On 9 February 2023, Singapore and Vietnam signed two Memoranda of Understanding ("MOUs") to deepen economic ties between the two countries.
Green-Digital Economic Partnership
The MOU on the Green-Digital Economic Partnership is a broad framework which seeks to promote collaboration in the green and digital economy between Singapore and Vietnam. The MOU builds on four earlier MOUs between Singapore and Vietnam on digital economy, energy, carbon credits and innovation that were signed in 2022. It aims to strengthen their economic ties through collaboration in the following areas:
- Energy connectivity;
- Sustainability;
- Infrastructure;
- Digital and innovation; and
- Connectivity, including in education, finance, information technology and telecommunications, tourism, trade and services, and transport.
Economic and Trade Cooperation Workplan
The MOU on the Economic and Trade Cooperation Workplan is an implementation MOU that builds on the MOU on Economic and Trade Cooperation that was signed in February 2022. As an implementation MOU, it sets outs activities and goals for 2023 to improve the bilateral economic and trade cooperation of the two countries, including:
- Encouraging collaboration in the digital economy;
- Enhancing agri-trade cooperation through business matching; and
- Facilitating Singapore investment in the agriculture and logistics sectors in Vietnam.
For the energy and industrial sectors, the MOU will enhance cooperation in these sectors through (i) the development of projects in renewable energy, electricity, liquified natural gas, and low-carbon solutions, and (ii) enhancing collaboration in capacity building.
