Singapore and Vietnam ink agreements to deepen collaboration on renewable energy, carbon credits

HANOI Singapore may be able to trade renewable energy with Vietnam and work with Hanoi on carbon credit projects under new agreements inked between the two countries on Monday.

President Halimah Yacob and Vietnams President Nguyen Xuan Phuc witnessed the exchange and signing of four memorandums of understanding (MOUs), two of which were on energy cooperation and carbon credits collaboration, at the Presidential Palace in Hanoi.

Madam Halimah, who is on a five-day state visit to Vietnam, said that the new agreements will expand work in growing areas of cooperation such as renewable energy, carbon credits, cybersecurity, and vocational training.

This will be the foundation of our refreshed bilateral agenda as we pursue a greener, cleaner, and more resilient future. We may come from different countries, backgrounds, cultures and religions, but we share the same core values of kindness, compassion and love, she said.

This is the basis of our countries common strategic perspective even as we face an increasingly complex world, she added.

Both the MOU on energy cooperation, which seeks to advance energy collaborations between the two countries and reduce carbon dioxide emissions, and the MOU on carbon credit collaboration, were signed by Manpower Minister and Second Minister for Trade and Industry Dr Tan See Leng.

Signing these respective MOUs on Vietnams behalf were Industry and Trade Minister Nguyen Hong Dien, and Natural Resources and Environment Minister Tran Hong Ha.

The MOU on energy cooperation covers the development and financing of renewable energy as well as interconnectors for increased grid resilience and stability and cross-border electricity trading.

It also paves the way for collaboration on liquefied natural gas and electricity markets, research and development and deployment of low-carbon energy technologies and solutions such as hydrogen, ammonia, energy storage systems, smart grids and related infrastructure, as well as energy efficiency and carbon services.

A separate MOU was signed to collaborate on carbon credits and carbon markets, aligned with Article 6 of the Paris Agreement, which allows countries to transfer carbon credits earned from reducing greenhouse gas emissions to help them meet their climate targets.

Singapore aims to reach net-zero emissions by or around mid-century, and Vietnam has similarly announced its target of net zero emissions by 2050.

The agreement aims to develop a legally binding and bilateral framework for the transfer of carbon credit and to identify potential carbon credit projects.

On Monday morning, President Halimah called on President Phuc at the palace, and during their meeting, she stressed the importance of the Singapore-Vietnam relationship, as both countries mark the 50th anniversary of diplomatic relations between them in 2023. Embed Facebook Facebook

Delighted to reciprocate His Excellency Nguyen Xuan Phuc, President of the Socialist Republic of Vietnams State Visit…Posted by Halimah Yacob on Sunday, October 16, 2022 Two other MOUs were inked on Monday. One of these agreements involves Singapore and Vietnam exchanging information on cybersecurity, cyber attacks and cybercrimes to prevent and detect such threats.

The other agreement involved Singapores Institute of Technical Education (ITE) and Vietnams Directorate of Vocational Education and Training (DVET) collaborating in technical and vocational education and training. Some areas this will cover are leadership and governance, infrastructure development, capacity building, as well as quality enhancement of technical and vocational education and training in Vietnam.

An investment licence for a 12th Vietnam-Singapore Industrial Park (VSIP) in Vietnams Can Tho City was also approved on Monday. The investment licence for the 293.7-hectare industrial park in Can Tho was presented to the chief executive officer of Sembcorp Development, Mr Kelvin Teo.

Madam Halimah is scheduled to tour the VSIP in Bac Ninh Province during her state visit. The 635 ha township and industrial park broke ground in 2007 and has attracted 125 companies with US$2.5 billion (S$3.57b) in investment capital and created 40,000 employment opportunities, said Sembcorp on Monday.

Mr Teo said: We are glad to receive the continuing trust of the Vietnam government, to support the countrys economic progress and create meaningful social impact. Leveraging our expertise and proven track record to deliver sustainable urban solutions, we look forward to enabling new engines of growth for Vietnam. More On This Topic President Halimah Yacob to meet Vietnam leaders during state visit Singapore-Vietnam ties: Giving a boost to post-Covid-19 recovery and bilateral relations