The 19^th Vietnam-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.

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 20^th CMM will be hosted by Singapore under the rotating mechanism.

Source: VIR