Jun 21, 2021 / 19:33

Vietnam, Singapore head towards digital economy agreement

Digital economy and post-pandemic recovery plans dominate the conversation between the two top diplomats.

Vietnam and Singapore on June 21 agreed to establish a Technical Working Group on the platform for digital partners, moving towards the signing of a digital economy agreement.

Vietnam’s Foreign Minister Bui Thanh Son (R) and Singapore’s Foreign Minister Dr Vivian Balakrishnan in Hanoi on June 21. Photos: Baoquocte

The news was reported at the meeting in Hanoi on Monday between Vietnam’s Foreign Minister Bui Thanh Son and Singapore’s Foreign Minister Dr Vivian Balakrishnan during the Singaporean FM’s visit to Vietnam on June 20-23. 

A Digital Economy Agreement (DEA) is a treaty that establishes digital trade rules and digital economy collaborations between two or more economies. The DEAs establish common frameworks and rules for digital trade that will enable companies in the partner countries to connect digitally more seamlessly.

At the meeting, the two sides discussed measures for post-Covid sustainable development with the support by the Connectivity Framework Agreement, an overarching platform to discuss issues on bilateral economic cooperation.

The broader cooperation will also cover specific initiatives in logistics, e-commerce, hi-tech agriculture, processed food industry together with developing environment-friendly and innovative Vietnam Singapore Industrial Parks (VSIP).

The two ministers had in-depth discussions on international and regional issues of mutual concern, affirming that they will continue to coordinate in international and regional forums, as well as in the ratification of the Regional Comprehensive Economic Partnership (RCEP) and implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

To balance the trade, FM Bui Thanh Son suggested that Singapore boosts cooperation in manufacturing supply chain and opens its market to a number of Vietnam’s key export items like farm produce, forestry and fishery products, textiles, and footwear.

The two top diplomats also discussed the mutual recognition of vaccine certificates and Singapore’s support in vaccine supply to Vietnam.

 The two sides sign the renewed agreement on training state officials for 2021-2023.

The two leaders also signed the renewed Agreement on the Study Visit Program and Executive Education Program for Senior Communist Party of Vietnam (CPV) Officials in 2021-2023.

During the four-day visit to Vietnam, Dr Vivian Balakrishnan will meet President Nguyen Xuan Phuc, Prime Minister Pham Minh Chinh, and Deputy Prime Minister Pham Binh Minh.

In addition, the Singaporean minister will meet Hanoi Party Secretary Dinh Tien Dung, President of the Vietnam Fatherland Front Central Committee Do Van Chien, and Chairman of the CPV Commission for External Relations Le Hoai Trung.

On June 22, Dr Balakrishnan will deliver remarks at the High Level Opening of the Asia Europe Meeting (ASEM) High Level Policy Dialogue (HLPD). The ASEM HLPD, entitled “ASEM at 25: Strengthening Asia-Europe Partnership in a Transforming World”, is organized by Vietnam in commemoration of the 25th anniversary of ASEM.