The signings took place on Monday, on the sidelines of President Halimah Yacob’s state visit to Vietnam from Oct 16 to Oct 20.
Second Minister for Trade and Industry Dr Tan See Leng signed the MOU on Energy Cooperation with Vietnam Minister of Industry and Trade Ngyuen Hong Dien, and the MOU on Carbon Credits Collaboration with Vietnam Minister of Natural Resources and Environment Dr Tran Hong Ha.
“Singapore and Vietnam are close partners, and are committed to supporting both our countries’ energy transition as well as regional decarbonisation,” said Dr Tan.
Dr Tan said that the MOU on Energy Cooperation will pave the way for greater cross-border electricity trade and the development and financing of low-carbon technologies.
He added that the MOU on Carbon Credits Collaboration underscores both countries’ shared commitment to work together on carbon credit pilot projects aligned to Article 6 of the Paris Agreement, which allows countries to partially meet their climate targets by buying offset credits representing emission cuts by others.
Under the MOU, Singapore and Vietnam will also undertake knowledge exchanges on carbon tax, carbon credits frameworks and other climate issues.
“We believe that international collaboration, such as that between Singapore and Vietnam, is critical in promoting global climate action to achieve the goals of the Paris Agreement,” said Dr Tan.