Vietnam and Singapore boost bilateral investment and trade ambitions
Vietnam and Singapore boost bilateral investment and trade ambitions
Vietnam and Singapore convened their 19th Connectivity Ministerial Meeting (CMM) to explore new opportunities in business, infrastructure, and logistics. Both sides promoted continued private-sector engagement and laid the groundwork for deeper cooperation in emerging sectors.
The two ministers and delegates at the 19th Vietnam-Singapore Connectivity Ministerial Meeting |
The 19thVietnam-Singapore Connectivity Ministerial Meeting on October 10 was co-hosted by Vietnam's Ministry of Finance Nguyen Van Thang and Tan See Leng, Singapore's Minister for Manpower and Minister-in-charge of Energy and Science and Technology.
The two ministers explored new cooperation proposals in investment, agricultural trade, transport, construction, infrastructure, and energy. They welcomed Singapore's continued role as Vietnam's second largest investor, citing projects like the third phase of Keppel's Saigon Centre and Shopee's fourth automated sorting centre in Hung Yen province as major contributors to economic ties.
Foreign direct investment (FDI) in Vietnam reached over $28.5 billion in the first nine months, up 8.5 per cent on-year. Singapore remains Vietnam's second largest foreign investor, with 4,226 projects worth $87.6 billion accumulated to end-September. Meanwhile, Vietnamese investment in Singapore has grown to 190 projects valued at $685 million.
On agricultural trade and sustainable development, the meeting hailed Singapore's approval of Vietnam's heat-treated poultry exports starting in March and the signing of an agreement on implementing Article 6 of the Paris Agreement on September 16, signalling a strong commitment to sustainable development and green transition. The Singapore Food Agency (SFA) and Ministry of Agriculture and Environment are establishing an agri-food task force, and the SFA and Vietnam's Ministry of Industry and Trade are discussing a Rice Cooperation Agreement.
In tourism, the meeting welcomed the strategic partnership between the Singapore Tourism Board, Sentosa Development Corporation, and Vietnam Airlines to jointly boost tourism and connectivity between Vietnam and Singapore, while promoting inbound tourism to Vietnam.
The digital transformation action plan between Grab and Danang |
In energy and transport, both sides finalised a joint report on offshore wind power cooperation and reaffirmed the importance of a direct Vietnam-Singapore undersea cable, a 'backbone' of Singapore's low-carbon energy import strategy. Vietnam proposed expanding the bilateral Air Services Agreement to include fifth-freedom cargo rights, aiming to establish itself as a regional air logistics hub and attractive tourism destination.
Vietnam called for investment from Singapore in aircraft parts manufactured in Vietnam, as Vietnam is one of the few countries able to export commercial aircraft parts to the United States without being subject to tariffs.
In IT and communications, they mentioned the singing ceremony of the MoU between the Ministry of Science and Technology and Singapore's Ministry of Development and Digital Information in March. The two sides are discussing the plan for 2025-2026, focusing on digital connectivity and digital transformation, emerging technologies, research and development, digital talent, digital innovation, and digital startups.
The meeting also acknowledged the proposal from the Vietnamese Ministry of Science and Technology on signing a bilateral food cooperation agreement and mutual recognition of Halal certification between Singapore and Vietnam. Vietnam is considering applying for observer status in the Digital Economy Partnership Agreement.
In education and human resource training, the two countries are cooperating to promote training for semiconductor engineers, particularly between the National University of Singapore, Nanyang Technological University, and Vietnam National University. Signed MoUs between agencies of both sides have been effective, facilitating vocational training and better job opportunities for workers, opening the door to pilot programmes allowing Vietnamese workers in construction, maritime, and processing industries to work in Singapore.
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Vietnam SuperPort™ launching its off-airport cargo terminal, marking a new milestone in Vietnam-Singapore cooperation |
In digitalisation and innovation, progress in the Innovation Talent Exchange programme and labour cooperation was praised, with new criteria opening avenues for talent and knowledge transfer. Singapore's Advanced Remanufacturing and Technology Centre, the National Innovation Centre, and Vietnam-Singapore Industrial Parks are engaged in tripartite collaboration to strengthen Vietnam's digital manufacturing capabilities.
In finance, the meeting promoted ongoing collaboration in payment connectivity between the Monetary Authority of Singapore and the State Bank of Vietnam. A notable example is the partnership between Singapore's NETS and Vietnam's National Payment Corporation to implement cross-border QR code payment connectivity between the two countries, expected to go live next year.
At the meeting, three cooperation agreements were handed over, including an altered investment certificate for Saigon Centre Phase 3 between Ho Chi Minh City authorities and Keppel, and a digital transformation action plan between Grab and Danang.
Separately, Vietnam's T&T Group, Singapore's YCH, and Phu Tho province launched an off-airport cargo terminal, a key component of a multimodal logistics hub offering customs clearance, security screening, storage, unit load device handling, and airside transport services.
The 20th CMM will be hosted by Singapore under the rotating mechanism.
- 14:12 11/10/2025
