The Vietnam - Singapore Strategic Partnership has developed positively over the past years through leaders’ reciprocal contact and exchanges.
Despite the impact of the COVID-19 pandemic, two-way trade turnover between Vietnam and Singapore hit US$8.3 billion last year, up 23.3% compared to 2020. In January 2022 alone, their total import-export turnover reached US$783.9 million, a year-on-year rise of 6.8%.
As of February 2022, Singapore has 2,860 valid investment projects in Vietnam with a total registered capital of US$66 billion. It is Vietnam’s largest investor in Southeast Asia and the second largest among 140 countries and territories investing in the country.
Meanwhile, Vietnam has 118 valid projects in Singapore valued at US$498 million, that focus on such fields as science and technology, wholesale and retail, car and motorbike repairs, information and communication, manufacturing and processing, and real estate.
Vietnam and Singapore have closely cooperated in combating COVID-19. In September 2021, Singapore donated medical equipment worth nearly US$5 million to Vietnam. It has recently announced a decision to donate 122,400 doses of the AstraZeneca vaccine to Vietnam.
In turn, when the pandemic reached its peak in Singapore, the National Assembly of Vietnam donated 30,000 masks to Singapore. Vingroup also presented 200 ventilators manufactured in Vietnam under the auspices of Medtronic (USA).
