Hanoi (VNA) – Vietnam and Singapore should tighten collaboration on science, technology and innovation, and strengthen the connection between private enterprises to participate in global value chains so as to promote economic cooperation, Deputy Prime Minister Nguyen Chi Dung said on March 25.
Welcoming Singaporean Second Minister for Trade and Industry Tan See Leng in Hanoi, Dung affirmed that the upgrade of the bilateral ties to a Comprehensive Strategic Partnership during the official visit to Singapore by Party General Secretary To Lam in early March serves as a solid foundation toward a new height, based on political trust and strategic confidence, enhancing the two countries' collaboration across all areas, particularly in the fields of economy, finance, and investment.
Singapore is currently a major partner of Vietnam in terms of trade, economy, and investment. In 2024, two-way trade reached 10.3 billion USD, marking a year-on-year increase of 14.7%. Singapore is the largest ASEAN investor and ranks second among 147 countries and territories pouring capital into Vietnam. Singapore has a total of 3,915 valid investment projects totalling over 83 billion USD. Businesses from Singapore have invested in 18 out of the 21 sectors and are present in 54 out of the 63 cities and provinces of Vietnam.
The two sides have jointly built many legal frameworks and mechanisms for bilateral, regional, and multilateral cooperation. They are both members of various trade agreements, such as the ASEAN Trade in Goods Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP).
The Deputy PM praised the effective operations of 18 Vietnam-Singapore Industrial Parks (VSIP) across Vietnam, which have effectively met its development needs. He emphasised the need to upgrade and develop new-generation VSIPs with a focus on sustainability, innovation, and enhancing environmental and social responsibility.
He said that recently, Party General Secretary To Lam signed a significant policy aimed at creating breakthroughs in science, technology, innovation, and digital transformation. The policy focuses on developing a digital government, digital economy, digital society, digital citizens, and a high-level digital cultural industry, which is considered crucial elements for the nation’s development and key to Vietnam’s growth in the new era.
The Deputy PM said he is confident that the Vietnam-Singapore Innovation Talent Exchange Programme (ITX) will be effectively implemented in the near future, providing opportunities for young workers from both countries to hone their skills, share knowledge, and gain practical experience in diverse work environments. He urged the relevant ministries and agencies from both sides to continue discussions and agree on the procedures and plans for quick implementation of the programme.
Dung also praised the collaboration between the Vietnam Innovation Centre and Singapore's Agency for Science, Technology and Research, calling for even stronger ties and the development of concrete programmes and products that will turn commitments into tangible support for businesses in both countries.
Tan highlighted the strong foundations for continued growth in economic, investment, and trade cooperation between Singapore and Vietnam. The Vietnam-Singapore Connectivity Framework Agreement is driving bilateral cooperation across five key areas - energy transformation, sustainable development, infrastructure, digital technology, and innovation, he noted. These areas are expected to significantly boost bilateral economic ties in the coming years.
He underscored that economic collaboration remains central to the comprehensive strategic partnership between Vietnam and Singapore and is a key focus for further growth./.
