(MPI) - The 17th Vietnam-Singapore Connectivity Ministerial Meeting took place in Hanoi on August 27 under the co-chairing of Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Singaporean Second Minister for Trade and Industry and Minister for Manpower Tan See Leng.

Minister of Planning and Investment Nguyen Chi Dung addresses the event. Photo: MPI

The meeting was held in the context that the two countries are celebrating the 50th anniversary of their bilateral diplomatic ties (1973-2023) and the 10 years of their strategic partnership (2013-2023).

Vietnam and Singapore enjoy flourishing partnership across all areas. The two-way trade reached 9.1 billion USD last year, up 9.6% from 2021. Singapore is currently one of leading foreign investors of Vietnam with about 3,274 valid projects worth nearly 73.5 billion USD. The Vietnam-Singapore Industrial Parks (VSIPs), which cover 2,600 hectares of land, attract 17 billion USD in investment and 880 domestic and foreign companies, and create over 300 thousand jobs, are considered symbols of the two countries’ economic partnership.

The two Governments have agreed to upgrade the connectivity framework agreement to better cope with current challenges and explore of new cooperation opportunities. The upgraded agreement includes five economic cooperation pillars of energy connectivity; sustainable development; infrastructure; digital techniques and innovation; and connectivity, including education, finance, information technology and telecommunication, tourism, investment, trade, services, and transport.

At the meeting, the two sides reviewed cooperation results obtained since the 16th meeting, informed each other about the implementation of the memorandum of understanding (MoU) on digital economy and green economy signed early this year, and discuss orientations for expanding cooperation in new fields such as energy and sustainable development.

Minister Dung emphasised that Vietnam is committed to continuing improve the business environment, perfecting the legal system and foreign investment policies, and supporting Singaporean operation in the countries.

He suggested Singapore develop and transform VSIP models to eco ones, promote investment in the key and priority fields of Vietnam such as electronics, semiconductor, smart manufacturing, digital techniques, big data, high-tech industry, new materials, renewable energy, supporting industries, e-commerce, and smart city building.

Regarding education and training, an area plays a crucial role in providing high-quality human resources for both countries’ economic development, Minister Dung proposed for Singapore’s assistance in coaching Vietnamese cadres.

Vietnam continued asking Singapore to import more Vietnamese agricultural products; help the country improving aviation, navigation, road and logistics capacity; jointly implement trade promotion programmes; and share experience  in the fields of education and finance and banking, especially in building of international financial center.

As innovation plays an essential role, the two sides should continue holding meetings of the joint working group to foster the group’s activities this year and seek for new partnership opportunities.

Vietnam affirms its consistent views in the economic cooperation with Singapore in order to boost the implementation of new cooperation pillars within the framework. The country also encourages Singaporean investors to have new cooperation proposals and increase investment here.

The two sides outlined details to concretise the MoU on digital economy and green economy between Vietnam and Singapore, and defined specific cooperation activities in new pillars thereby enhance the two countries’ ties in a sustainable and substantive manner.

The signed MoU on innovation cooperation between Vietnamese and Singaporean agencies. Photo: MPI

On this occasion, the two ministers witnessed the signing of an MoU on innovation cooperation between the National Innovation Centre of Vietnam and the Agency for Science, Technology and Research (ASTAR) of Singapore, and another between Vinh Phuc provincial People’s Committee and the YCH Group Pte. Ltd of Singapore./.

Bao Linh

Ministry of Planning and Investment