28-8-2023 (SINGAPORE) Singapore and Vietnam took a significant step towards enhancing their bilateral economic cooperation as they signed agreements on Monday (Aug 28) to expand their partnership. 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, exchanged side letters that marked the upgrade of the Framework Agreement on Singapore-Vietnam Connectivity.
The Ministry of Trade and Industry (MTI) stated in a press release that the upgraded Connectivity Framework Agreement (CFA) broadens the scope of economic cooperation between Singapore and Vietnam. This marks the first upgrade and expansion of the CFA since its initial signing in 2005.
The revised version of the Connectivity Framework Agreement now encompasses five pillars of cooperation in 11 areas, expanding beyond the previous six sectors outlined in the framework agreement. The areas of cooperation include energy connectivity, sustainability, infrastructure, digital and innovation, and connectivity. The expansion reflects the growing business opportunities in current, new, and emerging growth areas, according to the MTI.
In addition to the upgraded CFA, Singapore and Vietnam also signed a Memorandum of Understanding (MOU) on the Innovation Talent Exchange Programme. This programme aims to facilitate working opportunities for professionals from both countries in eligible innovation-related fields in Vietnam and Singapore.
To support the implementation of the MOU, a joint task force will be established by both sides, as announced by the MTI.
Furthermore, the two countries made progress in the areas of climate change and renewable energy cooperation, demonstrating their commitment to addressing pressing global challenges.
The conclusion of these agreements was witnessed by Singapore’s Prime Minister, Lee Hsien Loong, and Vietnam’s Prime Minister, Pham Minh Chinh.
Dr. Tan expressed his optimism, stating, “The conclusion of these agreements, witnessed by Singapore and Vietnam’s leaders, signal both countries’ commitment to building a stronger partnership in the emerging areas of the green economy, digital economy, and innovation. We will continue working closely with our counterparts to create new avenues and more opportunities for our businesses and people.”
Dr. Tan’s visit to Vietnam is part of Prime Minister Lee’s official three-day visit, which took place from Aug 27 to Aug 29. Foreign Affairs Minister Vivian Balakrishnan and Education Minister Chan Chun Sing also accompanied Mr. Lee during the trip.
As part of the visit, Prime Minister Lee attended a wreath-laying ceremony at the Ho Chi Minh Mausoleum and participated in a welcome ceremony at Vietnam’s Presidential Palace. The visit coincided with the 50th anniversary of diplomatic relations between Singapore and Vietnam, as well as the 10th anniversary of their Strategic Partnership.
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