Singapore, Vietnam sign five agreements across digital development, people ties, electricity trade

By:
On:
In: Asia

On Wednesday ( Mar 26 ), Singapore and Vietnam signed five agreements, including ones relating to energy and financial services, as Prime Minister Lawrence Wong and his counterpart Pham Minh Chinh reaffirmed their close ties.

The new Vietnam-Singapore Industrial Park (VSIP ) in Thai Binh province, the most recent in a series of projects, Mr. Wong called” the cornerstone of our bilateral cooperation for almost three decades,” was also completed by Mr. Wong and Mr. Chinh.

On the next time of his visit to Hanoi, Mr. Wong said there is a considerable scope for both nations to follow responsible and resilient development up.

He went to the Ho Chi Minh Mausoleum earlier in the day, where he laid a flower.

Contracts ABOVE Industries

At the Office of Government in the Taiwanese capital, the two primary officials observed the five letters exchanges between officials from both sides.

They contained letters of intent to support the recently announced Comprehensive Strategic Partnership ( CSP) and promote cross-border electricity trade within the wider ASEAN power grid.

Additionally, there were three memoranda of understandings ( MOUs ) on people-to-people exchange, digital development and innovation, and cross-border QR code payment between both parties.

Mr. Wong cited the nearby economic partnership between Vietnam and Singapore.

With over US$ 10 billion in foreign strong expense, he said,” Next time, we were the largest foreign investment in Vietnam.”

” But soon very soon, we may also rank among the top five overall.”

Mr. Wong cited significant activities on both factors, such as the engagement on carbon credits and the transfer of low-carbon energy into Singapore through renewable energy projects and the dropping of deepwater wires.

We appoint the assistance of Vietnam’s central and local authorities, according to Mr. Wong,” we hope that these jointly valuable collaborations will be able to progress in a timely manner.”

Core OF Participation

Mr. Wong and Mr. Chinh also witnessed the VSIP project’s four Accords being finalized.

They have” set the standard for business park development in Vietnam,” according to Mr. Wong,” by providing investors with international-standard infrastructure that enables them to function seamlessly.”

He added that both parties can grow the job so that it goes beyond simply industrial parks to other fields like urbanization and science and technology.

In Vietnam, there are now 20 parks spread across 14 regions. More than 1, 000 client companies have invested in these, creating 320, 000 work, and raising over US$ 23 billion in investment capital as a result.

According to Mr. Wong, potential VSIPs will be constructed more intelligently and environmentally.

They may use innovation and technology to better manage spend, spend, and traffic, he continued.

This may improve business efficiency, reduce costs, and benefit the environment in the long run.

Solar energy will also be used to power the facilities. He cited the case of Lego, whose shop in the Binh Duong III VSIP is fueled by rooftop solar panels and a local renewable job.

” I’m certain there will be many more in the future because businesses everywhere want to decarbonize their supply chains and there is a high demand for green businesses and business parks,” said Mr. Wong.

He added that potential VSIPs will be more attached.

For example, the Thai Binh territory is being connected by a bridge to Lach Huyen Port, making the fresh Thai Binh VSIP “well-positioned to serve as a dish business garden.”

Mr. Chinh acknowledged Singapore’s “great purchase,” particularly through the VSIP initiative, in his remarks.

He claimed that Vietnam wants to expand the VSIP participation and that the people-to-people and social ties between the two countries have had tangible benefits.

He declared,” This VSIP concept has been a great success and will be elevated to bring the benefits to both our people.”

” We will keep promoting this model,” the model’s spokesman said.

Continue Reading

Singapore, India deepen cooperation in semiconductor sector, digital technology

By:
On:
In: Asia

With the MOU, Singapore and India may leverage each other’s strengths in the semiconductor industry and develop their supply stores, which include government-led plan markets on habitat growth, supply chain resilience and workforce development, said MTI. MTI and India’s Ministry of Electronics and Information Technology may create a policy speechContinue Reading

Singapore moves to import more low-carbon electricity from Indonesia

By:
On:
In: Asia

IMPORT TARGET RAISED

By 2035, Singapore plans to import 4GW of low-carbon light. &nbsp,

It has since received more than 20 proposals from various nations, which demonstrate the viability of low-carbon energy imports as a means of decarbonizing the energy sector, according to EMA.

The energy sector now accounts for about 40 per cent of Singapore’s carbon pollution.

