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During a visit to Vietnam, the Second Minister of Trade and Industry Dr Tan See Leng reaffirmed Singapore’s role as a significant trade and investment partner to Vietnam. He met with various counterparts, including high-ranking officials such as the Chairman of the Central Economic Commission and the Deputy Prime Minister.
The discussions centred around cooperation in emerging areas like renewable energy, sustainability, and innovation; and expanding the scope of the Singapore-Vietnam Connectivity Ministerial Meeting (CMM) to cover these sectors.
Minister Tan also attended the 7th Singapore Regional Business Forum (SRBF), where he highlighted the growth potential of Southeast Asia in the digital and green economies. He emphasised the need for Singapore and Vietnam to strengthen their partnerships in innovation, energy, and sustainability.
The event witnessed the signing of 12 Memoranda of Understanding (MoUs) and the launch of a joint corporate social responsibility initiative, showcasing the shared interest between the two countries in deepening collaboration.
Singapore companies have been steadily increasing their investments in Vietnam across sectors such as logistics, infrastructure, manufacturing, and consumer goods and services. The MoU on Green-Digital Economic Partnership, signed earlier between the Ministries of Trade and Industry of both countries, sets the foundation for future collaborations in the green and digital economies.
These collaborations advance sustainable development through the fusion of green and digital technologies. They make it easier to adopt green behaviours, lower carbon emissions and have less of an ecological impact.
Partnerships in the green and digital industries can spur economic growth because of their tremendous growth potential. They provide doors for innovation, the establishment of new sectors and markets, and jobs.
Green-Digital collaborations promote the incorporation of cutting-edge digital technologies into environmentally friendly solutions. The efficiency, effectiveness, and scalability of sustainable practices are improved by this convergence, resulting in technological developments and breakthroughs.
Also, green and digital technologies work together to maximise resource efficiency. Digital solutions can reduce expenses and boost productivity by optimising resource allocation, waste management, and energy use.
Partnerships in the green and digital sectors support an innovative and entrepreneurial culture. By promoting cooperation between the green and digital industries, they catalyse the development of fresh concepts, goods, and services that tackle sustainability issues and satisfy consumer desires.
Cross-border cooperation is a common component of green-digital partnerships, bringing together the knowledge, assets, and viewpoints of many nations. Through knowledge exchange, cultural interaction, and mutual learning, this global partnership promotes progress towards sustainable development.
In 2022, bilateral trade between Singapore and Vietnam reached S$31.3 billion, marking a 16.4% increase compared to the previous year. Singapore was Vietnam’s largest foreign investor, accounting for 23.3% of total foreign capital investments.
The cumulative investments from Singapore into Vietnam stood at S$70.8 billion as of December 2022. Both countries are like-minded partners in regional agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).
Minister Tan also highlighted the strong and substantive economic relations between Singapore and Vietnam, calling for further deepening of partnerships at both the governmental and business levels. The upcoming Singapore-Vietnam Connectivity Ministerial Meeting will provide an opportunity to strengthen relations and explore synergies in new areas of sustainability and innovation.
The visit to Vietnam reaffirms Singapore’s commitment to fostering strong economic ties and leveraging emerging areas of collaboration. The strategic partnership between Singapore and Vietnam, combined with their membership in regional trade agreements, positions both countries for continued economic growth, increased trade, and mutual prosperity.
