The country is currently Vietnam's second largest trade partner and the biggest ASEAN investor in Vietnam. According to Singaporean experts, the two countries' relationship is expected to strengthen in the future.
September 2013 marked an important milestone in the Vietnam - Singapore diplomatic relationship - when the two countries became strategic partners. Vietnam became Singapore's only strategic partner in the ASEAN region. Since then, the two countries have continued to develop, with visits from high-ranking officials and official exchanges.
One of the highlights in the two countries' bilateral relations is the investment relationship between the two countries. Vietnam received investment and experiences from Singapore, while the ASEAN country can seek out new opportunities to expand in Vietnam.
In April, the Vietnam - Singapore Industrial Park (VSIP) received its investment license from Nghe An Province. This is the 7th VSIP zone in Vietnam, showing Singapore's commitment in expanding business in Vietnam. Vietnam is also improving its investment environment to attract foreign investors to the country.
