12 Mar 2008 Posted in Speeches
His Excellency Truong Vinh Trong, Deputy Prime Minister of the Socialist Republic of Vietnam,
His Excellency Ha Hong Cuong, Minister of Justice,
His Excellency Kieu Dinh Thu, Deputy Chairman of Government’s Office,
His Excellency Nguyen Trung Thanh, Ambassador to the Republic of Singapore,
Ladies and gentlemen,
This year we celebrate 35 years of bilateral relations and cooperation between Singapore and Vietnam. This has been a period of great progress for both countries. Vietnam is now ASEAN’s fastest growing economy and a destination of choice for international investors. Singapore is privileged to be a friend and partner in Vietnam’s remarkable journey of growth.
In recent years, trade between our countries has expanded rapidly, with bilateral trade reaching S$13.03 billion in 2007, an increase of 15.4% from 2006. Singapore continues to be one of the largest investors in Vietnam, with registered cumulative investment of US$10.74 billion, covering over 500 projects in 2007, including the Vietnam-Singapore Industrial Park and the Vietnam-Singapore Training Centre.
During President S R Nathan’s visit to Vietnam last month, both he and Prime Minister Nguyen Tan Dung reaffirmed the desire of both countries to explore more opportunities for cooperation and to broaden the multi-faceted relations between the two countries. This Memorandum of Understanding on Legal and Judicial Cooperation that we have just signed represents another milestone in the warm ties and close cooperation enjoyed by our countries.
Under the Memorandum of Understanding, Singapore and Vietnam will cooperate in many legal and judicial areas, for example, drafting and administering laws, developing legal and judicial expertise, and developing and promoting domestic and international dispute resolution mechanisms, including arbitration and mediation. The cooperation will take various forms, such as exchange visits between our judges, academics and legal practitioners, as well as enhanced cooperation between organisations such as our universities and other legal organisations.
Because implementation is important, a Joint Committee will be formed to identify and detail the various specific initiatives that could be implemented under the Memorandum of Understanding. This Committee will meet regularly for this as well as to take stock of the activities which will be conducted.
This Memorandum of Understanding therefore provides a strategic framework for promoting and developing legal and judicial cooperation between our two countries. I believe that in strengthening this important facet of our broad-based bilateral cooperation, it will further broaden and deepen the relationship between our two countries. I therefore look forward to a very productive and fruitful partnership between our two countries in this area.
Last updated on 26 Nov 2012