Ties between Singapore and Vietnam will reach a new high when Prime Minister Lee Hsien Loong arrives in Vietnam on Wednesday.

As the two Asean nations mark the 40th anniversary of their diplomatic ties, Mr Lee will formally launch a strategic partnership agreement with his Vietnamese counterpart Prime Minister Nguyen Tan Dung.

The other highlight of Mr Lee's three-day visit is his trip to Quang Ngai province in central Vietnam to officiate the groundbreaking of the fifth Vietnam-Singapore Industrial Park (VSIP).

The first was set up in 1996, and all five are a joint venture between a Singapore consortium led by Sembcorp Development and Becamex, a Vietnamese state-owned enterprise.

While in Hanoi, PM Lee will call on top Vietnamese leaders including General Secretary of the Communist Party of Vietnam Nguyen Phu Trong, President Truong Tan Sang, PM Dung and President of the National Assembly Nguyen Sinh Hung.

Mr Lee will be accompanied by Minister in the Prime Minister's Office Grace Fu, who is also Second Minister for the Environment and Water Resources, and Foreign Affairs, as well as Mr Lee Yi Shyan, Senior Minister of State for Trade and Industry, and National Development.

Members of Parliament Ang Wei Neng (Jurong GRC) and Denise Phua (Moulmein-Kallang GRC) are also part of the Singapore delegation. Deputy Prime Minister Teo Chee Hean will be Acting Prime Minister during PM Lee's absence.