Singapore to lend logistics know-how to Vietnam
The 2nd Connectivity Ministerial Meeting saw Singapore and Vietnam agreeing to work together to develop Vietnam's port and logistics sector, building on the progress the countries have already achieved through the Singapore-Vietnam Connectivity framework.
Established in December 2005, the Connectivity initiative is the key platform for economic cooperation between Singapore and Vietnam. Its strategy is to build on each country's strengths and competencies, and create conditions that will help accelerate Vietnam's growth while ensuring that Singapore is an active participant in that growth.
Through the collaboration, Vietnam will leverage on Singapore's know-how, best practices and connectivity to optimally develop Vietnam's ports and land-side logistics infrastructure, said the Ministry of Trade and Industry (MTI).
Some Singapore companies already actively involved in Vietnam's burgeoning port sector include PSA, which has formed a joint venture with Saigon Port to develop a container terminal in the Ba Ria-Vung Tau province. Meanwhile, the NOL Group has a stake in the Vietnam International Container Terminals (VICT), the first dedicated container port in Vietnam.
"The flow of trade, investments and tourists between Singapore and Vietnam has been increasing steadily," said Minister Lim Hng Kiang. "Through Connectivity, we are building a strong pipeline for business opportunities and people flows between our two economies."
Singapore was Vietnam's fourth largest trading partner in 2006. Bilateral trade grew by 47% between 2004 and 2006, to reach S$11.3 billion.