Vietnam, Singapore ink significant deals in Hanoi

Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong on Wednesday witnessed the signing of many cooperation deals between agencies and enterprises of the two countries.

The signings were made on occasion of PM Wong's first official trip to Vietnam on his post (March 25-26), after the two countries established their comprehensive strategic partnership during Party chief To Lam's recent official visit to Singapore.

Among them is a letter of intent on cooperation in building an action program to implement the Comprehensive Strategic Partnership for the period 2025-2030 between the two countries' ministries of foreign affairs.

Another is a letter of Intent on enhancing cross-border electricity trade cooperation towards the ASEAN power grid between the two ministries of industry and trade.

Vietnam's Ministry of Science and Technology and Singapore's Ministry of Digital Development and Information inked an MoU on cooperation in digital development and innovation.

Vietnam National Payment Corporation and Singapore Electronic Money Transfer Network signed an MoU on bilateral retail payments via QR codes.

The People's Committee of Hai Phong City and VSIP Hai Phong Company achieved an MoU on cooperation to develop VSIP industrial park projects in Hai Phong. There were also MoUs on cooperation in research, investment, and construction of VSIP projects in the provinces of Hung Yen, Hai Duong, and Binh Duong.

The two Prime Ministers witnessed the handover of decisions appointing chairman of the VSIP International Advisory Council on Science, Technology and Innovation.

The council was announced to be established within the framework of Party General Secretary To Lam's official visit to Singapore from March 11-13, with members being leading experts from prestigious educational institutions in Singapore.

The Tourism Development Support Fund under Vietnam's Ministry of Culture, Sports and Tourism and Singaporean-backed Grab Vietnam signed an MoU on promoting Vietnamese tourism, contributing to accelerating digital transformation in the tourism industry.

The Vietnam Biofuels Association and Singapore's Global Green Fuels Center inked an MoU on cooperation to promote biofuel development in Vietnam.

Thanh Thanh Cong-Bien Hoa Group and Nanyang Technological University (NTU) signed a MoU on promoting an integrated and comprehensive platform in the value chain of agriculture and food according to international standards.

In a talk with PM Lawrence Wong on the same day, the Vietnamese cabinet leader emphasized that the official visit to Vietnam by PM Wong is of great significance. It is the first high-level delegation exchange after the two countries established their comprehensive strategic partnership.

PM Wong expressed his delight at his first official visit to Vietnam as Prime Minister and right after Party chief To Lam's official visit to Singapore.

The Singaporean Prime Minister congratulated Vietnam on its great achievements after 40 years of Doi moi (reform), becoming one of the leading economies in ASEAN. He affirmed Vietnam is Singapore's leading important partner in the region.

Vietnam is Singapore's first Comprehensive Strategic Partner in ASEAN. The island state is the second largest investor in Vietnam in terms of aggregate registered direct investment with $80 billion. In 2024, Singapore ranked first with over $10 billion.

Two more Vietnam-Singapore industrial parks have been granted in-principle approval, bringing the network of VSIPs to 20 in 14 Vietnamese provinces and cities.

Bilateral trade turnover grew steadily, reaching $10.3 billion in 2024. Vietnam has become the largest rice exporter to Singapore.

The two sides have also acknowledged positive developments in defense-security cooperation, education-training, science-technology, tourism, labor, and people-to-people exchange.