In a bilateral meeting, Singapore and Vietnam strengthened their economic ties on Friday, October 10.
The 19th Singapore-Vietnam Connectivity Ministerial Meeting (CMM), held in Hanoi, Vietnam, was co-chaired by Vietnam's Minister of Finance Nguyen Van Thang and Dr. Tan See Leng, Minister-in-charge of Energy and Science & Technology.
Grab Vietnam and the Da Nang People's Committee have partnered to launch a work plan on digital transformation, which is one of the new initiatives that the two parties agreed upon.
The ministers also attended the opening of the Off-Airport Cargo Terminal in Phu Tho province, which is a joint venture between YCH Group and T&T Group of Vietnam.
Key areas of bilateral cooperation, such as energy and sustainability, saw advancements during the ministerial meeting, and both parties reaffirmed their commitment to facilitating the import of low-carbon electricity from Vietnam into Singapore.
Additionally, both parties work together to support Asean's efforts to develop a framework for subsea power cables in order to expedite the realization of the Asean Power Grid.
The Singapore Food Agency and Vietnam's Ministry of Agriculture and Environment have also established a joint task force to further agri-food trade cooperation.
Through placements lasting up to two years, the Singapore-Vietnam Innovation Talent Exchange Program provides up to 300 young professionals with the opportunity to gain regional work experience for career development each year. The ministers praised the program's implementation.
The program has attracted interest from thirty companies, fifty-three individuals, and tertiary students in the fields of technology, biomedical technology, banking, and finance.
Dr Tan, who is also Manpower Minister, said, as quoted by The Straits Times, "The CMM demonstrates our shared commitment to deepen our bilateral economic partnership amidst the uncertain global economic environment. Vietnam remains an attractive market for Singapore's companies and talent, and Vietnam companies continue to see Singapore as a reliable partner in the region."
"I am confident that the CMM will continue to serve as an important bilateral platform for Singapore and Vietnam to capture new opportunities and grow our economies for the benefit of our companies and our peoples," he added.
Singapore and Vietnam's primary bilateral economic platform is the CMM. It was established in 2005 as part of the Singapore-Vietnam Connectivity Framework Agreement.
