Expanding Energy Cooperation between Vietnam and Singapore
According to Vietnam News Agency, Minister of Industry and Trade Nguyen Hong Dien had a meeting with Singapore Minister of Industry and Trade Tan See Leng on March 20. During the meeting, in addition to traditional fields such as trade in goods, the two sides also discussed expanding cooperation in a diverse and sustainable direction such as cooperation on energy transformation, digital economy, digital transformation, and green economy…
The Ministers of Industry and Trade of the two countries highly appreciated the activities of companies and corporations in promoting energy cooperation projects, especially clean energy; emphasizing the benefits brought to each country in this field. The two sides said they would consider the possibility of calling on partners to promote energy cooperation, prioritizing wind energy and clean energy sources.
At the talks, Minister Nguyen Hong Dien hoped that Singapore would share experiences and provide consulting support in building relevant policy mechanisms, creating opportunities to promote cooperation on energy and clean energy. The Minister also proposed that Singapore and Vietnam could promote cooperation between institutes and schools, contributing to the development of human resources in the energy industry.
On the same day, the Minister of Industry and Trade of Singapore also had a meeting with Deputy Prime Minister Tran Luu Quang. The two sides discussed the potential for cooperation in fields such as semiconductors, artificial intelligence, building a free trade area, innovation, developing the digital economy and green economy… Besides, following topics are also mentioned: the possibility of establishing a legal support channel for Singaporean businesses when they want to invest in Vietnam; the possibility of signing an agreement on carbon credits; cooperation in energy transition towards realizing the goal of achieving net zero emissions by 2050.
Currently, Singapore is Vietnam’s fourth largest trading partner in ASEAN and the second largest foreign investor in Vietnam. In 2023, the total import-export turnover between the two countries will reach 9.1 billion USD; Of which, exports reached 4.4 billion dollars and imports reached 4.7 billion dollars. In the first 2 months of 2024 alone, the total import-export turnover between the two countries reached 1.5 billion USD.
