VIETNAM
Investvine-Apr 26
Hanoi, Ho Chi Minh City and Da Nang in Vietnam will be part of the network of smart cities in the Association of Southeast Asian Nations (ASEAN) proposed by Singapore, the city state’s Prime Minister Lee Hsien Loong said on April 25.
“I visited all three cities during my two visits to Vietnam last year and was very impressed with their rapid urban development. Their inclusion in the smart cities network will add to ASEAN’s vibrancy,” Lee said..
The smart cities network, which aims to better connect digital infrastructure and services like e-payments across the region, is Singapore’s flagship initiative as the chair of ASEAN this year.
The three cities in Vietnam are among 26 proposed by the ten ASEAN members. However, more details are not yet public.
Singapore is keen to strengthen ASEAN’s resilience and innovation by developing e-commerce regulation and technology infrastructure and boosting cyber security in the region. ASEAN’s digital economy is forecast to hit $200 billion by 2025, according to a joint report by Singapore’s state fund Temasek and Google last year.
Meanwhile, the Monetary Authority of Singapore and the State Bank of Vietnam signed a co-operation agreement on mutual support of the development of financial technology solutions.
Singapore has sealed similar agreements with Australia, Britain and Middle Eastern countries. The government has offered tech firms powerful incentives to settle in the city state in a bid to establish itself as a fintech hub and a “smart nation.”
