Singapore and Vietnam to explore tie-ups in energy, Industry 4.0

SINGAPORE and Vietnam will explore collaborations in smart cities and energy, as well as Industry 4.0 and start-ups, with both countries' ministers discussing possibilities at the 14th Singapore Vietnam Connectivity Ministerial Meeting in Singapore on March 13.

Singapore's Minister for Trade and Industry Chan Chun Sing co-chaired the meeting with Vietnam's Minister of Planning and Investment Nguyen Chi Dung. On smart cities, for instance, both sides expressed interest to work together in key Vietnamese cities such as Hanoi, Ho Chi Minh City and Danang.

In energy, both sides were keen to collaborate further on LNG (liquefied natural gas) and solar-related projects, as part of two Memoranda of Understanding signed in 2018 by Enterprise Singapore with Vietnam's Ministry of Industry and Trade's Department of Oil, Gas and Coal and Electricity Renewable Energy Authority.

Also discussed was how private sector companies in both countries could be involved in implementing Vietnam's Industry 4.0 development plans, as well as how to strengthen ties between both countries' start-up ecosystems.

The annual meeting was established in 2006 under the Singapore-Vietnam Connectivity Framework. In the latest meeting, both countries reviewed the progress made under the six sectors of the Framework: investment; information technology and communications; finance; trade and services; education and training; and transport.

The ministers agreed to expand existing cooperation on education to include technology, so as to support innovation and exchanges of technopreneurs and talent.

Bilateral trade between Singapore and Vietnam has doubled over the past decade to reach S$20.9 billion in 2018. Singapore's investments in Vietnam are diversified across geographical regions and sectors, including services, processing and manufacturing, and real estate. As at end 2018, Singapore remained the top Asean investor and third largest foreign investor in Vietnam, with cumulative investments of about S$63 billion in more than 2,000 projects in 45 out of 63 provinces in Vietnam.

The meeting was also attended by officials from the Ministry of Education, Ministry of Transport, Enterprise Singapore, Monetary Authority of Singapore, Info-communications Media Development Authority, Singapore Tourism Board and Agri-Food & Veterinary Authority.