Vietnam wants to sell clean electricity to Singapore.

This was shared by the Minister of Planning and Investment, Nguyen Chi Dung, at the 17th Ministerial Conference on Vietnam-Singapore Economic Connectivity, held on August 27th in Hanoi.

According to the Minister, the energy sector is a very important new pillar of cooperation added to the Framework Agreement connecting the two economies of Vietnam and Singapore, with great potential for collaboration.

“At the 16th Conference, the two sides had preliminary discussions on the possibility of cooperating on renewable energy to sell electricity to Singapore from renewable energy investment projects in Vietnam. Currently, many localities in Vietnam have expressed interest in the possibility of exporting renewable energy to Singapore,” Mr. Dung said.

Vietnam's representative at the conference.

To implement this, the Ministry of Planning and Investment will report to the Government to establish a working group to review and finalize legal regulations on the export of renewable energy to Singapore, ensuring compliance with relevant regulations (Electricity Law, Vietnam Maritime Law, Power Development Plan 8).

The Minister also stated that the governments of Vietnam and Singapore have approved the upgrading of the Framework Agreement on Connecting the Economies of Vietnam and Singapore to better respond to challenges and take advantage of opportunities arising from recent regional and global changes.

Accordingly, the upgraded Framework Agreement will comprise five pillars: Energy Connectivity; Sustainable Development; Infrastructure; Digital and Innovation; and Connectivity (for sectors such as Education, Finance, Information Technology and Telecommunications, Tourism, Investment, Trade and Services, and Transport).

These are the five areas within the framework of the upgraded Framework Agreement on Connectivity between the two economies, which will be signed during Singapore Prime Minister Lee Hsien Loong's official visit to Vietnam from August 27-28.

Signing ceremony of the Memorandum of Cooperation on Innovation between the Vietnam National Innovation Center and the Advanced Technology and Manufacturing Centre (ARTC) Singapore.

The 17th Conference was held at a particularly significant time as Vietnam and Singapore celebrated 50 years of diplomatic relations and 10 years of strategic partnership.

Total import and export turnover between the two countries in 2022 reached 9.1 billion USD, an increase of 9.6% compared to 2021.

Singapore is one of the leading investors in Vietnam, with nearly 3,274 active projects and a total registered capital of nearly US$73.5 billion.

Vietnam's investment in Singapore reached US$690 million across 153 projects, making Singapore the 10th largest country among the 80 countries and territories where Vietnam invests directly abroad.

The Vietnam-Singapore Industrial Parks (VSIP) are a symbol of economic cooperation between the two countries, covering over 7,000 hectares, attracting approximately US$18 billion in investment and creating jobs for more than 312,000 workers.

On this occasion, the two ministers also witnessed the signing of a Memorandum of Cooperation on Innovation between the Vietnam National Innovation Center and the Advanced Technology and Production Center (ARTC) under the Agency for Science, Technology and Research (ASTAR).

Nguyen Le

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