Prime Minister Lawrence Wong (right) with General Secretary of the Communist Party of Vietnam To Lam at a joint press conference at the Parliament House on March 12. -- ST PHOTO: KUA CHEE SIONG
SINGAPORE/HANOI (Bernama): Singapore and Vietnam on Wednesday agreed to elevate their ties to a Comprehensive Strategic Partnership (CSP), pledging to expand cooperation in new and emerging areas - including the digital economy, the green and renewable economy, and carbon credits.
Singapore Prime Minister Lawrence Wong, speaking at a joint press conference with Communist Party of Vietnam General Secretary To Lam, said the CSP is significant for the city-state as it is their first with Asean Member State.
"It reflects the high level of trust between Singapore and Vietnam, the good work that we have done together, and the potential to do even more.
"The CSP will spur innovation-driven and green growth in our two countries. It will put in place the building blocks for the Asean Digital Economy Framework Agreement and the Asean Power Grid, both of which will strengthen the resilience of our region,” Wong said.
Lam and his spouse are currently in Singapore for a three-day official visit, the first by a Communist Party of Vietnam General Secretary since 2012.
Meanwhile, the two leaders also witnessed the exchange of several Memoranda of Understanding (MoUs) and agreements.
Wong said this includes an MoU between Singapore’s Digital Development and Information Ministry and Vietnam’s Public Security Ministry to facilitate the sharing of experiences on government data policies, to promote cross-border data flows, and encourage participation in each other’s digital government events.
He said that in combating transnational crime, Singapore’s Home Affairs Ministry and Vietnam’s Public Security Ministry have enhanced an agreement to address new and emerging threats, including drug trafficking, cybercrime, and online scams.
The leaders also welcomed the endorsement of the joint report on offshore wind power trade cooperation between the two countries.
"This signals the governments’ shared commitment to facilitate regulatory approvals for bilateral offshore wind power trade and will add momentum to the project between Sembcorp and PetroVietnam on low-carbon wind-generated power, helping us to achieve a more sustainable future,” he said.
The two countries have also committed to deepening financial cooperation through their agencies.
Wong, who is also Finance Minister, said the Monetary Authority of Singapore (MAS) and the State Bank of Vietnam have upgraded an MoU to promote payment connectivity between the two countries and to support FinTech operations in both markets.
"MAS and the Vietnam State Securities Commission also intend to share information on regulatory frameworks for capital markets and digital assets,” he noted.
Meanwhile, in a joint statement, the leaders reiterated Asean’s consistent position on the South China Sea and reaffirmed the importance of maintaining peace, security, stability, safety, and freedom of navigation in and over-flight above the area. - Bernama
