SG, Vietnam expand economic cooperation

The countries discussed closer partnerships in emerging areas like renewable energy.

Singapore and Vietnam are mulling broadening their economic cooperation with new trade and investment partnerships.

During the 16th Connectivity Ministerial Meeting, the parties discussed opportunities in emerging areas such as innovation, renewable energy, carbon credits and digital economy collaboration. 

The counties also discussed the process of their partnerships across nine areas of economic cooperation namely: (i) investment; (ii) digital economy; (iii) finance; (iv) trade and services; (v) education and training; (vi) transportation; (vii) innovation; (viii) energy; and (ix) sustainability. 

In the same event, the Ministry of Trade and Industry (MTI) and the National Innovation Centre (NIC) under Vietnam’s Ministry of Planning and Investment inked a Memorandum of Understanding (MoU) on the establishment of the Singapore-Vietnam Innovation Workgroup.

The MoU aims to strengthen linkages between both countries’ innovation ecosystems through a partnership between government entities, Institutes of Higher Learning and private sector companies on both sides.