Vietnamese Deputy Prime Minister Trần Lưu Quang (right) welcomed Second Minister for Trade and Industry of Singapore Tan See Leng in their meeting in Hà Nội on Wednesday. — VNA/VNS Photo Doãn Tấn

HÀ NỘI — Deputy Prime Minister Trần Lưu Quang hosted a reception in Hà Nội on Wednesday for Second Minister for Trade and Industry of Singapore Tan See Leng, who is on a visit to Việt Nam.

During the meeting, the Deputy PM highlighted the sound development of the Việt Nam-Singapore relations across a variety of fields in recent times.

In 2023, on the occasion of the 50th anniversary of the diplomatic relations, and 10 years since Việt Nam and Singapore established the strategic partnership, the two countries signed many important cooperation agreements, opening up new opportunities to boost sustainable development cooperation between the two countries, especially in new areas such as energy transition, digital economy, digital transformation, and the green economy, he said.

The host said he supports cooperation in new areas in line with global trends, thus contributing to further deepening the Việt Nam-Singapore strategic partnership in the coming time.

The two sides focused their discussion on the prospects of cooperation in areas of semiconductors, artificial intelligence, innovation, digital and green economic development, and establishing free trade zones.

They also mentioned the possibility of establishing legal support channels for Singaporean investors in Việt Nam, the potential signing of agreements on carbon credits, and cooperation in energy transition towards achieving the goal of net-zero emissions by 2050.

Regarding trade cooperation, two-way trade between Việt Nam and Singapore hit US$9.1 billion in 2023, and is estimated to reach $2.4 billion in the first quarter of 2024, up 8.3 per cent year-on-year, and higher than the average trade growth between Việt Nam and ASEAN (7.2 per cent).

Singapore is the largest Southeast Asian investor in Việt Nam, and the second biggest investor among 143 countries and territories, with a total registered capital of $73.5 billion across 3,274 valid projects.

Việt Nam and Singapore also closely cooperate in regional and international forums such as ASEAN, APEC, WTO, particularly within frameworks and mechanisms led by ASEAN. Both countries are members of major free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP) Agreement.

Việt Nam and Singapore, as ASEAN members, signed FTAs with the UK and the European Union, facilitating stronger cooperation between their business communities. — VNS