That was the sharing of Minister of Planning and Investment (MPI) Nguyen Chi Dung at the 17th Ministerial Conference on Vietnam - Singapore economic connectivity held on August 27 in Hanoi.
According to the Minister, the energy sector is a very important new pillar of cooperation added in the Framework Agreement connecting the two economies of Vietnam and Singapore with much potential for cooperation.
“At the 16th Conference, the two sides had preliminary discussions on the possibility of cooperation in renewable energy to be able to sell electricity to Singapore from renewable energy investment projects in Vietnam. Currently, many localities in Vietnam have expressed interest in the possibility of exporting renewable energy to Singapore,” said Mr. Dung.
To be able to implement this, the Ministry of Planning and Investment will report to the Government to establish a Working Group to review and complete legal regulations on the export of renewable energy to Singapore, ensuring compliance with relevant regulations (Electricity Law, Vietnam Sea Law, Power Plan 8.
The Minister also said that the Governments of Vietnam and Singapore have approved the upgrading of the Vietnam-Singapore Economic Connectivity Framework Agreement to better respond to challenges and take advantage of opportunities from recent regional and global changes.
Accordingly, the upgraded Framework Agreement will include 5 pillars including: Energy Connection; Sustainable Development; Infrastructure; Digital and Innovation and Connectivity (for areas such as Education, Finance, Information Technology and Telecommunications, Tourism, Investment, Trade and Services, Transport).
These are five areas within the framework of the upgraded economic connectivity framework agreement that will be signed during Singaporean Prime Minister Lee Hsien Loong's official visit to Vietnam from August 27-28.
The 17th conference is held at a time of special significance as Vietnam and Singapore celebrate the 50th anniversary of diplomatic relations and the 10th anniversary of strategic partnership.
Total import-export turnover between the two countries in 2022 reached 9.1 billion USD, an increase of 9.6% compared to 2021.
Singapore is one of the leading investors in Vietnam with nearly 3,274 valid projects with a total registered capital of nearly 73.5 billion USD.
Vietnam's investment in Singapore reached 690 million USD with 153 projects, making Singapore the 10th largest country among 80 countries and territories where Vietnam directly invests abroad.
The Vietnam - Singapore Industrial Parks (VSIP) are a symbol of economic cooperation between the two countries, with over 7,000 hectares of land, attracting about 18 billion USD in investment capital and creating jobs for more than 312,000 workers.
On this occasion, the two ministers also witnessed the signing ceremony of the Memorandum of Understanding on innovation cooperation between the Vietnam National Innovation Center and the Advanced Manufacturing and Technology Center (ARTC) under the Agency for Science, Technology and Research (ASTAR).
Nguyen Le
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