In a recent online meeting with Singapore Minister for Manpower and Second Minister for Trade and Industry Tan See Leng, Vietnam Minister of Industry and Trade Nguyen Hong Dien underlined that Vietnam and Singapore should support each other to maximize the benefits from the trade agreements which both countries were a part of.

Minister Hong Dien stressed that as the two countries in the ASEAN region with comprehensive agreements with the European Union and the United Kingdom, Vietnam and Singapore could support each other to infiltrate and explore these markets.

The minister added that both countries should make use of the benefits from the free trade agreements which both countries took part in, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, to boost cooperation between Vietnam and Singapore in various aspects.

Vietnam Minister of Industry and Trade Nguyen Hong Dien recently had an online meeting with Singapore Minister for Manpower and Second Minister for Trade and Industry Tan See Leng. Photo: Vietnam Ministry of Industry and Trade

According to the Vietnam Ministry of Industry and Trade, there have been positive developments in the bilateral trade between Vietnam and Singapore. Singapore is Vietnam’s fifth-largest trade partner in ASEAN and the third-largest foreign investor in Vietnam, with a cumulative investment capital of US$ 62.55 and 2,769 projects to date.

For this reason, both ministers expressed their hope that Vietnam and Singapore would continue to cooperate in various aspects to strengthen the economic and trade relations between the two countries, contributing to boosting the bilateral strategic partnership.

At the meeting, minister See Leng discussed some points of attention, focusing on four key areas: Infrastructure development; Developing smart cities and reduction of carbon emission via clean energy; the industry 4.0 transformation utilizing the ASEAN business and industrial park networks; and digital transformation, e-commerce and start-up.

Minister Hong Dien recognized and praised Singapore’s rich experience in developing a green economy and clean energy.

The minister noted that Vietnam hoped Singapore would cooperate and share experiences with Vietnam. As a financial-commercial center of the region and the world, Singapore is capable of hosting a global market for carbon credits exchange via digital platforms. Vietnam is ready to cooperate with Singapore in this market.

Minister Hong Dien also proposed some solutions to strengthen the economic and trade relations between Vietnam and Singapore.

Singapore Minister for Manpower and Second Minister for Trade and Industry Tan See Leng. Photo: Vietnam Ministry of Industry and Trade.

The minister underlined that both countries could cooperate in developing the digital economy, including discussing the cooperation framework and training high-quality human resources for the digital economy and collaborating on e-commerce via Singapore’s goods exchange platforms, especially for agricultural products.

In addition, Vietnam and Singapore could utilize the benefits from the free trade agreements that both countries have been joining to encourage businesses from both countries to co-invest in electronics and telecommunications, wooden products and agricultural and aquaculture processing, thereby enhancing export to member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership.

Businesses in Vietnam and Singapore could also support each other to infiltrate and explore the European Union and United Kingdom market, with which both countries have inked comprehensive agreements.

To expand and effectively use cooperation opportunities between Vietnam and Singapore in economy and trade, minister Hong Dien and minister See Leng agreed to push for the approval of the Memorandum of Understanding on Economic and Trade Cooperation between the Vietnam Ministry of Industry and Trade and Singapore Ministry for Trade and Industry.

Minister Hong Dien expressed his belief that Minister See Leng would continue to support Vietnam, especially the Ministry of Industry and Trade, contributing to boosting bilateral investment and trade and helping businesses from both countries to prosper.

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