(MPI) - The 18th ministerial conference on Vietnam - Singapore economic connectivity held in Singapore on September 18 under the co-chairing of Vietnamese Minister of Planning and Investment Nguyen Chi Dung and Singaporean Second Minister of Industry and Trade and Minister of Manpower Tan See Leng.

Establishment of the Singapore Desk placed at the Foreign Investment Agency, Vietnamese Ministry of Planning and Investment. Photo: MPI

Attending the conference were representatives of ministries and agencies of Vietnam and Singapore related to economic cooperation activities under five pillars, including: connection, energy connection, sustainability, digital and innovation, and infrastructure.

The 18th ministerial meeting on Vietnam - Singapore Economic Connectivity was held at a particularly important time when the two countries had just celebrated 50 years of establishing diplomatic relations and 10 years of establishing a strategic partnership.

Economic, trade and investment cooperation is always a bright spot in Vietnam - Singapore relations. Singapore currently ranks second out of 146 countries and territories investing in Vietnam; Singaporean investors have invested in 18 out of 21 Vietnamese economic sectors, focusing on areas such as processing industry, manufacturing, real estate business, production and distribution of electricity and gas.

Regarding trade, the total import-export turnover between Vietnam and Singapore reached 6.8 billion USD in the eight-month period, an increase of 12.7% year-on-year.

During the meeting, the two sides announced and discussed a number of achievements since the 17th Ministerial Conference, which was held in Hanoi, Vietnam in August 2023, until now on the progress of developing the plan implementing the Green Economy - Digital Economy Partnership; results of cooperation in the field of innovation.

The two sides also discussed directions for expanding cooperation in the field of clean energy, the importance of wind power development projects, building ASEAN power grids, solutions and challenges facing Singapore in the process of energy transition, towards a hydrogen economy.

Through this meeting, Vietnam affirmed its views and interests in economic cooperation with Singapore to further deepen the partnership strategy between the two countries. Vietnam proposed the Singaporean side to coordinate to implement new initiatives within the framework of the connection agreement, and encouraged Singaporean businesses expand investment in the country.

On this occasion, the two ministers also witnessed the signing of a Memorandum of Understanding (MoU) between the Singapore Enterprise Agency and the MPI’s Foreign Investment Agency in establishing Singapore Desk, which will help to boost Singaporean investment in Vietnam./.

Bao Linh

Ministry of Planning and Investment