Singapore has become the largest foreign investor in Vietnam, with total newly-registered investment capital of over $3.6 billion in the first eight months of 2023.

The result was revealed during talks between Prime Minister Pham Minh Chinh and his visiting Singaporean counterpart Lee Hsien Loong in Hanoi on August 28.

During the talks, the two PMs noted that relations between the two countries have developed rapidly over recent years and agreed to consider the possibility of raising bilateral relations to the comprehensive partnership level in the future.

Prime Minister Chinh suggested that Singapore facilitate the export of Vietnamese goods and help the development and transformation of Vietnam-Singapore Industrial Parks (VSIPs) to smart, green, low-carbon industrial parks.

He also called on Singapore to expand its investments in key and priority fields in Vietnam, such as electronics, smart manufacturing, IT, digital technology, and new materials, and to support the country in developing support industries for production sectors like garments and textiles, wood processing, shipbuilding, industrial infrastructure development, chemicals, petrochemicals, and liquefied natural gas.