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The MoU will also foster technology and ecosystem development with access to Vietnam’s growing markets including for Singapore’s SMEs.
Singapore's Minister of Manpower and Second Minister for Trade and Industry Dr. Tan See Leng recently concluded the 17th Singapore-Vietnam Connectivity Ministerial Meeting (CMM) held in Hanoi, Vietnam.
Co-chairing the meeting together with his counterpart, Vietnam Minister of Planning and Investment Nguyen Chi Dzung, Minister Tan led discussions on collaborating in new and emerging areas of energy connectivity, sustainability, and digital and innovation. The ministers also noted progress made in the areas of education, finance, information technology and telecommunications, infrastructure, investment, tourism, trade and services, and transport since the last meeting.
As affirmed in a statement by Singapore's Ministry of Trade and Industry (MTI), the expansion of topics covered by CMM reflects the changing and expanding economic partnership between Singapore and Vietnam.
On the sidelines of the 17th CMM meeting, the Ministers also witnessed the signing of a memorandum of understanding (MoU) between Singapore’s Agency for Science, Technology and Research (A*STAR), and Vietnam’s National Innovation Center (NIC).
The MoU on innovation cooperation aims to promote collaboration activities between the two organisations in the following areas:
- Talent attraction and development through the Robot Operating System – Industrial (ROS-I) consortium under A*STAR’s Advanced Remanufacturing and Technology Centre (ARTC), and the A*STAR Graduate Academy;
- Technology and ecosystem development with access to Vietnam’s growing markets including for Singapore’s small and medium enterprises (SMEs);
- Opportunities for collaboration in advanced manufacturing involving Singapore’s and Vietnam’s SMEs and startup companies, through ARTC and A*StartCentral (the open innovation and incubation arm of A*STAR).
Under the MoU, A*STAR and NIC will also explore a potential research collaboration project to support the establishment of NIC’s Modern Factory.
Minister Tan commented: “Singapore and Vietnam share strong and substantive trade and investment ties. With Vietnam’s transition to the green and digital economy, Singapore can be a partner to Vietnam in its next bound of growth. Singapore companies can build on the strong foundation and partnerships with Vietnam to capture opportunities in these new areas.”
Singapore’s strong commercial presence in Vietnam
As shared by MTI, the CMM is a key economic platform established under the Singapore-Vietnam Connectivity Framework Agreement (CFA) signed between Singapore and Vietnam in 2005. In line with new expansions, side letters on the CFA upgrade to reflect the new pillars of cooperation will be exchanged between Minister Tan and Minister Dzung on 28 August 2023 (Monday). The exchange will be witnessed by Prime Minister (PM) Lee Hsien Loong and Vietnam PM Pham Minh Chinh.
The 17th CMM follows Minister Tan’s earlier visit to Vietnam from 5 to 7 July 2023, where he met key government counterparts to discuss strengthening bilateral cooperation in key economic areas and attended the 7th Singapore Regional Business Forum (SRBF) as the Guest of Honour. Held outside of Singapore for the first time, the 7th SRBF in July saw strong participation by Singapore business representatives and the signing of 12 MoUs between public and private sector organisations from both markets — cited as a reflection of the mutual interest between businesses in both countries to forge closer partnerships.
Overall, these efforts are said to support Singapore and Vietnam's shared strong bilateral economic ties. In 2022, Vietnam was Singapore’s 11th largest trading partner — accordng to MTI, bilateral goods trade grew by 16.4% year-on-year to S$31.3bn in 2022. At the same time, bilateral services trade grew by 9.4% year-on-year to S$7.4bn in 2021.
As at end-2022, Singapore was also Vietnam’s second-largest foreign investor with a cumulative investment of US$70.8bn, the Ministry added.
Lead image / Minister of Manpower and Second Minister for Trade and Industry Dr. Tan See Leng Facebook
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