Singapore, Vietnam boost bilateral cooperation

They signed deals to improve relations in the green and digital economy, and innovation.

Singapore and Vietnam have entered new partnerships to enhance bilateral cooperation in various fields such as green economy, digital economy and innovation.

In a statement, the Ministry of Trade and Industry Singapore (MTI) said the partnerships were signed as part of Prime Minister Lee Hsien Loong and Second Minister for Trade and Industry Tan See Leng’s official visit to Vietnam.

“The conclusion of these agreements, witnessed by Singapore and Vietnam’s leaders, signal both countries’ commitment to build stronger partnerships in the emerging areas of green economy, digital economy and innovation,” Tan said. 

“We will continue working closely with our counterparts to create new avenues and more opportunities for our businesses and people,” he added.

One of the agreements signed upgraded the Framework Agreement on Singapore-Vietnam Connectivity, expanding from the previous six sectors of cooperation to five pillars of cooperation in 11 areas. 

These five pillars are energy connectivity, sustainability, infrastructure, digital and innovation, and connectivity (education, finance, information technology and telecommunications, investment, tourism, trade and services, and transport.)

The two countries also signed a memorandum of understanding on the innovation talent exchange programme which will allow both Singaporean and Vietnamese professionals to seek job opportunities in eligible innovation-related in each other’s market.

A letter of intent was also exchanged between Singapore and Vietnam, highlighting the substantive conclusion of the negotiation of the implementation deal of carbon credits in line with the Paris Agreement.

There has also been significant development in the area of renewable energy cooperation as Vietnam’s Ministry of Natural Resources and Environment approved an offshore wind site survey for a cross-border electricity trading proposal by a consortium of Sembcorp Utilities and PetroVietnam Technical Services Corporation.