The Governments of Singapore and Vietnam have signed agreements to boost cooperation in sustainable infrastructure, green economy and innovation. Both sides have expanded the scope of the Singapore-Vietnam Connectivity Framework Agreement, which was previously signed in 2005, to include energy trade, sustainability, digital solutions and innovation. In line with this, three memorandums of understanding (MoU) have been signed, with the first agreement promoting innovation through collaboration of small and medium-sized manufacturing enterprises and start-ups from both countries.
Meanwhile, the second MoU will focus on promoting skill development through knowledge sharing, adoption of technology-enabled online training, the integration of green and sustainable skills into training programs, and ensuring occupational safety and health. The third MoU will focus on promoting the green economy through collaboration of sustainable urban development and infrastructure projects.
Additionally, the countries have signed a letter of intent (LOI) for their cooperation in the green economy and are concluding negotiations for the agreement. The agreement is in compliance with Article 6 of the Paris Agreement for trading of carbon credits. Once the agreement is signed Singapore-based companies which have to pay carbon tax will be able to purchase carbon credits from authorised projects in Vietnam.