Singapore (PRWEB) September 18, 2012
Singapore and Vietnam have recently signed an Agreement on Public Administration as well as a Memorandum of Understanding (MoU) on financial cooperation. In addition, both economies have agreed to conduct extensive education and training programs for Vietnam’s senior officials in the transportation and urban planning sectors in Singapore.
The signing took place at the Istana, Singapore, last week and was witnessed by Singapore Prime Minister Lee Hsien Loong and General Secretary Nguyen Phu Trong of the Vietnam Communist Party.
Asiabiz Services, a Singapore company setup consultancy, is optimistic that stronger ties between the two economies will yield new opportunities for both countries. Furthermore, as the Strategic Partnership Agreement is set to be signed in 2013, new development opportunities in education, training, finance, defence and security will be explored, carving new areas for Singapore businesses to tap.
In 2013, Singapore and Vietnam will celebrate 40 years as allies. Singapore is now Vietnam’s fourth largest foreign investor, with investments in real estate, electronics, healthcare and shipping, among others. Vietnam, on the other hand, is Singapore’s 19th largest trading partner.
According to data from International Enterprise (IE) Singapore, bilateral trade between the two economies registered almost S$15 billion in 2011, thereby representing a 22% year-on-year growth. In the first half of the year, bilateral trade continued to prosper, registering S$10 billion i.e. a 13% y-o-y growth.
Commenting further, Mr. James Nuben, Head of Taxation at Asiabiz Services, said, “Stronger links with Vietnam will open opportunities for our enterprises. A strategic partnership will not only bolster our economic and business ties with Vietnam, but position us as strategic partners in Asia’s growth story. Hence, there are many opportunities for firms to form a Singapore company as a way of tapping the Vietnamese market via Singapore.”
ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company registration, incorporation, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.
120 Telok Ayer Street, Singapore 068589
Phone: +65 6303 4614