Singapore, Vietnam strengthen economic, trade cooperation

Singapore and Vietnam signed a Memorandum of Understanding (MOU) on Economic and Trade Cooperation February 25, to strengthen economic and trade cooperation between both countries.

The MOU was signed by Second Minister for Trade and Industry Dr Tan See Leng and Vietnam’s Minister of Industry and Trade Nguyen Hong Dien. It was witnessed by Prime Minister Lee Hsien Loong and President of the Socialist Republic of Vietnam Nguyen Xuan Phuc, who is in Singapore for a State Visit.

The MOU will strengthen economic cooperation between Singapore and Vietnam. This includes facilitating business partnerships, exploring collaborations in the digital economy, and supporting regional and global supply chain connectivity. 

The MOU will deepen agri-trade cooperation through exploring partnership opportunities and supporting information sharing and training on best practices, certification and standards in the agriculture industry. 

It also aims to enhance cooperation in the industrial and energy sectors, and facilitate greater collaboration between Singapore and Vietnamese SMEs. It will also explore capacity building activities in economic areas of mutual interest to deepen trade and investment flows between Singapore and Vietnam.

Second Minister Dr Tan said, “Singapore and Vietnam share longstanding economic ties. This comprehensive MOU underscores our countries’ shared commitment to expand bilateral cooperation in a wide range of sectors. We look forward to catalyzing greater trade and economic collaboration, including in new and emerging areas of interest such as renewable and clean energy. 

“We will also enhance our resilience by building a more robust supply chain and facilitating smooth and continued trade flows between both countries even in times of crises. This will help to take our partnership with Vietnam to the next level, as we both emerge from the COVID-19 pandemic together.”

Photo credit: iStock/ thepoo

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