James Fallows of the Atlantic puts it in perspective:
For years it [Singapore] has been worried about flaccid birth rates among its people, often with an edge of eugenics thinking. So in partnership with Mentos, it's trying a more direct and with-it approach...
...About the only thing that needs explaining is when, around time 2:18, the video talks about "putting a bao in the oven," a bao is like a little bundle or dumpling or bun. And before that, in the line: "I know you want it / so does the SDU," here is what they're talking about. But even if you didn't know that you'd get the idea. There's a little more explanation to the right, which says a lot about Singapore in just a few lines.
The Singapore government has often been criticized for being too Gradgrind-like and strait-laced. So, no joke, congrats to whoever broke the stereotype by doing this. And ... ummm, Happy National Day / Night!