Vietnam calls for Singapore’s investment in Phu Quoc

In his meeting with his Singaporean host, Deputy Prime Minister Vu Van Ninh invited Singaporean investors to invest in Phu Quoc Island and develop the island into a model economic zone.

The deputy PM made the suggestion while meeting with the Second Minister for the Environment and Water Resources and Second Minister of Foreign Affairs, Grace Fu, on November 6, during his 4-day working tour to Singapore starting November 5.

The official said Vietnam is actively carrying out the content of cooperation outlined during recent visits by the two countries’ leaders as well as in the strategic partnership, and asked Singapore to work closely with Vietnam in this process.

He also expressed the wish that Singapore will share its first-hand experience with Vietnam in long-term planning, policy-making and management regarding land issues so as to meet future needs in the country’s development cause.

In reply, Minister Grace Fu said that Singapore stands ready to share its experience with Vietnam in how to better attract, plan and manage foreign investment as well as in developing trade and negotiations for the Trans-Pacific Partnership (TPP).

The minister believes that a skilled and hard-working labor force and abundant natural resources are advantages for Vietnam to diversify trade ties with regional partners and expand export markets.

The two officials agreed that both countries have enjoyed the success of the Vietnam-Singapore Industrial Parks (VSIPs) model, with the latest one ground-broken in Quang Ngai province on September 13 this year. They have agreed to expand the model to other provinces and cities in the future.

These VSIPs have attracted a total investment of more than US$6 billion from 490 investors from 22 countries and territories , and created jobs for about 140,000 people.

Vietnam and Singapore have enhanced their bilateral ties to strategic partnership during PM Lee Hsien Loong’s official visit to Viet Nam last September, making Singapore the 3^rd ASEAN country to set up strategic partnership with Vietnam.

The strategic partnership includes a broad range of areas including finance, trade and investment, transportation, defense, and education.