Minister of Industry and Trade Nguyen Hong Dien (R) holds talks with Singaporean Minister for Manpower and Second Minister for Trade and Industry Tan See Leng, Ha Noi, July 5, 2023 - Photo: The Ministry of Industry and Trade

At the talks, both ministers praised the outcomes of economic and trade ties between the two nations, regarding it a spotlight in the strategic partnership.

Nguyen suggested Singapore foster collaboration with Viet Nam in fields of quarantine and testing in order to gradually conform to standards between the two countries and reduce risks in exporting agricultural and forestry products, seafood and processed food.

Nguyen called on Singapore to share experience in policy making and human resource training in renewable energy, especially policies for renewable and clean energy export.

The host emphasized the need to enhance close coordination in implementing multilateral economic and trade cooperation institutions and uphold advantages of two new-generation free trade agreements to which both nations are signatories, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).

Viet Nam stands ready to create favorable conditions and support enterprises from Singapore to invest in the country, particularly in such areas like new technologies, renewable energy, digital economy and green economy, he pledged.

Tan See Leng, for his part, asked Viet Nam to assist Singaporean firms in carrying out wind power and offshore wind power projects in Viet Nam.

He stressed the necessity of upgrading the Viet Nam-Singapore Connectivity Framework Agreement (CFA) which was signed in 2005 between the two Governments and enhancing cooperation in green finance.

The two sides should explore the possibility of building a submarine power transmission line between the two countries, endorse cooperation in agricultural trade, in particular for processed meat products, vegetables and fruits and foster collaboration in digital economy, he said.

Besides, he suggested developing energy supply chains to ensure energy security and sustainable development.