The energy sector is a new important pillar of cooperation added to the Vietnam-Singapore Framework Cooperation Agreement.

Many localities in Vietnam are interested in the possibility of exporting renewable energy to Singapore, said Minister of Planning and Investment Nguyen Chi Dung at the 17th Ministerial Conference on Economic Connectivity between Vietnam and Singapore in Hanoi on August 27.

The energy sector is a new important pillar of cooperation added to the Vietnam-Singapore Framework Cooperation Agreement, he said.

“At the 16th conference, the two sides discussed the possibility of cooperation on renewable energy. Accordingly, renewable energy investment projects in Vietnam can sell electricity to Singapore. Some localities in Vietnam have showed interest in exporting renewable energy to Singapore,” Dung said.

In this regard, the Ministry of Planning and Investment will propose the Government to set up a working group to review and finalize the legal regulations on the export of renewable energy to Singapore, ensuring that they are compliant with the relevant regulations such as the Law on Electricity, the Law on the Sea of Vietnam, and the National Power Planning 8.

The minister revealed that the Governments of Vietnam and Singapore have approved the upgrade of the bilateral framework cooperation agreement to better respond to challenges and make better use of opportunities from changes in the region and the world.

The upgraded framework agreement includes five pillars: energy connection; sustainable development; infrastructure; digital technology, innovation and connectivity (for sectors such as education, finance, information technology and telecommunications, tourism, investment, trade and services, transport).

The upgraded framework agreement was inked on August 28, on the occasion of the Vietnamese visit by Singaporean PM.

The 17th conference took place at a particularly important time when Vietnam and Singapore were celebrating 50 years of diplomatic relations and 10 years of strategic partnership.

The total import-export turnover between the two countries in 2022 reached 9.1 billion USD, up 9.6% compared to 2021.

Singapore is among the leading investors in Vietnam with nearly 3,274 valid projects with a total registered capital of nearly 73.5 billion USD.

Vietnam’s investment in Singapore reached 690 million USD with 153 projects, making Singapore the 10th largest country out of 80 countries and territories with Vietnam’s investment.

Vietnam - Singapore Industrial Parks (VSIP) are a symbol of economic cooperation between the two countries, with over 7,000 hectares of land, attracting about 18 billion USD in investment capital and creating jobs for more than 312,000 workers.

On this occasion, the two ministers also witnessed the signing ceremony of a Memorandum of Understanding on innovation cooperation between the Vietnam National Innovation Center and the Advanced Remanufacturing and Technology Centre (ARTC) under the Agency for Science, Technology and Research of the Ministry of Trade and Industry of Singapore (ASTAR).

Viet Nam Net