Singapore and Vietnam Strengthen Ties with Comprehensive Strategic Partnership
Singapore and Vietnam have agreed to elevate their ties to a Comprehensive Strategic Partnership (CSP), pledging to expand cooperation in new and emerging areas, including the digital economy, the green and renewable economy, and carbon credits.
Significance of the Partnership
Singapore Prime Minister Lawrence Wong emphasized that the CSP is significant for Singapore as it is their first with an ASEAN Member State. "It reflects the high level of trust between Singapore and Vietnam, the good work that we have done together, and the potential to do even more. The CSP will spur innovation-driven and green growth in our two countries. It will put in place the building blocks for the ASEAN Digital Economy Framework Agreement and the ASEAN Power Grid, both of which will strengthen the resilience of our region," Wong said.
Exchanging Memoranda of Understanding (MoUs) and Agreements
The two leaders also witnessed the exchange of several MoUs and agreements, including an MoU between Singapore’s Digital Development and Information Ministry and Vietnam’s Public Security Ministry to facilitate the sharing of experiences on government data policies, to promote cross-border data flows, and encourage participation in each other’s digital government events. They also enhanced an agreement to address new and emerging threats, including drug trafficking, cybercrime, and online scams.
Financial Cooperation
The two countries have committed to deepening financial cooperation through their agencies. Wong, who is also Finance Minister, said that the Monetary Authority of Singapore (MAS) and the State Bank of Vietnam have upgraded an MoU to promote payment connectivity between the two countries and to support FinTech operations in both markets. "MAS and the Vietnam State Securities Commission also intend to share information on regulatory frameworks for capital markets and digital assets," he noted.
ASEAN’s Consistent Position on the South China Sea
In a joint statement, the leaders reiterated ASEAN’s consistent position on the South China Sea and reaffirmed the importance of maintaining peace, security, stability, safety, and freedom of navigation in and over-flight above the area.
Conclusion
The Comprehensive Strategic Partnership between Singapore and Vietnam is a significant milestone in their bilateral relations, marking a new era of cooperation and cooperation in areas such as the digital economy, green and renewable energy, and carbon credits. This partnership is expected to spur innovation-driven and green growth in both countries, strengthening the resilience of the region.
FAQs
- What is the Comprehensive Strategic Partnership (CSP) between Singapore and Vietnam?
The CSP is a new level of cooperation between the two countries, covering areas such as the digital economy, green and renewable energy, and carbon credits. - What are the benefits of the CSP?
The CSP will spur innovation-driven and green growth in both countries, strengthening the resilience of the region. - What are the areas of cooperation under the CSP?
The areas of cooperation include the digital economy, green and renewable energy, carbon credits, and financial cooperation. - What is the significance of the CSP for Singapore?
The CSP is significant for Singapore as it is their first with an ASEAN Member State, reflecting the high level of trust between the two countries.