To date, EMA has conditional approvals for nine projects, including the five that have received contingent licenses. &nbsp,

These tasks include Sembcorp Utilities ‘ plan to transfer 1.2GW of low-carbon power from Vietnam and Keppel Energy’s plan to import 1GW of low-carbon energy from Cambodia. &nbsp,

Singapore will increase its passion and target to buy 6GW by 2035, according to EMA, given the encouraging development of electric buy projects and the assurance of enough supply to meet our future energy needs given growing demand.

It further stated that it would continue to research all energy field decarbonization options. &nbsp,

These included gas, renewable, deep geothermal energy, nuclear power, as well as carbon capture and storage systems.

” As Singapore decarbonises, EMA may also get to reach an ideal balance between strength security, conservation, and cost competitiveness”, the authority said.

Continue Reading

Over 9 in 10 Singapore firms keen to invest in proposed SEZ in Johor, but concerns remain: SBF survey

By:
On:
In: Asia

The companies also suggested other improvements, such as investing in successful multi-modal connectivity and creating increased border crossing hubs with automatic certification using biometrics. &nbsp,

Additionally, the report emphasised renewed interests within Malaysia to develop the Singapore-Kuala Lumpur High Speed Rail ( HSR ) project and to enhance last-mile connectivity within the SEZ. &nbsp,

The 350km-long HSR job, which may go up to a rate of 350km/h, was first proposed in 2013 and led to a binding contract inked in Dec 2016 with an objective to have the line operating by 2026.

However, it was immediately halted following numerous postponements at Malaysia’s ask and a possible termination of a deal in December 2020.

Malaysia paid more than S$ 102 million ( US$ 76.46 million ) in compensation to Singapore for the terminated project.

After Malaysia’s Prime Minister Anwar Ibrahim’s victory in the 2022 general elections and his recent trip to Singapore where he met with Singapore officials, talk of a revival of the job grew.

In a statement released on August 3, 2013, acting transport secretary Chee Hong Tat, Singapore’s acting transport secretary, stated that the country would” start from a fresh slate” when it discussed any new proposals from Malaysia for the KL-SG HSR job in good faith.

At the approaching 11th Malaysia-Singapore Leaders ‘ Retreat later this month, Singapore Prime Minister Lawrence Wong in June stated that the Republic is open to new ideas, including proposals for the HSR project. &nbsp,

HOPE FOR STREAMLINED PROCESSES&nbsp,

The findings revealed that 55 % of businesses reported difficulties with handling tax issues, and 48 % claimed that faster cargo clearance would be essential to facilitating the efficient flow of goods. &nbsp, &nbsp,

In light of these observations, SBWG suggested putting in place streamlined customs and frontier certification procedures, harmonising taxes and tariff laws, creating included transportation networks and logistics infrastructure, as well as promoting digitalization and e-commerce support. &nbsp,

The survey also revealed that the current regulatory framework for purchase facilitation between Singapore and Johor was divided and complicated, with companies reporting challenges to obtaining the necessary permits and licenses. &nbsp,

According to the findings, 33 % of firms desired a platform to facilitate collaboration and networking opportunities for each other for self-help and support, while 58 % of firms desired a mutual investment promotion firm to promote the region and foster investment proposal. &nbsp, &nbsp,

SBWG suggested streamlined funding approval processes, providing interesting tax incentives, developing strong legal and regulatory frameworks, offering comprehensive business facilitation services, and enhancing the interoperability of monetary systems.

Meanwhile, the Malaysia-Singapore Business Council ( MSBC ) on Thursday expressed its support for the proposed JS-SEZ.

At its joint meeting on Thursday at the SBF Center in Singapore, MSBC stated that the group’s discussions were aimed at advancing the group’s shared goals, discovering new opportunities through the creation of the JS-SEZ in Johor, as well as addressing issues in the global economy.

The proposed JS-SEZ will promote cooperation and promote sustainable growth, according to Dr. Robert Yap, the co-chair of the joint meeting and the YCH Group’s executive chairman.

” We are confident that this initiative will boost regional competitiveness, create high-quality jobs, and enhance innovation.

By utilizing our combined strengths and encouraging cross-border synergies, Dr. Yap predicted that we would create a resilient economic landscape that benefits businesses and communities, paving the way for a prosperous and interconnected future.

His co-chair, Dr Nik Norzrul Thani, added:” The MSBC reiterates its strong support of the JS-SEZ as a driver of economic development and regional cooperation. We are committed to fostering strong economic collaboration between Malaysia and Singapore and believe in the transformative impact of this initiative.

The MSBC, which was established in 2004 to promote business and investment activities between the two nations, continues to serve as a” collaboration platform” for the business communities of Singapore and Malaysia to launch projects that will be mutually beneficial and look into joint opportunities.

Continue Reading