The event gathered the two countries’ officials related to the five economic cooperation pillars of energy connectivity, sustainable development, infrastructure, digital techniques and innovation, and connectivity (including in such sectors as education, finance, information technology and telecommunications, tourism, investment, trade, services, and transport).

The five pillars are specified in an upgraded connectivity framework agreement expected to be signed during Singaporean Prime Minister Lee Hsien Loong’s ongoing official visit to Vietnam.

The existing connectivity framework agreement, signed by the two Governments in 2005, is a cooperation programme focusing on finance, education and training, transport, information technology and communications, investment, trade, and services. To explore new potential cooperation areas, the two Governments agreed to expand the deal’s coverage to energy and sustainable development.

In the first 10 months of 2022, bilateral trade reached 7.7 billion USD, up 15.8% year on year. Singapore is currently one of the leading foreign investors in Vietnam, with about 3,030 valid projects worth nearly 70.3 billion USD. Among those projects, the Vietnam - Singapore Industrial Parks (VSIPs), which cover over 7,000ha of land, attract about 18 billion USD in investment and create more than 312,000 jobs, are considered symbols of the countries’ economic partnerships.

At the meeting, Minister Dung stated that Vietnam pledges to continue improving the investment climate, perfecting the legal system and foreign investment attraction policies, and assisting Singaporean investors.

He suggested the city state transform the VSIPs into ecological ones; boost investment in the key and priority fields of Vietnam such as electronics, big data, high technology, new materials, renewable energy, supporting industries, e-commerce, and smart city building; and help Vietnam develop such industries as textile - garment, wood processing, shipbuilding, industrial infrastructure, chemical production, and petrochemistry.
 
Source: en.vietnamplus.vn/vietnam-singapore-reinforce-economic-connectivity-in-five-pillars/267006.vnp