The 18th Viet Nam-Singapore Connectivity Ministerial Meeting (CMM), Singapore, September 18, 2024

The launching ceremony was held within the framework of the 18th Viet Nam-Singapore Connectivity Ministerial Meeting (CMM).

The program, which allows 600 young talents from both nations to work in innovation-related sectors, highlights the growing synergy.

A Memorandum of Understanding (MoU) was also signed to boost Singaporean investments in Viet Nam, reinforcing the strong economic ties that have made Singapore Viet Nam's second-largest foreign investor.

At the meeting, the two ministers reviewed progress of bilateral economic cooperation across 11 areas since the last meeting held in Ha Noi last August. The meeting also set directions for key initiatives in energy, carbon credits, agri-trade, innovation and industrial park cooperation, which will serve to strengthen trade and investment ties between both countries.

Economic, trade and investment cooperation is a bright spot in Viet Nam-Singapore relations.

In terms of investment, Singapore currently ranks 2nd out of 146 countries and territories investing in Viet Nam. As of end-2023, Singapore's cumulative investment in Viet Nam reached US$74.51 billion. 

In 2023, Viet Nam was Singapore's 11th largest trading partner, with bilateral goods trade amounting to US$28.9 billion. In the first 8 months of 2024, the figure increased by 12.7 percent year-on-year to US$6.8 billion.

The CMM is a key economic platform between Viet Nam and Singapore. It was established under the Viet Nam-Singapore Connectivity Framework Agreement (CFA) in 2005.

The CFA was upgraded in 2023, which expanded cooperation between the two countries to cover 11 areas across the cover five key pillars of energy, sustainability, infrastructure, digital and innovation and connectivity (including finance, transport, tourism, education, ICT, trade and investment)./.