Vietnam-Singapore Business Council launched to boost economic cooperation

Tuesday, 2019-07-16 16:36:18
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At the launch ceremony for the Vietnam-Singapore Business Council. (Photo: VNA)
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NDO – The Vietnam-Singapore Business Council (VSBC) was jointly launched by the Vietnam Chamber of Commerce and Industry (VCCI) and the Singapore Business Federation (SBF) in Hanoi on July 7.

The VSBC was launched at the Vietnam-Singapore Business Forum entitled “Building Linkages for Mutual Economic Prosperity” with the aim of promoting bilateral cooperation on trade, investment and tourism between Vietnam and Singapore.

The VSBC includes prestigious Singaporean and Vietnamese enterprises who wish to contribute to the multifaceted cooperation between Vietnam and Singapore.

The council will play as a bridge between enterprises of both countries and be an organiser of regular trade and investment promotion activities between the two sides. It will also act as an official information channel for the business community of both sides to contribute their ideas to the two Governments for a more favourable business environment.

The council is also expected to increase cooperation between enterprises and the VCCI and SBF and other business associations of Singapore.

VCCI Chairman Vu Tien Loc said that since the establishment of the diplomatic ties between Vietnam and Singapore, the bilateral trade and investment relations have seen fine development and Singapore has become one of the leading strategic partners of Vietnam.

He noted that the bilateral trade revenue between the two countries reached nearly US$7.7 billion in 2018. Singapore also invested in 2,159 projects in Vietnam in 2018 with a total investment of over US$46 billion, ranking third among 130 countries and territories investing in Vietnam.

At the Vietnam-Singapore Business Forum entitled “Building Linkages for Mutual Economic Prosperity”, the two sides discussed measures to deal with challenges arising in trade and investment relations between the two countries.