Vietnam - Singapore: A bright spot in economic, trade and investment cooperation

The 18th Ministerial Conference on Vietnam - Singapore Economic Connectivity was recently held in Singapore under the co-chairmanship of Minister of Planning and Investment Nguyen Chi Dung and Second Minister of Trade and Industry and Minister of Manpower of Singapore, Mr. Tan See Leng.

Signing of a memorandum of understanding between the Singaporean enterprise agency and the Foreign Investment Agency of Vietnam (Photo: MPI)

Attending the conference were representatives of ministries and sectors of Vietnam and Singapore related to economic cooperation activities under 5 pillars, including: Connectivity; energy connectivity; sustainability; digital and innovation; infrastructure.

The 18th conference was held at a time of special significance as the two countries celebrated the 50th anniversary of diplomatic relations and the 10th anniversary of the establishment of the Strategic Partnership.

According to the Ministry of Planning and Investment, economic, trade and investment cooperation has always been a bright spot in the Vietnam-Singapore relationship. In terms of investment, Singapore currently ranks second out of 146 countries and territories investing in Vietnam. Singaporean investors have invested in 18/21 economic sectors in Vietnam, focusing on areas such as: Processing and manufacturing industry, real estate business, electricity and gas production and distribution. In terms of trade, in the first 8 months of 2024, the total import-export turnover between Vietnam and Singapore reached 6.8 billion USD, an increase of 12.7% over the same period in 2023.

At the Conference, the two sides informed and discussed a number of achievements since the 17th Ministerial Conference (Hanoi, Vietnam, August 2023) to date, the progress in developing the Green Economy - Digital Economy Partnership Implementation Plan; results of cooperation in the field of innovation. The two sides also discussed directions for expanding cooperation in the field of clean energy, the importance of wind power development projects, building the ASEAN power grid, solutions and challenges that Singapore faces in the energy transition, towards a hydrogen economy.

Through the 18th Vietnam-Singapore Economic Connectivity Ministerial Meeting, Vietnam affirmed its views and interests in economic cooperation with Singapore to further deepen the strategic partnership between the two countries; requested Singapore to make efforts to coordinate and implement new initiatives within the framework of the Connectivity Agreement; encouraged Singaporean businesses to make new cooperation proposals and increase investment in Vietnam.

On this occasion, the two Ministers witnessed the establishment of the Innovation Talent Exchange Programme, the signing of a memorandum of understanding between the Singapore Enterprise Agency and the Foreign Investment Agency, Ministry of Planning and Investment to establish the Singapore Desk to promote Singapore's investment in Vietnam.

Source: https://congthuong.vn/viet-nam-singapore-diem-sang-hop-tac-kinh-te-thuong-mai-va-dau-tu-346911.html