Singapore ranks as Vietnam’s 15th largest trading partner.

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