Vietnam, Singapore promote economic, technology, investment connectivity

On September 18, Dung co-chaired the meeting with Minister for Manpower and Second Minister for Trade and Industry of Singapore Tan See Leng, during which the two sides agreed to continue implementing cooperation in innovation, enhancing applied research capabilities, and promoting creative startups. They also discussed orientations to expand collaboration in clean energy, the importance of wind power development projects, the establishment of an ASEAN electricity grid, and solutions and challenges Singapore is facing in the energy transition process towards a hydrogen economy.

Minister of Planning and Investment Nguyen Chi Dung speaks at the 18th Singapore-Vietnam Connectivity Ministerial Meeting - photo: VNA

The two officials witnessed the signing of a Memorandum of Understanding between the Enterprise Singapore and the Foreign Investment Agency under the Vietnamese Ministry of Planning and Investment. This document will enhance economic collaboration between the two countries in an effective, substantive, and comprehensive manner, and facilitate the exchange of information and support businesses from both countries in their investments and operations. It will help expand research, explore opportunities, and implement effective investment and business activities in key sectors.

In particular, a "Singapore Unit" will be established at the Foreign Investment Agency, expected to promote support for quality investment projects from Singapore into Vietnam and vice versa.

Speaking at the event, Dung emphasised that both sides need to ensure that the "Singapore Unit" is genuinely effective rather than merely symbolic, by providing support, serving as a bridge, and being a solid foundation for the bilateral economic, trade, and investment development.

The two sides also announced the Vietnam-Singapore Innovation Talent Exchange Programme, which aims to facilitate the exchange of 300 young and talented individuals in technology and innovation between the two countries during its first year of implementation. The programme is expected to begin in the first half of 2025.

On September 19, the minister visited the Agency for Science, Technology and Research (ASTAR), and its Advanced Remanufacturing and Technology Centre (ARTC) and Singapore Institute of Manufacturing Technology (SIMTech).

Dung said that as innovation is a special interest of Vietnam, he hopes that with Singapore's support and appropriate investment resources, Vietnam will soon establish an integrated centre for several key sectors, similar to the ARTC and SIMTech models.

Additionally, both sides need to strengthen cooperation in education and training in the field of innovation, he stressed.

Singapore currently ranks second among the 146 nations and territories investing in Vietnam. Singaporean investors have poured capital into 18 out of the 21 economic sectors in Vietnam, with a focus on processing, manufacturing, real estate, and electricity and gas production and distribution.