Vietnam and Singapore will increase cooperation in emerging fields such as renewable energy, Vietnam Minister of Planning and Investment (MPI) Nguyen Chi Dung said at the "17th Vietnam-Singapore Connectivity Ministerial Meeting" held in Hanoi on the 27th, many localities in Vietnam hope to export green electricity to Singapore.
Singaporean PM Lee Hsien Loong visited Vietnam on the 50th anniversary of the establishment of diplomatic relations between the two countries to upgrade the bilateral cooperation framework agreement. The two partners also signed three new MoUs in the areas of green economy, innovation, and skills development.
According to Nguyen Chi Long, the energy field is an important new pillar of the Vietnam - Singapore Framework Agreement, and the potential for cooperation is huge.
He said, "During the 16th meeting, the two sides conducted preliminary exchanges on the possibility of cooperation in renewable energy, so that they can sell electricity to Singapore through Vietnam's renewable energy investment projects. At present, many places in Vietnam are interested in exporting green electricity to Singapore."
To implement this initiative, the MPI will report to the government and set up a working group to review and finalize the legal regulations for exporting green electricity to Singapore, ensuring compliance with relevant regulations such as Vietnam Electricity Law, Vietnam Ocean Law, Power Development Plan 8, and others.
Lee Hsien Loong also emphasized the issue of carbon credits, and said that this presents a potential area for in-depth cooperation between the two sides in green economic cooperation. The two countries can engage in cooperative and exchange projects, and Singapore can purchase carbon credits from Vietnam.
The total trade volume between the two countries in 2022 reached as high as 9.1 billion USD. Singapore is one of the largest investors in Vietnam, with nearly 3,274 effective investment projects in the local area, totaling nearly 73.5 billion USD in capital.
Vietnam's investment in Singapore amounted to 690 million USD with 153 projects, making Singapore as the tenth among Vietnam's 80 investment partner countries. In addition, Vietnam – Singapore Industrial Park VSIP, industrial park for cooperation between the two countries, also attracted 18 billion USD in capital and created 312,000 job opportunities.