Vietnam and Singapore Bolster Framework for Economic Collaboration

September 2023

In August 2023, Vietnam and Singapore agreed to broaden the scope of their bilateral economic cooperation and inked agreements in several sectors, including the green economy and innovation.

Accordingly, Vietnam’s Minister of Planning and Investment had letters exchanged with Singapore’s Minister of Manpower and Second Minister of Trade and Industry, announcing the upgrade of the Framework Agreement on Singapore-Vietnam Connectivity.

The promotion of the Connectivity Framework Agreement (CFA) makes ground for the economic scope expansion of the two South East Asian countries, marking the first upgrade since the CFA was signed in 2005.

This CFA upgrade will now increase the number of pillars of cooperation from the previous six sectors to eleven areas, including energy connectivity, sustainability, infrastructure, digital and innovation, and connectivity.

In addition, Singapore and Vietnam signed a Memorandum of Understanding (MOU) on the Innovation Talent Exchange Program, which will allow Singaporean talents to seek working stints in eligible innovation-related fields of work in Vietnam, and vice versa.

Besides the current prosperous economic partnership, the two nations have also made significant progress in tackling climate change and enhancing renewable energy collaboration. It was stated that emerging sectors, such as green economy and innovation, will be key elements forging closer ties between Singapore and Vietnam.

All the signing activities were included in a three-day official visit to Vietnam of Singapore’s Prime Minister, celebrating the 50th anniversary of diplomatic relations between the two countries and 10 years of Strategic Partnership.

(Source: ChannelNewsAsia)

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