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The two nations set up diplomatic ties on August 1, 1973. In September 2013, on the occasion of Singaporean PM Lee Hsien Loong’s official visit to Viet Nam, a Joint Statement on the establishment of Strategic Partnership was issued.
Currently, Singapore is the second largest trade partner of Viet Nam in ASEAN and ranks eighth among Viet Nam’s trade partners in the world.
The two-way trade value in 2017 reached US$8.3 billion, up 8.9% against the previous year.
Singapore took the lead in investing in Viet Nam among ASEAN nations. As of May 2018, Singaporean investors have poured US$43.53 billion in 2,048 projects in 48 out of 63 localities in Viet Nam.
In the upcoming time, Viet Nam needs to accelerate cooperation with Singapore in such areas as digitalization of the economy, application of high technology, planning of smart urban area, e-commerce service, finance and banking, logistics, clean and renewable energy.
By Thuy Dung