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AMBASSADOR TALK

Forward with confidence

In an exclusive interview with VET’s Dinh Pham Tran, Ambassador of Singapore
to Vietnam, H.E. Jaya Ratnam, spoke of how the two countries could strengthen
their relationship for a more resilient and sustainable Southeast Asia in the face
of the common threat of climate change.

INTERVIEW

% How would you describe the current but also the success of the Vietnamese % How are Vietnam and Singapore
state of Singapore’s economic relations Government’s efforts to provide an envi- cooperating in green and sustainable
with Vietnam, specifically in terms of ronment conducive to FDI. growth initiatives?
investment and trade? An emerging new area of substantive
Vietnam and Singapore stand at a high % Despite the two countries’ progress, cooperation has been our shared goal of
point in our bilateral cooperation. In 2023, what areas remain untapped for further green and sustainable growth. Our region is
Singapore was the largest source of FDI cooperation? home to some of the world’s fastest-growing
into Vietnam, accounting for over $6.8 The bilateral relationship still has economies. At the same time, we have com-
billion invested or almost 19 per cent of much space for increased cooperation mitted ourselves to sustainable growth to
total foreign investment. Cumulatively, even as we have already worked to deepen achieve our ambitious emissions targets.
over the years, Singapore has invested and further the relationship intensely Singapore and Vietnam share a com-
$74.51 billion in the country, which makes over the last few years. Amid a difficult mon vision of achieving net-zero emissions
it Vietnam’s second-largest investor. Bilat- external environment, Singapore and by 2050. The road ahead for a just and
eral trade reached S$31.3 billion ($23.19 Vietnam continue to work even more orderly transition to net-zero is not easy,
billion) in 2022; almost double the figure closely to support each other. We stepped and all of ASEAN needs to work together
from a decade ago when we first estab- up our high-level policy coordination last on this journey. Our strong regional growth
lished our strategic partnership. year, first by expanding the mandate of will drive energy demand, so accelerating
the Vietnam-Singapore Connectivity our energy transition will be the key path-
% What role has the Vietnam-Singapore Framework, which is a high-level minis- way to achieving this sustainable growth.
Industrial Park (VSIP) Group played terial bilateral coordination mechanism We need to take decisive action, as
in strengthening economic ties? unique to Vietnam and Singapore while some expect that the region will
The Vietnam-Singapore Industrial Park launched in 2006, to include cooperation generate $1 trillion worth of green eco-
(VSIP) Group remains emblematic of our in the new and emerging areas of energy, nomic opportunities by 2030, ASEAN is
relationship, and its parks look set to grow sustainability, and innovation. at risk of losing over 35 per cent of its
further. There are currently 18 VSIPs Second, we launched annual meetings GDP by 2050 because of climate change if
spread around northern, central, and south- of our Prime Ministers, to begin in 2024, no remedial measures are taken, according
ern Vietnam. Almost half of these are still to enable high-level oversight and direction to a study by the Nanyang Technological
under construction, having been launched for our bilateral cooperation. We did so University and the University of Glasgow.
in recent years, which means they are as it was evident that we grapple with
poised to add to the already-impressive common challenges, especially around % How are the complementary strengths
achievement of attracting $18.4 billion climate change and digital transformation. of the two economies facilitating coop-
worth of investment capital and creating One thing is certain. We need to work eration in sustainability?
more than 300,000 jobs in Vietnam. together to enhance our capabilities, our As Vietnam’s economy moves up the
Such a rapid pace of expansion is competitiveness, and our cooperation, so value chain and transitions, like Singa-
unprecedented, reflecting not just the that whatever the environment, we can pore, towards a net-zero future, there is
strong foreign investor interest in Vietnam do better for our peoples. much scope for us to work together,

28 Vietnam Economic Times May 15, 2024 en.vneconomy.vn