Vietnam, Singapore look to expand energy development cooperation: MOIT
|Vietnam, Singapore look to expand energy development cooperation: Parrticipants at the working session (Photo: congthuong.vn)|
The Vietnamese official made the statement during a recent working session with Keith Tan, Deputy Minister designate of the Singaporean Ministry of Trade and Industry.
The two officials briefed each other of policy priorities for energy development in each country and acknowledged the outcomes of the first meeting of the Joint Working Group to implement the Memorandum of Understanding (MoU) on Energy Cooperation between the two ministries in January this year.
The Singaporean side expressed interest in investment opportunities in energy development in Vietnam, especially renewable energy, in the context that the Prime Minister of Vietnam has approved a national electricity development plan in the 2021-2030 period, with a vision to 2050 (Power Development Plan VIII).
Singapore wishes to cooperate in the energy transition towards realising Vietnam's net zero emissions target, and is also interested in buying electricity from Vietnam, Deputy Minister Keith Tan said.
Deputy Minister An applauded Singapore's proposal in promoting energy cooperation between the two countries and effectively implementing the MoU on energy cooperation, saying that the Vietnamese Ministry of Industry and Trade (MoIT) will develop a plan to implement Power Development Plan VIII in the near future.
Singaporean investors need to study, comply with, abide by relevant legal regulations and meet requirements of Vietnam in the process of implementing investment projects in Vietnam, he said.
According to statistics from the MoIT’s Asia–Africa Market Department, Singapore is the fifth largest trade partner of Vietnam in ASEAN and the 11th in the world. It is the second largest foreign investor in Vietnam, with the highlight being 13 Vietnam - Singapore Industrial Parks (VSIP) across the country.