The 17th Ministerial Meeting on Economic Connectivity between Vietnam and Singapore (photo: MoIT)

The two sides discussed ways to expand cooperation in multiple fields such as energy and sustainable development. Vietnam affirmed its views and interests in economic cooperation with Singapore in order to further deepen the strategic partnership between the two countries. Vietnam also encouraged the Singaporean side to come up with new cooperation proposals and increase investment in Vietnam.

Singapore is one of Vietnam’s leading investors, injecting more than US$70 billion into 3,031 valid projects. The first eight months of 2023 saw 100 countries and territories invest in Vietnam, with Singapore taking the lead, according to the meeting. Singapore funneled more than 3.83 billion USD into various projects from production and logistics to living and consumption services in Vietnam, making up 21.2% of the total foreign investment in the country.

Economic cooperation between Vietnam and Singapore spans across five pillars: energy cooperation; sustainable development; infrastructure; digital and innovation; and connectivity covering such areas as education, finance, information technology and telecommunications, tourism, investment, trade and services, and transportation.