Strengthening the energy cooperation between Vietnam and Singapore

Accordingly, the two Prime Ministers witnessed the signing of a Memorandum of Understanding (MoU) on renewable energy cooperation between the Electricity and Renewable Energy Department (Ministry of Industry and Trade of Vietnam) and the Singapore International Business Agency (Ministry of Trade and Industry of Singapore).

The two parties were convinced that the strategic partnership between the two countries would enter a new stage of development in the context of robust economic growth in each country and in the region, the ASEAN Community, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) being signed and many other regional cooperation agreements being established.

The two Prime Ministers shared that investment and trade were key pillars in the bilateral relation, at the same time emphasized the importance of developing a favorable business environment through the consistent enforcement of government policies and legislations, strengthening business linkages, and facilitating rapid resolution of obstacles for businesses.

Prime Minister Nguyen Xuan Phuc appreciated Singapore as the third largest investor in Vietnam and encouraged Singapore to increase its investment in areas such as equitization of state - owned enterprises (SOEs) and other sectors such as energy sector (including LNG and renewable energy), infrastructure, urban solutions, science and technology, hi-tech parks, smart cities and digital economy (including links between Singapore and Vietnam startups).