The relationship between Vietnam and Singapore has been increasingly strengthened and developed in many fields, especially in the economy. The Framework Agreement on Connectivity between the Two Economies and the Green Economy - Digital Economy Relations between Vietnam and Singapore, signed in February 2023, marked a new step forward, opening up great potential for bilateral cooperation, especially in the field of clean energy and carbon credits.
Prime Minister Pham Minh Chinh held a phone call with Singaporean Prime Minister Lawrence Wong on the afternoon of May 29, on the occasion of his taking office as Prime Minister of Singapore. Singapore is the first country with which Vietnam has established a Green Economy - Digital Economy Partnership (February 2023) and the two countries have agreed to elevate their relationship to a new level in the coming time.
Singaporean Prime Minister affirmed his desire to work with Vietnam to effectively implement the Framework Agreement on Connectivity between the Two Economies and the Green Economy - Digital Economy Relations between Vietnam and Singapore, especially in the field of clean energy and carbon credits, creating a premise to bring Vietnam-Singapore cooperation to a new level, both comprehensive and strategic.
The Framework Agreement was signed in the context of climate change being a common global challenge. Renewable energy and the digital economy have been identified as two key areas of cooperation between Vietnam and Singapore. The two countries are committed to promoting cooperation in areas such as renewable energy development, smart grids, electric vehicles, sharing economy, e-commerce...
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Renewable energy: Develop and apply renewable energy, including solar energy, wind energy, biomass energy, etc.
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Digital economy: Develop digital infrastructure, apply digital technology to socio-economic fields, promote e-commerce, e-payment, etc.
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Sustainable development: Promote green production, green consumption, protect the environment and respond to climate change.
Clean energy is considered a bright spot in Vietnam-Singapore cooperation. Singapore has extensive experience and potential in the field of renewable energy, while Vietnam has abundant resources and a large consumer market. The two countries can cooperate to develop renewable energy projects, share technology and attract investment in this field.
The digital economy is also a potential area of cooperation between Vietnam and Singapore. Singapore is a leading regional digital economy hub, with many large technology companies and a dynamic startup ecosystem. Vietnam has a large consumer market and a young and dynamic workforce. The two countries can cooperate to develop digital economy solutions, train human resources and attract investment in this field.
The Framework Agreement also mentions cooperation in the field of carbon credits. Singapore has built a developed carbon credit market, while Vietnam is in the process of perfecting the legal framework for this market. The two countries can cooperate to share experiences, build infrastructure and develop the carbon credit market.
The Framework Agreement on Connectivity between the Two Economies and the Green Economy - Digital Economy Relations between Vietnam and Singapore is an important step forward, opening up many new opportunities for cooperation between the two countries. Clean energy and the digital economy are expected to be key areas of cooperation, contributing to promoting sustainable economic development and prosperity for both nations.
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