President Tony Tan Keng Yam arrived in Hanoi on April 23, beginning a four-day official visit to Vietnam at the invitation of his Vietnamese counterpart Truong Tan Sang.
Vietnam-Singapore relations have developed well over the years through the exchange of high-level visits.
In 2004 Vietnam and Singapore signed a joint statement on the framework of comprehensive cooperation in the 21st century, laying a firm foundation for strengthening bilateral friendship and multifaceted cooperation.
In 2005 the two countries signed a framework agreement on Vietnam-Singapore Connectivity, centering on finance, investment, trade-service, transportation, post communication-information technology, and education-training.
Singapore is one of Vietnam’s leading trade partners, with two-way trade increasing considerably from US$7.7 billion in 2006 to US$8.7 billion in 2011.
Vietnam imports petrol, plastics, metals, machinery and chemicals from Singapore, and mainly exports seafood, coffee, crude oil, gem stones and electronic appliances to the island country.
Singapore’s investment in Vietnam has increased constantly since 1998. By March 2012, Singapore had 1,008 investment projects in Vietnam capitalized at US$24.16 billion, mostly focusing on property, processing and manufacturing industries, and construction.