Singapore, Vietnam sign cooperation agreements

Eighth Vietnam-Singapore Industrial Park eyed.

Singapore Prime Minister Lee Hsien Loong and Vietnamese Prime Minister Nguyen Xuan Phuc recently signed five cooperation agreements across the banking, power generation, and infrastructure sectors – a development welcomed by analysts amidst growing protectionism in global trade.

During an official three-day visit to Vietnam in March, Lee led the Singaporean delegation in formalising agreements aimed at strengthening bilateral relations between the two countries.

The agreements include one between Sembcorp and Vietnamese provincial authorities to explore a new Vietnam-Singapore Industrial Park (VSIP) in the Central Vietnamese province of Quang Tri, which, if realised, will be the eighth VSIP in Vietnam.

Another is an agreement between the Singapore International Foundation and the Vietnam-Singapore Friendship Association to promote people-to-people and cultural exchanges.

BMI Research commended the Singapore government’s efforts to deepen its linkages with its ASEAN neighbours, adding that it appears to seriously take on the recommendations from the Committee on Future Economy to further develop the country’s international connections.

Strengthening bilateral ties between the two ASEAN countries is also seen as having an overall positive impact on the regional bloc.