Vietnam-Singapore work toward digital, green economy partnership

Vietnam and Singapore would continue to work on establishing the Vietnam-Singapore digital economy – green economy partnership.

State President Nguyen Xuan Phuc and Singapore's President Halimah Yacob. Source: VNA

This view was shared during a meeting between State President Nguyen Xuan Phuc and his Singaporean counterpart Halimah Yacob on October 17, during the latter's ongoing State visit to Vietnam from October 16-20.

At the meeting, Phuc welcomed the visit of the Singaporean leader to Vietnam, which marks a new milestone in bilateral relations.

Yacob expressed her delight at visiting Vietnam for the first time as President of Singapore and congratulated the host country for its achievements in responding to Covid-19 and socio-economic recovery.

Both leaders highlighted the substantial progress in bilateral relations, especially economic cooperation.

In 2021, trade turnover between the two rose by 23% year on year to reach $8.3 billion amid severe Covid-19 impacts and nearly $7 billion in the first nine months of 2022, an increase of 16%.

Singapore continues to be ASEAN's biggest investor in Vietnam and the second among 139 countries and territories investing in the country, with more than 3,000 projects worth over $70 billion.

In particular, the Vietnam-Singapore Industrial Parks (VSIP) has proved to be an effective model and symbol of bilateral partnership.

Cooperation in security-defense, culture, education, and people-to-people diplomacy has shown solid progress.

For the time ahead, the two countries agreed to maintain existing cooperation mechanisms between the two ruling parties, states, governments, parliaments, individuals and businesses. They will jointly carry out events marking the 50th anniversary of diplomatic relations and the 10th anniversary of the strategic partnership by 2023; expand cooperation in the fundamental pillars of the economy, defense and security.

Phuc called for Singapore to further open its market for Vietnam's agricultural products, garments, and processed food and support local companies to integrate into the global value chains.

He thanked Singapore for supporting Vietnam's development, training the high-quality workforce, and expanding the network of startup incubators in the country.

For her part, Singaporean President Yacob noted Vietnam remained Singapore's top partner in the region and hoped the two sides' strategic partnership would be strengthened.

Yacob expected both sides to effectively implement commitments under the Vietnam-Singapore Economic Connectivity Agreement and expand cooperation to innovation, digital economy, and transformation, eventually connecting the two economies via digital platforms.

In addition, VSIP should be developed toward green and hi-tech industrial parks, effectively contributing to bilateral relations.

Exchanging views on regional and international situations, both leaders reaffirmed the consistent view of ASEAN regarding the East Sea and the importance of maintaining peace, security, stability, and freedom of navigation, for which any disputes should be settled based on international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS).

Promoting VSIP model

During a meeting between Singapore's President Halimah Yacob and Prime Minister Pham Minh Chinh on the same day, both sides stressed the necessity to promote the VSIP model toward green, smart, hi-tech, innovation, focusing on localities far away from major cities.

Prime Minister Pham Minh Chinh and the Singaporean President. Source: VGP

On this occasion, Yacob highly appreciated the Vietnamese Government's decision to approve the investment procedures for the Vinh Thanh industrial park in Cantho city as Singapore's 12th VSIP in Vietnam.

She noted the VSIP has been evidence of Singapore's effective management model and contributed to Vietnam's socioeconomic development.

The Singaporean President also expressed her impression of Vietnam's efforts in accelerating digital transformation, digital economy, and society and stressed the commitment to support Vietnam's training workforce in emerging fields.

Prime Minister Chinh expected both sides to further realize cooperation potential in significant fields, such as renewables, cyber security, environment, education, and new ones in the digital economy, digital transformation, and green economy.

Adjusting economic partnership to reflect the new context

At the meeting between Singapore's President Halimah Yacob and National Assembly Chairman of Vietnam Vuong Dinh Hue, both sides expected strong belief in the close cooperation of the two parliaments, especially in promoting shared values in the interest of the people and national development.

NA Chairman Vuong Dinh Hue and the Singapore's President. Source: quochoi.vn

She mentioned the significance of a cooperation agreement signed between the two parliaments in May 2022 during the visit of Singaporean Chairman of the National Assembly Tan Chuan Jin to Vietnam, seen as a critical document to strengthen the partnership between the two legislative bodies.

Yacob highly valued that Vietnam’s GDP growth this year could reach over 8%, becoming the fastest-growing economy in the region.

Chairman Hue said the Vietnamese National Parliament focuses on law-making and is scheduled to approve significant bills in the upcoming fourth session to ensure the country’s rapid and sustainable development.

Hue called for both sides to review the existing economic partnership to make changes, if necessary, during a rapid-changing world and further strengthen bilateral relations.