Singapore and Vietnam expand scope of economic cooperation, sign deals on sustainability, innovation
SINGAPORE: Singapore and Vietnam have expanded the scope of their bilateral economic cooperation and signed agreements in several areas such as the green economy and innovation.
Singapore's Minister for Manpower and Second Minister for Trade and Industry Tan See Leng and Vietnam Minister of Planning and Investment Nguyen Chi Dzung exchanged side letters on Monday (Aug 28) that effected the upgrade of the Framework Agreement on Singapore-Vietnam Connectivity.
The upgraded Connectivity Framework Agreement (CFA) expands the scope of Singapore and Vietnam’s bilateral economic cooperation, the Ministry of Trade and Industry (MTI) said in a press release.
This is the first upgrade and expansion of the CFA since it was signed in 2005, it added.
From the previous six sectors of cooperation outlined in the framework agreement, the upgraded version will now cover five pillars of cooperation in 11 areas, including energy connectivity, sustainability, infrastructure, digital and innovation and connectivity.
"This reflects the increased business opportunities in current, new and emerging growth areas," MTI said.
Singapore and Vietnam also signed a Memorandum of Understanding (MOU) on the Innovation Talent Exchange Programme to "enable Singaporean professionals to seek working stints in eligible innovation-related areas of work in Vietnam, and vice-versa".
Both sides have agreed to set up a joint taskforce to support the implementation of the MOU, said MTI.
The two countries also made progress in the areas of climate change and renewable energy cooperation.
Singapore Prime Minister Lee Hsien Loong and Vietnam Prime Minister Pham Minh Chinh witnessed the conclusion of the partnerships.
“The conclusion of these agreements, witnessed by Singapore and Vietnam’s leaders, signal both countries’ commitment to build stronger partnership in the emerging areas of green economy, digital economy and innovation," said Dr Tan.
"We will continue working closely with our counterparts to create new avenues and more opportunities for our businesses and people."
SINGAPORE LEADERS' THREE DAY VISIT
Prime Minister Lee is on a three-day official visit to Vietnam from Aug 27 to Aug 29, accompanied by Dr Tan, Foreign Affairs Minister Vivian Balakrishnan and Education Minister Chan Chun Sing.
On Monday morning, Mr Lee attended a wreath-laying ceremony at the Ho Chi Minh Mausoleum.
He also attended the welcome ceremony at Vietnam's Presidential Palace.
The visit coincided with the 50th anniversary of diplomatic relations between Singapore and Vietnam and 10 years of Strategic Partnership.
Mr Lee and Mr Chinh reaffirmed the longstanding friendship and excellent relations between Singapore and Vietnam, the Ministry of Foreign Affairs (MFA) said in a press statement.
"Both leaders lauded the warm and frequent exchanges at the leader-to-leader, government-to-government, and people-to-people levels," MFA said.
"They welcomed the substantive cooperation in trade and investment, security and defence, education and human resource development that has been built up over the years. They commended the role of the Vietnam-Singapore Industrial Parks (VSIPs) in supporting Vietnam’s development since the launch of the first park in 1996, and looked forward to witnessing the ground-breaking and grant ceremonies for several new VSIPs."
In view of the expanding scope of cooperation between Singapore and Vietnam, Mr Lee and Mr Chinh agreed to establish annual meetings between prime ministers as a platform to discuss the bilateral agenda and issues of mutual concern.
