Singapore-Vietnam Bilateral Investment Agreement
The ILO will encourage investment between Singapore and Myanmar by protecting the interests of these investors. Singaporean companies operating in Myanmar enjoy protection for their investments and can resort to international arbitration in the event of an investment dispute. The ILO will also serve to enhance investor security and confidence. The development of trade and commerce relations between Singapore and Vietnam over the years has also been an important factor in the development of strong bilateral relations. Economic relations are underpinned by the Connectivity Framework Agreement, a comprehensive platform for discussion on bilateral economic cooperation issues. Since its launch in 2006, the Connectivity Framework has made good progress in creating an enabling environment for Singaporean companies to invest in Vietnam. Singaporean companies have invested significantly in Vietnam over the years. In 2017, Singapore`s cumulative investments in 1800 projects reached $43.2 billion, making it Vietnam`s largest investor in ASEAN and the third largest in the world. Vietnam`s seven industrial parks of Binh Duong, Hai Phong, Bac Ninh, Quang Ngai, Hai Duong and Nghe An are concrete symbols of the close economic cooperation between the two countries.
Bilateral trade between Singapore and Vietnam has grown steadily over the past decade. In 2017, bilateral trade reached 21.6 billion $US, up 8.9% from the previous year. Singapore and Vietnam enjoy excellent bilateral relations, underpinned by the Strategic Partnership Agreement concluded in September 2013 during Prime Minister Lee Hsien Loong`s official visit to Vietnam. Our economic relations are strong and bilateral trade has grown steadily over the past decade. Our strong economic cooperation is symbolized by the Vietnam-Singapore Industrial Parks (VSIPs). Binh Duong`s first VSIP will celebrate its 23rd anniversary in 2019. The Connectivity Framework Agreement (CFO), in force since 23 January 2006, provides the general framework for bilateral economic cooperation in six sectors (education, training, finance, investment, information technology and telecommunications, trade and services and transport). The ITM press release, which announced the ILO`s conclusion, also stressed that Myanmar had stressed the need for closer cooperation in trade and investment promotion and had mentioned possible areas of cooperation between the two countries, such as industrial parks, technical cooperation, assistance to small and medium-sized enterprises (SMEs), as well as finance and banking. Singapore has signed agreements with Colombia, Burkina Faso, Côte d`Ivoire, Kenya, Mozambique, Nigeria and Rwanda (green areas in the map above), but these agreements are not yet in force. . . .