Vietnam and Singapore sign MoU on economic and trade cooperation

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Vietnam and Singapore signed a memorandum of understanding on economic and trade cooperation during former President Nguyen Xuan Phuc’s visit late last month. The Ministries of Commerce and Industry of both parties signed the MoU. Bilateral trade between the two sides hit $8.3 billion last year, up 23 percent from the 2020 figure.

Vietnam’s Minister of Industry and Trade Nguyen Hong Dien and Singapore’s second minister for the same portfolio Tan See Leng agreed to quickly establish specialized working groups in each area to effectively implement the MOU document. agreement, according to official statements from both parties.

They also discussed measures to further expand cooperation in the development of the digital economy; optimize the free trade agreements of which the two countries are members; and focus on encouraging investment in electronics, telecommunications, furniture and agro-fishery processing.

Vietnam and Singapore signed a memorandum of understanding on economic and trade cooperation during former President Nguyen Xuan Phuc’s visit late last month. The Ministries of Commerce and Industry of both parties signed the MoU. Bilateral trade between the two sides hit $8.3 billion last year, up 23 percent from the 2020 figure.

Singapore is Vietnam’s fifth-largest trading partner and third-largest foreign direct investor in the country.

Fibre2Fashion (DS) News Desk

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