Singapore, Vietnam sign MOU to boost economic, trade ties

This includes managing business partnerships and deepening agri-trade cooperation. 

Singapore and Vietnam inked a memorandum of understanding (MOU) on economic and trade cooperation.

The MOU was signed by Second Minister for Trade and Industry Tan See Leng and Vietnam’s Minister of Industry and Trade Nguyen Hong Dien.

Under the MOU, the economic cooperation between Singapore and Vietnam includes facilitating business partnerships, exploring cooperation in the digital economy, and supporting regional and global supply chain connectivity.

Moreover, the MOU will deepen agri-trade cooperation by “exploring partnership opportunities and supporting information sharing and training on best practices, certification, and standards." 

Both nations also seek to enhance coordination in the industrial and energy sectors and facilitate better collaboration between Singapore and Vietnamese small and medium enterprises. They will explore capacity-building activities in economic areas of mutual interest to deepen trade and investment flows. 

For his part, Tan said they seek to catalyse greater trade and economic collaboration such as renewable and clean energy.

“We will also enhance our resilience by building a more robust supply chain and facilitating smooth and continued trade flows between both countries even in times of crises. This will help to take our partnership with Vietnam to the next level, as we both emerge from the COVID-19 pandemic together,” Tan added.