“Vietnam Day in Singapore” event, a large-scale national programme conducted by the Vietnam Chamber of Commerce and Industry (VCCI) in cooperation with Vietnam’s ministries and organizations, will take place on December 5-8, 2005 in Singapore to celebrate the occasion of the signing the Framework Agreement on Singapore-Vietnam Connection. On this occasion, Vietnam Business Forum’s reporter Lan Anh conducted an interview with Vu Tien Loc Ph.D, VCCI Chairman and President.
Could you briefly introduce the goals of “Vietnam Day in Singapore”?
VCCI was assigned this task by the Prime Minister to cooperate with relevant ministries and organizations to hold the event. The programme takes place at the same time as the opening of the ASEAN high-ranking meeting to foster political, economic and cultural relations between Vietnam, Singapore and the other ASEAN countries. This is a comprehensive trade promotion programme aimed at linking promotion activities in the fields of trade, investment, tourism, and culture to save resources and obtain large benefits, and speed up the introduction of Vietnam’s land and people to international friends.
Vietnamese Deputy Prime Minister Nguyen Tan Dung will participate in major activities of the programme which will be attended by leaders of the Government Office, ministries of Foreign Affairs, Planning and Investment, Finance, Trade, Post and Telecommunications, and Transport, VCCI and the Vietnam National Administration of Tourism. In addition, the programme will see the participation of artistic delegations, news agencies and around 120 Vietnamese enterprises.
Are you pleased to give more information about other activities in the programme, apart from the Trade-Investment-Tourism Forum and “Typical Vietnam” Exhibition?
Activities in “Vietnam Day in Singapore” include: the Trade-Investment-Tourism Forum which is a place for Vietnamese and Singaporean enterprises to seek business and investment cooperation opportunities, “Typical Vietnam” Exhibition displaying Vietnam’s exports to Singapore and ASEAN, a picture showroom to introduce Vietnam’s land and people and promote Vietnam’s tourism, a Gala Dinner to show Vietnams’ culture and food, and a series of media campaigns to deliver Vietnam’s image to Singapore and the world as an ideal investment destination which enjoys political stability, peace, friendliness and is full of cultural character.
At the Trade-Investment-Tourism Forum, leaders of Vietnamese ministries and organizations will address Vietnam’s policies on investment attraction and tourism, prospects in Vietnam-Singapore economic cooperation. The two countries’ enterprises will have face-to-face meetings and discussions in the fields of finance and banking, insurance, industry, infrastructure construction, trade and services. A film about the Vietnamese business and investment environment will be shown at the Gala Dinner. In addition, the business delegation will conduct market surveys in Singapore and Malaysia.
What are the targets of the Framework Agreement on Singapore-Vietnam Connection that is expected to be signed during the working visit?
As scheduled, Vietnam and Singapore will closely link their economies by signing the Framework Agreement on Singapore-Vietnam Connection with the aim of developing and strengthening economic and trade relations between the two countries on the basis of equality and mutual benefit, and elevating the multi-faceted cooperation to a higher and closer bilateral plane with focus on key areas for the two countries’ socio-economic development and prosperity. The areas include finance, investment, trade and services, information communication technology, education and training, and transport.
The initiative to connect the two economies was created by Singaporean Prime Minister Goh Chok Tong during the trip of Vietnamese Prime Minister Phan Van Khai to Singapore in March 2004. It also aims to fully implement the Joint Declaration between Vietnam and Singapore on the Framework for Comprehensive Cooperation in the 21st century signed at the same time.
Can you reveal more details of some key areas in the Framework Agreement on Singapore-Vietnam Connection?
In the field of trade and services, Vietnam and Singapore will continue the efforts of the established Government-linked trade offices; conducting trade promotional business activities (Vietnam House in Singapore has been operational since March 22, 2005); better updating and assisting the private sectors in finding investment and business cooperation opportunities in each other’s countries.
Vietnamese and Singaporean enterprises will explore collaborations to manufacture hi-tech products for export to third-party countries and such projects will be encouraged to be locate in special free trade zones in Vietnam to enjoy special treatment, and to produce and export organic vegetables, fruit and flowers, as well as fish and fish products. To tap Vietnam’s vast production potential and ease bulk purchases by Singapore companies from Vietnamese producers, Singapore has suggested that it be granted 100 per cent foreign-owned operating licenses for the establishment of hypermarkets and other retail outlets in Vietnam.
In particular, Singapore will closely cooperate and support Vietnam to boost tourism activities such as commercial tourism-related courses provided by Singapore tourism-related private training institutes; exchange visits and regular meetings between Singapore Tourism Board and Vietnam National Administration of Tourism; tourism fairs, missions and promotion programmes; and sharing of views and information on tourism development, tourism promotion and tourism investments.
Regarding the financial sector, after signing the Framework Agreement, the State Bank of Vietnam (SBV) shall issue a decision to allow Singaporean banks to offer a wider range of banking services to the Vietnamese market with the same privileges as US and EU foreign bank branches with regard to VND demand, time and savings deposits from Vietnamese individuals and corporations.
Vietnam has agreed to issue two new wholly foreign-owned insurance operating licences to Singapore insurance companies by the end of 2006 and the third by end of 2007 in accordance with Vietnam’s commitment in international integration.
The two countries plan to discuss the possibility of identifying between 5 and 10 Vietnamese enterprises for potential listing on the Singapore Exchange in the coming time in a bid to allow Vietnamese enterprises to tap international capital markets.
Under the agreement, Singapore will also agree to provide training courses and technical support to Vietnam’s capacity building in the banking and finance fields.
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