Singapore and Vietnam reaffirm their commitment to deepen economic ties, with new initiatives in innovation, trade, and investment launched during the 18th Singapore-Vietnam Connectivity Ministerial Meeting.
Singapore – The 18th Singapore-Vietnam Connectivity Ministerial Meeting (CMM) took place on 18 September 2024, co-chaired by Singapore’s Second Minister for Trade and Industry Dr. Tan See Leng, and Vietnam’s Minister of Planning and Investment Nguyen Chi Dung. The meeting, held during Minister Dung’s official visit to Singapore, reviewed bilateral economic cooperation since the previous meeting in Hanoi last August and discussed future initiatives.
The CMM, which is a key economic platform between the two countries, assessed progress in 11 areas of cooperation. The meeting focused on advancing partnerships in energy, carbon credits, agricultural trade, innovation, and industrial park collaboration. These initiatives aim to enhance trade and investment between Singapore and Vietnam.
One significant development was the launch of the Singapore-Vietnam Innovation Talent Exchange Programme. The programme will enable 300 young talents from Singapore and 300 from Vietnam to work in innovation-driven sectors in each other’s countries for up to two years annually. Interest in the programme has already been strong, with 14 companies and 16 Singaporean talents pre-registered to participate. The initiative is expected to become operational in the first half of 2025.
Additionally, the meeting witnessed the signing of a Memorandum of Understanding (MOU) between Enterprise Singapore and the Vietnam Foreign Investment Agency (FIA). This MOU will establish a Singapore Unit within the FIA to promote further Singaporean investments in Vietnam.
Commenting on the collaboration, Minister Tan stated, “The Singapore-Vietnam Connectivity Ministerial Meeting reflects both countries’ commitment to maintaining strong economic ties. Our cooperation will help Singapore companies and talents explore new opportunities in Vietnam’s growing innovation ecosystem.”
As of the end of 2023, Singapore was Vietnam’s second-largest foreign investor, with a cumulative investment of US$74.51 billion, while Vietnam was Singapore’s 11th-largest trading partner, with bilateral trade totaling S$28.9 billion in 2023. The Singapore-Vietnam Connectivity Framework Agreement (CFA), established in 2005 and upgraded in 2023, guides this collaboration across five key pillars: energy, sustainability, infrastructure, digital innovation, and connectivity.
Source: MTI
