Hanoi (VNA) - Vietnam remains amagnet for Singaporean investors, with sustainable development being apromising area of collaboration in the coming time, according to SingaporeanAmbassador to Vietnam Jaya Ratnam.

In an interview granted to the Vietnam News Agency on the occasion of the Yearof the Cat 2023, the diplomat highlighted that Singapore has been Vietnam’s topsource of foreign investment since 2020. This reflected investors’ strongconfidence in Vietnam’s strong economic fundamentals and prospects. Despite thetense geopolitical context and economic headwinds, Vietnam is recordingimpressive post-pandemic recovery, he said.

Ambassador Jaya noted that the Vietnam - Singapore Industrial Parks (VSIPs) area cornerstone of Singapore’s economic engagement with Vietnam. They haveattracted 16.2 billion USD in investments and created over 300,000 jobs inVietnam so far, the diplomat said, calling them “an enduring icon of ourbilateral partnership”.

It is a partnership wherein Vietnam andSingapore companies complement each other and constantly seek to improve sothat they meet the evolving needs of both sides”, he added.

For instance, the third VSIP in Binh Duongcommitted to incorporating IR4.0 practices and green technologies. This helpedsecure LEGO Group’s investment to build its first-ever carbon-neutral plant.

Given that Vietnam and Singapore have both committed to significantly reducecarbon emissions over the coming decades, the diplomat pointed tosustainability as a promising area of collaboration between them in the comingtime.

Climate change would be the key planetary challenge of this century, he said,adding managing the issue requires governments and businesses to harness theircollective will and resources.

“Collaboration in renewable energy, sustainable infrastructure, carbon creditsand green financing will enable us both to achieve our goals in the upcominggreen energy transition,” he stressed.

He said Singapore hoped to work towards fostering bilateral and regionalconnectivity and interoperability to support the growth of businesses andinvestments in innovation and technology.

“The new areas of collaboration providethe basis for developing a green and digital partnership that will shape up ourbilateral relations for the coming decades,” he added.

On the bilateral ties, the diplomat said Vietnam and Singapore have maintainedtheir steadfast friendship, and have strong foundation of mutual trust and atradition of mutual support.

He said bilateral engagements were sustained throughout the COVID-19 pandemic,and both countries assisted each other in times of need.

Since the opening of their borders earlier this year, Vietnam and Singaporeresumed high-level exchanges, which reflected their common interest inexpanding cooperation to include new and emerging fields.

Following President Nguyen Xuan Phuc’s state visit to Singapore in February2022, Singaporean President Halimah Yacob paid her first foreign trip toVietnam since the outbreak of the COVID-19 pandemic, making it the first timeboth nations exchanged state visits in one year, he said.

These capped off a year of high-level visits,including an official visit to Vietnam by the Speaker of the SingaporeanParliament Tan Chuan-Jin in May and DPM/Coordinating Minister for EconomicPolicies Heng Swee Keat in September. The interactions allowed the two sides toreaffirm and strengthen their multifaceted and substantive bilateralrelationship./.