Vietnam and Singapore to boost digital economy, sustainable development

The piece was released ahead of the official visit to Singapore by Vietnamese Prime Minster Pham Minh Chinh from February 8 to February 10.

According to the Minister, even as both sides strive to strengthen links in traditional areas like trade and investment, there are plenty of opportunities to work closer together in new growth areas, including the digital economy, renewable energy, carbon credits, green financing, cybersecurity, and sustainable infrastructure.

“I would encourage interested parties to explore collaboration in these areas, to establish mutually beneficial partnerships that advance the interests of both countries,” he said.

Balakrishnan also highlighted the need to accelerate cooperation in the digital economy, which should be considered as a “priority” for both countries, adding that this encompasses many new areas such as cybersecurity, cross-border data flows, smart cities, innovation, artificial intelligence, and digital payments.

The newspaper also quoted the Singaporean Ministry of Foreign Affairs in a recent statement as sayings that PM Chinh and Singaporean Prime Minister Lee Hsien Loong will witness the signing of several bilateral agreements during the visit. Indeed, these will “further strengthen the multi-faceted cooperation” between Singapore and Vietnam, particularly in relation to the digital economy and green economy.

The Minister also noted that both sides must do more together with regard to sustainable development.

He assured Singapore remains keen to work alongside Vietnam in renewable energy, carbon credits, and sustainable infrastructure, with the “ambitious” goal of achieving net-zero carbon emissions by 2050.

The Business Times also noted that PM Chinh’s visit to Singapore will be his first since he took office in April 2021, and follows a series of high-level visits to Vietnam made by Singapore President Halimah Yacob, Deputy Prime Minister Heng Swee Keat, Manpower Minister Tan See Leng, and Speaker of Parliament Tan Chuan-Jin.

Bilateral trade between both sides has grown steadily over the past decade, hitting USS$31.3 billion last year, up from USS$26.9 billion in 2021.

Furthermore, Singapore was the second-largest cumulative investor in Vietnam behind only the Republic of Korea, with about US$70 billion invested in 3,600 projects as of June 2022.