Singapore and Vietnam sign six Memoranda of Understanding

In a recent visit of Vietnam’s Prime Minister (PM) Nguyen Xuan Phuc to Singapore, which was Mr Phuc’s first official visit its southern neighbor, Vietnam and its host have signed six agreements that will further connect the two countries.

One of the signed Memoranda of Understanding (MOU) will lead the two countries working together on Liquefied Natural Gas (LNG) development in Vietnam. This MOU includes exchange of information, sharing of best practices and building of technical capacity between the public and private sectors of both countries.

Another agreement was signed on financial innovation. The two sides plan to facilitate joint projects and help Fintech companies from both countries understand regulations and opportunities in the partner country.

Vietnam’s PM has invited more investments from Singapore, especially in the fields such as digital economy and high-tech parks. He has added that the cooperation between the two countries does not only create direct economic impact on Vietnam, but also inspires and promotes the spirit of innovation and entrepreneurship among Vietnam’s youth. Singapore is one of Vietnam’s key economic partners. The country has invested more than $43 billion into Vietnam, for more than 1,800 projects.

Singapore’s PM Lee Hsien Loong, has mentioned that Hanoi, Ho Chi Minh City and Da Nang will become part of the ASEAN Smart Cities Network that is proposed by Singapore as the ASEAN chair. This network aims to create a collaborative platform where ASEAN cities will work together towards smart and sustainable urban development (by for example connecting digital infrastructure and services, such as e-payments across the region).

Both Singapore and Vietnam will be founding members on the upcoming CPTPP trade deal.

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