Senior Minister of State Chee Hong Tat visits Vietnam to deepen economic ties

1. Senior Minister of State for Trade and Industry Chee Hong Tat was in Ho Chi Minh City, Vietnam from 14 to 16 May 2019 to reaffirm and deepen the bilateral and economic ties between Singapore and Vietnam. As a Board Director of Business China, Mr Chee also led a group of Singapore business leaders and senior government officials participating in Business China’s Advanced Leaders Programme (ALP) to explore opportunities in Vietnam. The trip marks Business China's inaugural visit to an ASEAN city, under the annual ALP.

2. During the visit, Mr Chee met with Permanent Vice Chairman of the People’s Committee in Ho Chi Minh City Mr Le Thanh Liem. Both leaders reaffirmed the strong economic ties between Singapore and Vietnam. They exchanged views on future developments in Ho Chi Minh City and explored further collaborations between both countries, particularly in tech, innovation and the start-up sectors. Mr Chee also met with Dr Nguyen Thanh Hung, Chairman of SOVICO, one of the largest conglomerates in Vietnam, and Singaporean companies in Ho Chi Minh City.

3. To better understand the start-up ecosystem in Vietnam and explore potential opportunities for start-up collaborations between both countries, Mr Chee and the ALP participants also met business leaders and founders of tech companies in Ho Chi Minh City, including Shopee, UP Co-Working Space, Tiki, Logivan, Finhay, Vntrip, YOLA, Trusting Social and VinaCapital.

4. Mr Chee said, “We had fruitful meetings with government and business leaders of Ho Chi Minh City and explored ways to deepen collaborations in the tech and start-up sector. Vietnam’s economy is growing rapidly, with a vibrant start-up scene in Ho Chi Minh City. We learnt more about the opportunities in Vietnam and how Singapore can be a trusted connecting node in the region for technology, innovation and enterprise.”

5 Bilateral trade between Singapore and Vietnam has doubled over the past decade to reach S$20.9 billion in 2018. Singapore’s investments in Vietnam are diversified in various geographical regions and sectors, including services, processing and manufacturing, and real estate. Singapore remained the top investor from ASEAN and third largest foreign investor in Vietnam, as at end 2018. Singapore’s cumulative investments reached approximately S$63 billion in more than 2,000 projects in 45 out of 63 provinces in Vietnam.

6. Mr Chee was also accompanied by officials from the Ministry of Trade and Industry and Enterprise Singapore.

Senior Minister of State for Trade and Industry Chee Hong Tat and Permanent Vice Chairman of the People’s Committee in Ho Chi Minh City Mr Le Thanh Liem with Singapore and Vietnam government representatives as well as Singapore business leaders.

MINISTRY OF TRADE AND INDUSTRY
16 MAY 2019