Strengthening Vietnam-Singapore Economic Cooperation on Digital Platform

Singapore's Minister for Foreign Affairs Balakrishnan saw off President Nguyen Xuan Phuc and his wife at Changi International Airport, on the afternoon of February 26, 2022. Photo: VNA

The State visit to Singapore by President Nguyen Xuan Phuc has opened a new phase of cooperation on the basis of the strengthening of strategic trust between Vietnam and Singapore, and the friendship between the two nation. The two sides' agreement to foster the connection of the two economies on the digital platform and cooperation in innovation.

Strengthen strategic trust

The Covid-19 pandemic has many consequences. However, Vietnam and Singapore still adapted and recovered quickly. In 2021, Singapore's economy grew by 7.6%, and Vietnam also grew positively. The two economies complement each other, exploiting the great potential of each country for mutual Covid recovery and development.

The long-term multi-billion dollar cooperation projects demonstrate the confidence of Singaporean investors in the dynamism and resilience in realizing the "dual goals", the strong recovery process and the macroeconomic policies of the open economy. With a total area of more than 7,500ha, 13 Vietnam-Singapore Industrial Parks (VSIP) is a symbol of bilateral economic cooperation.

Former Singaporean Prime Minister Lee Kuan Yew once said about Vietnam, with unique advantages, cannot be ranked behind any other country in the region.

This saying was repeated by President Nguyen Xuan Phuc to Singaporean investors. He believes that it shows the strategic vision of Lee Kuan Yew, a great friend of Vietnamese people, and always a sincere encouragement to Vietnam in the process of developing the country.

Green growth

Impressive achievements in pandemic response and socio-economic development of the two countries, along with important and practical issues raised in the new context, were discussed in meetings and talks between the President Nguyen Xuan Phuc and Singapore leaders.

The two sides are committed to ensuring the security and connectivity of the supply chain. The leaders agreed on the importance of creating a favorable environment for businesses to thrive. They welcomed the two countries to strengthen cooperation on mutually beneficial areas such as infrastructure and smart logistics.

President Nguyen Xuan Phuc received Singapore's international financial and infrastructure investors, on the afternoon of February 26, 2022. Photo: VNA

To facilitate market access in the two countries and regions, the two sides are working to improve their ability to support businesses and innovation ecosystems. This is to make better use of intangible assets and intellectual property, contributing to the innovation and economic growth.

Not only connecting the two economies through digital platforms, but the direction of cooperation between the two sides is now a green economy and sustainable development.

During the visit, the leaders of the two countries agreed to deepen work and elevate the Strategic Partnership between the two countries through strengthening green economic cooperation - including renewable energy, CO2 credit exchange and related services, low carbon technology development and green finance.

Both countries emphasized the importance of environmental protection, combating climate change and sustainable development for the health of people and the planet.

President Nguyen Xuan Phuc received Jason Leow, CEO of CapitaLand Development, on the morning of February 26, 2022. Photo: VNA

Milestones of billion-dollar projects

After important high-level meetings, President Nguyen Xuan Phuc had direct dialogues with businesses of the two countries and received leading businesses in Singapore.

He also conveyed a strong message that Vietnam is moving from only attracting FDI to cooperating with foreign investors. This is in the spirit of equality, mutual development, mutual benefit, responsibility to society and employees, environmental protection and sustainable development.

Vietnam's priority areas are high technology, innovation, infrastructure and smart cities, especially clean energy, digital transformation, and sustainable development. Vietnam is also committed to maintaining macroeconomic stability, growing 6.5-7% from now to 2025, and improving the business investment environment.

President Nguyen Xuan Phuc received Piyush Gupta, CEO of DBS Bank, on the morning of February 26, 2022. Photo: VNA

Through these meetings, Singapore is interested in science and technology, innovation, green economy, digital transformation and green industrial parks. These are the areas that Vietnam needs to attract, in line with selective investment attraction.

Singapore's Minister for Manpower Tan See Leng said that the foundation of cooperation between the two countries is the digital economy, strengthening business cooperation in energy, and exchanging information and certificates in food and agriculture.

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