The Vietnam-Singapore Industrial Park (VSIP), which has been a symbol for bilateral economic cooperation between the two countries, should be upgraded to become an environmentally friendly and high-tech industrial park model.

Deputy Prime Minister Pham Binh Minh made the suggestion in a meeting with Singapore’s Foreign Minister Vivian Balakrishnan on June 22.

Deputy Prime Minister Pham Binh Minh (r) and Singapore’s Foreign Minister Vivian Balakrishnan (l). Photo: Hai Minh

Minh said such a move would help ensure the effective utilization of the Agreement on Singapore-Vietnam Economic Connectivity.

"Other priorities would be focused on the organization of the 15th Vietnam-Singapore Connectivity Ministerial Meeting and promoting a balanced trade relationship between the two countries," Minh said.

The Deputy PM also suggested Singapore should continue supporting capacity-building programs for countries in the Greater Mekong Subregion, while promoting solidarity and the central role of ASEAN in regional and international issues of mutual interests, including the East Sea.

Amid the current Covid-19 outbreak in Vietnam, Minh expected Singapore to share experience in applying modern technologies in testing, tracing, and accessing safe vaccine sources.

“As both countries have a high level of economic openness, the establishment of working groups on the Covid-19 fight, eventually reaching an agreement on mutual recognition of Covid-19 vaccine certificate and cooperating in the digital economy would help speed up economic recovery in a new normal,” Minh stressed.

At the meeting, Singaporean Foreign Minister Vivian Balakrishnan stated the bilateral strategic partnership has progressed substantially with high political trust.

The potential for cooperation, however, remains huge as both countries are members of the CPTPP, RCEP, and the ASEAN-EU Comprehensive Air Transport Agreement (CATA).

Vivian said Vietnam and Singapore shared mutual interests in their respective strategies against the pandemic and further cooperation for economic recovery in the post-pandemic period.

He referred to the proposal of setting up working groups against the pandemic in a meeting with his Vietnamese counterpart Bui Thanh Son yesterday, along with creating favorable conditions for traveling between the two countries and promoting a digital economy.

Yesterday, Vivian had had separate meetings with State President Nguyen Xuan Phuc and Prime Minister Pham Minh Chinh, in which they all have affirmed their commitments to further strengthening collaboration in the Covid-19 fight and post-pandemic economic cooperation.