Singapore and Vietnam are ushering in a new chapter in their economic relationship with an expanded bilateral cooperation. The two nations have forged new agreements focusing on green initiatives and technological innovation.
On Monday, Aug 28, letters were exchanged between Singapore’s Minister for Manpower and Second Minister for Trade and Industry, Tan See Leng, and Vietnam’s Minister of Planning and Investment, Nguyen Chi Dzung. This marks the enhancement of the Framework Agreement on Singapore-Vietnam Connectivity.
The Ministry of Trade and Industry (MTI) highlighted that the revised Connectivity Framework Agreement (CFA) broadens the avenues for economic cooperation between the two countries.
Remarkably, this represents the inaugural revision and enlargement of the CFA since its establishment in 2005.
While the original agreement pinpointed six sectors for collaboration, the latest rendition emphasizes five foundational pillars spanning 11 domains. These domains encompass energy ties, green initiatives, infrastructure development, digital transformation, and innovations in connectivity. The MTI notes that these changes echo the evolving business landscapes and the prospects they present.
Further solidifying their partnership, Singapore and Vietnam initiated a Memorandum of Understanding (MOU) for the Innovation Talent Exchange Programme. This program aims to provide professionals from Singapore with opportunities in Vietnam’s innovative sectors, and vice versa. An additional agreement has been reached to constitute a joint task force to oversee the MOU’s execution.
Tangible progress was also seen in the domains of climate action and sustainable energy collaboration.
Both Singapore’s Prime Minister Lee Hsien Loong and Vietnam’s Prime Minister Pham Minh Chinh were present during the sealing of these accords.
Dr. Tan shared his optimism about the newly inked agreements, stating, “The recent deals, witnessed by the leaders of both Singapore and Vietnam, underline our joint dedication towards forging a deeper alliance, especially in the thriving spheres of green and digital economies, as well as innovation. Our ongoing collaboration will pave the way for more opportunities benefiting both nations’ businesses and citizenry.”
Also learn about Exploring Opportunities: The Economic Partnership between Singapore and Vietnam for Small Businesses.
