SINGAPORE, March 15 (Bernama) – Singapore and Vietnam have officially upgraded their bilateral relations to a Comprehensive Strategic Partnership (CSP), committing to deeper collaboration in key areas such as the digital economy, renewable energy, and carbon credits.
Announcing the milestone at a joint press conference, Singapore Prime Minister Lawrence Wong highlighted the significance of the CSP, noting that it is Singapore’s first such partnership with an ASEAN member state.
“It reflects the high level of trust between Singapore and Vietnam, the good work we have done together, and the potential to achieve even more,” Wong said.
He emphasized that the CSP will drive innovation-led and green growth in both countries, laying the foundation for major regional initiatives such as the ASEAN Digital Economy Framework Agreement and the ASEAN Power Grid, which aim to enhance the region’s economic resilience.
Strengthening Economic and Energy Cooperation
The announcement coincided with the first official visit to Singapore by a Communist Party of Vietnam General Secretary since 2012. General Secretary To Lam, accompanied by his spouse, is on a three-day visit to strengthen diplomatic and economic ties.
During the meeting, the leaders witnessed the exchange of several Memoranda of Understanding (MoUs) and agreements, covering a broad range of sectors.
One of the key agreements involves offshore wind power trade cooperation, with both governments committing to facilitate regulatory approvals for bilateral energy projects.
“This agreement will add momentum to the partnership between Sembcorp and PetroVietnam on low-carbon, wind-generated power, supporting our shared goal of a more sustainable future,” Wong stated.
Additionally, Singapore and Vietnam have pledged to deepen financial cooperation between their respective agencies.
Wong, who also serves as Singapore’s Finance Minister, announced that the Monetary Authority of Singapore (MAS) and the State Bank of Vietnam have upgraded an MoU to enhance payment connectivity and support FinTech development in both countries.
“MAS and the Vietnam State Securities Commission also plan to collaborate on regulatory frameworks for capital markets and digital assets,” he added.
Reaffirming ASEAN’s Stance on the South China Sea
In a joint statement, both leaders reaffirmed ASEAN’s consistent position on the South China Sea, stressing the importance of maintaining peace, security, stability, and freedom of navigation and overflight in the region.
The Singapore-Vietnam Comprehensive Strategic Partnership marks a new chapter in bilateral ties, signaling a strong commitment to regional economic integration, environmental sustainability, and geopolitical stability.
— BERNAMA
