Singapore and Vietnam sign 12 MOUs in show of strong ties
HANOI – The ties binding Singapore and Vietnam were further strengthened on Friday, with business, government and educational bodies from both countries signing 12 memoranda of understanding (MOU) at a business forum in Hanoi.
Trade associations and business chambers, higher education and financial institutions were among those inking the MOUs during the 7th Singapore Regional Business Forum.
The agreements at the one-day event will boost cooperation between the countries in areas such as sustainability, digitalisation, financial services and human capital development.
For example, students from both countries will get to go abroad regionally for internships with UOB FinLab, after it signed three MOUs.
UOB FinLab is the bank’s innovation accelerator, which was founded in 2015 to help businesses in the region scale across Asean.
It inked the agreements with Vietnam’s Foreign Trade University and National Innovation Centre, as well as Singapore’s Ngee Ann Polytechnic.
Held at the Melia Hanoi hotel in the Vietnamese capital, the 2023 iteration of the forum organised by the Singapore Business Federation (SBF) is the first to be held outside Singapore.
Over 800 business leaders, senior government officials and diplomats from over 420 companies and organisations across 32 economies attended the forum both online and in person.
Minister for Manpower Tan See Leng gave an opening keynote address and participated in a panel discussion as guest of honour.
The other guest of honour was Vietnam’s Deputy Prime Minister Le Minh Khai, who attended on behalf of Prime Minister Pham Minh Chinh.
In his address, Dr Tan, who is also Second Minister for Trade and Industry, said Vietnam’s stellar growth, as well as young and vibrant market, have driven steady growth in trade and investment figures.
As of December 2022, Singapore was Vietnam’s second-largest foreign investor, with a cumulative investment of US$70.8 billion (S$95.6 billion), he noted.
In 2022, bilateral trade between the countries reached $31.3 billion, up more than 16 per cent year on year, according to Ministry of Trade and Industry figures.
Dr Tan also sketched out how bilateral relations and economic cooperation could look like moving forward, highlighting prospects for deeper collaboration in innovation, energy connectivity and sustainability.
He said he had discussed with Mr Nguyen Chi Dung, Vietnam’s Minister of Planning and Investment, to expand the scope of the annual Singapore-Vietnam Connectivity Ministerial Meeting to cover emerging topics in innovation, as well as the green and digital economies.
Dr Tan later told reporters that meetings with Mr Nguyen and Mr Le went well, ahead of Prime Minister Lee Hsien Loong’s visit in August, with “exciting developments” to come.