Mr Lim Hng Kiang at Singapore-Vietnam Business Dialogue and Dinner in Honour of H.E. Truong Tan Sang, President of the Socialist Republic of Vietnam

OPENING ADDRESS BY MR LIM HNG KIANG, MINISTER FOR TRADE & INDUSTRY AT THE SINGAPORE-VIETNAM BUSINESS DIALOGUE AND DINNER IN HONOUR OF HIS EXCELLENCY TRUONG TAN SANG, PRESIDENT OF THE SOCIALIST REPUBLIC OF VIETNAM ON TUESDAY, 27 SEPTEMBER 2011

His Excellency Truong Tan Sang,

President of the Socialist Republic of Vietnam

His Excellency Nguyen Thien Nhan,

Deputy Prime Minister of the Socialist Republic of Vietnam,

Distinguished Guests,

Ladies and Gentlemen.

Introduction

I am pleased to be here this evening at theSingapore-Vietnam Business Dialogue and Dinner.Let me begin by extending a very warm welcome and appreciation to His Excellency Truong Tan Sang, President of the Socialist Republic of Vietnam for taking the time to grace this event.

Strong And Thriving Business Linkages

Today’s event is an excellent opportunity to commemorate the strong and thriving business linkages between Singapore and Vietnam.This is evident from the strong business representation from both sides at today’s event. To the large business delegation which have travelled all the way from Vietnam, let me extend my warmest welcome once again.

Our strong business ties are underpinned by the ever-deepening economic relations between our countries.Bilateral trade and investment have grown from strength to strength.Over the last decade, bilateral trade has grown fourfold to reach US$10 billion in 2010.Last year, Singapore was Vietnam’s 7th largest trading partner and top foreign investor.As of August 2011, Singapore’s private sector has invested in more than 930 projects worth over US$23 billion in a wide range of sectors and in various provinces of Vietnam.

Since its implementation in 2006, the Singapore-Vietnam Connectivity Framework has been an effective, overarching bilateral economic platform that has facilitated many private sector projects, and directly or indirectly contributed towards approximately US$14 billion worth of Singapore’s registered investments into Vietnam.

Vietnam’s Economic Potential

Singapore companies’ interest to participate in Vietnam’s economy is strong and growing.In the last 12 months, our economic agencies, International Enterprise Singapore, SPRING Singapore and Singapore Tourism Board have organised and supported over 20 business missions and seminars to explore opportunities in Vietnam.These included broad-based outreach seminars in Singapore and industry-focused business missions to Vietnam, and span diverse sectors such as urban and industrial development, energy and engineering, tourism, agriculture and healthcare.

As a fast-growing economy with a rising middle income group, Vietnam presents tremendous opportunities for Singapore companies.There exist strong synergies for bilateral economic cooperation and business partnerships in many industry sectors and geographical locations across Vietnam.

Confident of Vietnam’s long-term economic prospects, Singapore companies have to-date established growing presence in various parts of Vietnam and in diverse industry sectors such as urban development, hospitality, transport, finance, ICT, healthcare and education.

I am pleased to note that a Memorandum of Understanding to explore the feasibility of a new Vietnam-Singapore Industrial Park in Vietnam will be signed tomorrow, witnessed by Singapore Prime Minister Lee Hsien Loong and His Excellency Truong Tan Sang, President of the Socialist Republic of Vietnam.

Conclusion

In closing, I would like to thank the Vietnamese leaders for their continued support for Singapore companies’ participation in Vietnam’s economic growth and development.I am confident that the strong and thriving linkages shared between Singapore and Vietnam business communities will further strengthen the economic cooperation between our countries.

On this note, I wish everyone a fruitful and engaging evening.

Thank you.