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Party General Secretary To Lam (L) and Singaporean Prime Minister Lawrence Wong during the former's recent trip to Singapore (Photo: VNA)
The diplomat went on highlighting two new bilateral initiatives under implementation.
The first is the Vietnam - Singapore Energy Partnership (VSEP), which involves major investments by both sides in offshore wind power and subsea cables serving as building blocks of a future ASEAN Power Grid (APG). This will position Vietnam as a regional hub for the green economy. The recent visit of General Secretary Lam also opened up new prospects for bilateral electricity trade cooperation, bringing the two countries closer in this sector.
The second is the sides’ joint work on carbon credits to help them achieve their respective climate commitments and unlock green investment opportunities in Vietnam. Singapore is working on the implementation agreement on carbon credit collaboration, with intent that it be the first between ASEAN countries.
Therefore, the upgrade of bilateral ties to a CSP brings the two countries and economies closer together and contributes to bilateral, regional, and international interests, affirmed the diplomat.
According to him, in 2024, Singapore became Vietnam’s second-largest source of FDI with cumulative investments exceeding 81 billion USD across approximately 3,800 projects. Vietnam was Singapore’s 11th largest trading partner last year and 9th in January 2025.
As Vietnam enters its new era of high economic growth, Singapore’s engagement will only increase, the ambassador said.
He expressed his confidence that the future of bilateral relationship is very bright as the nations share a common challenge and are committed to working together for mutual support. “The glue that holds our relationship together is our ever-growing people-to-people ties.”
Singapore remains a strong supporter of Vietnam’s human resource development, the diplomat added. Under the Singapore Cooperation Programme, it has trained more than 22,000 Vietnamese government officials. Over the past two years, Singapore has expanded the scope and scale of such collaborations, especially through the launch of the Singapore Vietnam Innovation Talent Exchange.
“As more Vietnamese work, visit or study in Singapore, and Singaporeans do the same in Vietnam – these networks of friendships are poised to grow even stronger, which will support our expanding bilateral relations,” he said./.
