Vietnam and Singapore hold the 17th Connectivity Ministerial Meeting in Hanoi on August 27. (Photo: Vietnamese Government Portal) The event gathered thetwo countries’ officials related to the five economic cooperation pillars ofenergy connectivity, sustainable development, infrastructure, digitaltechniques and innovation, and connectivity (including in such sectors aseducation, finance, information technology and telecommunications, tourism,investment, trade, services, and transport).
The five pillars are specifiedin an upgraded connectivity framework agreement expected to be signed duringSingaporean Prime Minister Lee Hsien Loong’s ongoing official visit to Vietnam.
The existing connectivity framework agreement, signed by the twoGovernments in 2005, is a cooperation programme focusing on finance, educationand training, transport, information technology and communications, investment,trade, and services. To explore new potential cooperation areas, the two Governmentsagreed to expand the deal’s coverage to energy and sustainable development.
In the first 10 monthsof 2022, bilateral trade reached 7.7 billion USD, up 15.8% year on year.Singapore is currently one of the leading foreign investors in Vietnam, with about3,030 valid projects worth nearly 70.3 billion USD. Among those projects, theVietnam - Singapore Industrial Parks (VSIPs), which cover over 7,000ha of land,attract about 18 billion USD in investment and create more than 312,000 jobs, areconsidered symbols of the countries’ economic partnerships.
At the meeting, Minister Dung stated that Vietnam pledges tocontinue improving the investment climate, perfecting the legal system andforeign investment attraction policies, and assisting Singaporean investors.
He suggested the citystate transform the VSIPs into ecological ones; boost investment in the key andpriority fields of Vietnam such as electronics, big data, high technology, newmaterials, renewable energy, supporting industries, e-commerce, and smart citybuilding; and help Vietnam develop such industries as textile - garment, woodprocessing, shipbuilding, industrial infrastructure, chemical production, and petrochemistry.
The National Innovation Centre of Vietnam and the Advanced Remanufacturing and Technology Centre under Singapore's Agency for Science, Technology and Research sign an MoU at the meeting. (Photo: Vietnamese Government Portal) The Vietnamese side continued asking Singapore to import more farm produce fromVietnam; help with improving the aviation, navigation, road transport, andlogistics capacity; coordinate to open new air routes linking Singapore andoutstanding destinations in Vietnam; work together to implement trade promotionprogrammes and introduce Vietnam to major cruise ship operators to developtourism; and keep sharing experience in terms of education and finance -banking, especially in the building of international financial centres.
At the event, the two sides reviewed the cooperation resultsobtained since the 16th meeting held in Singapore in December 2022;informed each other about the implementation of the countries’ memorandum ofunderstanding (MoU) on digital economy and green economy, signed last year; discussedorientations for expanding ties in such new areas as energy and sustainabledevelopment.
On this occasion, thetwo ministers witnessed the signing of an MoU on innovation cooperation betweenthe National Innovation Centre of Vietnam and the Advanced Remanufacturing andTechnology Centre under Singapore’s Agency for Science, Technology and Research (ASTAR),along with another on cooperation in training Vietnamese interns in the fieldsof supply chains and logistics between the Vinh Phuc provincial People’sCommittee and the YCH Group Pte. Ltd of Singapore./.
VNA
