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Vietnam, Singapore sign MoU on economic, trade cooperation
04 Mar '22
1 min read
Pic: Shutterstock
Vietnam and Singapore signed a memorandum of understanding (MoU) on economic and trade cooperation during the visit of the former’s president Nguyen Xuan Phuc to the latter late last month. The ministries of trade and industry from both sides signed the MoU. Two-way trade between both sides hit $8.3 billion last year, up by 23 per cent over the 2020 figure.
Vietnamese minister of industry and trade Nguyen Hong Dien and Singaporean second minister for the same portfolio Tan See Leng agreed to quickly establish specialised working groups in each field to effectively implement the MoU document, according to official statements from both sides.
They also discussed measures to further expand cooperation in developing digital economy; optimise free trade agreements in which the two countries are members; and focus on encouraging investment in electronics, telecommunications, furniture, and agro-fishery processing.
Singapore is the fifth biggest trading partner of Vietnam and the third largest foreign direct investor in the country.
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