HCM City, Singapore boost economic cooperation

He made the remark during a reception in HCM City on July 18 for Josephine Teo, Singaporean Senior Minister of State in charge of Prime Minister’s Office, Ministry of Foreign Affairs and Ministry of Transport.

The city’s leader said the HCM City and Singapore have seen sound flourish economic cooperation in recent years with two-way trade between the two sides reaching US$3 billion in 2015.

Singapore is the city’s largest foreign investor with over 850 projects worth more than US$5 billion, he added.

The chairman affirmed that HCM City will create more favourable conditions for foreign investors, including those from Singapore. 

Vietnam and Singapore are members of the Trans-Pacific Partnership and the ASEAN Economic Community, which will further boost cooperation between the two countries, especially in the economy, trade, investment and tourism, he said.

For her part, Josephine Teo said Singapore is keen on exchanging and sharing experience in economic development with the city.

She said she is confident that more Singaporean businesses will invest in Vietnam and HCM City in particular.

Singapore is one of the largest trade partners of Vietnam. Bilateral trade between the two countries was US$9.3 billion last year.