This is the second visit of PM Lee to Viet Nam since he took office.
The visit underscores Singapore's respect and desire to cementing and depening the comprehensive ties with Viet Nam and officially announces the establishment of strategic partnership between the two countries.
Viet Nam and Singapore established ties on August 1, 1973 and their relations have flourished especially since Viet Nam became a member of the Association of the Southeast Asian Nations (ASEAN) in 1995.
Leaders of the two countries have maintained regular high-level visits.
The two sides issued a Joint Declaration to lift the bilateral ties to “strategic partnership” in 2013 during the visit of Party General Secretary Nguyen Phu Trong to Singapore last September.
Singapore is a leading trade and investment partner of Viet Nam. Two-way trade turnover touched over US$9 billion in 2012 and US$3.5 billion in the first five months of 2013.
Viet Nam often imports petrol, plastic materials, metal, electronic products, machines and chemicals from Singapore and chiefly ships to the country seafood, coffee, crude oil, and electronic goods.
The inflows of FDI from Singapore to Viet Nam have constantly risen. As of July 2013, Singapore has invested in 1,800 projects in Viet Nam worth over US$28 billion in such areas as real estate, processing industry, manufacture, and construction.
Regarding security and national defense, the two countries have signed a Memorandum of Understanding on National Defense. The Vietnamese Ministry of Public Security and the Singaporean Ministry of Home Affairs inked a cooperative agreement.
Each year, Singapore grants 15 scholarships for first-year and second-year students of Viet Nam
The two countries have set up the Viet Nam-Singapore Joint Committee, signed a framework agreement on connectivity, snd held annual political consultations at the Deputy Ministerial level.
They reached agreements on maritime trade, investment promotion and protection, environmental protection, anti-double taxation and the Joint Declaration on framework for Viet Nam-Singapore comprehensive cooperation./.
By Kim Anh
