Remarks by President Tony Tan Keng Yam at the Overseas Singaporean Reception in Ho Chi Minh City

Distinguished Guests

Ladies and Gentlemen

        Good evening. My wife and I are delighted to be here to meet with all of you. 

        With increasing globalisation, many Singaporeans have ventured overseas to live, work and study. In Ho Chi Minh City alone, there are an estimated 3,000 overseas Singaporeans. Many of you are successful leaders and professionals in the various sectors that you serve. Some of you have your families with you, including school-going children. 

        As members of ASEAN, Singapore and Vietnam work closely together to promote peace, growth and development in the region. Vietnam is also an important economic partner for Singapore. Our trade and investments with Vietnam have expanded significantly over the years. We are one of Vietnam’s top trading and investment partners and there are approximately 500 Singaporean enterprises in Ho Chi Minh City. 

        As Vietnam continues to open up and modernise, many more Singaporeans will come to this country. The Overseas Singaporean community plays an important role in deepening the already excellent ties between our two countries. You serve as the bridge to enhance and promote mutual understanding and friendship between the peoples of our two countries. 

        I am pleased to see that a vibrant Overseas Singaporean community has been established to allow Singaporeans here to keep in touch with one another and to remain connected to Singapore. Singapore is just less than two hours’ flight away and Infocomm Technology has also made it easy for you to stay in touch with family and friends and keep track of the happenings in Singapore. I hope that you will remain connected as part of the vibrant Overseas Singaporean communities around the globe and stay closely linked to your family and your country.

        The global economic outlook for the coming years remains challenging. Final demand in the US and Europe will be dampened by ongoing fiscal tightening and deleveraging. Though domestic demand could provide some level of support, Asia will experience slower growth than before. As a small and open economy, Singapore will be affected by the global slowdown. However, we can remain confident that Singapore is well positioned to cope with the slowdown given our educated and well-skilled workforce, business-friendly environment and strong fiscal reserves position.

        On that note, I would like to wish all of you great success in your endeavours here. 

        My wife and I look forward to interacting with you and your families later to learn more about your experiences in Vietnam.