A Government delegation led by Permanent Deputy Prime Minister Nguyen Hoa Binh is paying a working visit to Singapore from January 10 to 14 to learn the city state’s experience in developing an international financial centre (IFC).

On January 12, Deputy PM Binh had a meeting with Singaporean Deputy PM Gan Kim Yong, who described his Vietnamese delegation’s visit as a demonstration of both countries’ activeness in implementing the Comprehensive Strategic Partnership, established during Party General Secretary To Lam’s official visit to Singapore in March 2025.

The two sides noted with satisfaction the vigorous growth of their countries’ cooperation as seen in frequent mutual visits and meetings, and fruitful bilateral mechanisms, especially the annual meeting between the two PMs.

Besides, economic collaboration remains a bright spot as Singapore, with 4,400 valid projects worth over 90 billion USD, remains the biggest ASEAN investor and the second largest among 153 countries and territories investing in Vietnam. The Vietnam – Singapore Industrial Parks (VSIP) are operating effectively and being expanded, now numbering 21 across 14 provinces and cities of Vietnam. The countries have also frequently consulted each other and coordinated closely at regional and international forums, particularly ASEAN.

Amid regional and global volatility, they agreed to further strengthen multifaceted ties and productively carry out the 2025–2030 action plan for implementing the Vietnam – Singapore Comprehensive Strategic Partnership. The two sides will step up economic and investment links, especially in emerging and potential fields like agriculture, energy, new-generation VSIP development, carbon credit, and digital technology. They will also keep joining hands with other ASEAN members to build an ASEAN Community of solidarity and development for peace, stability, cooperation, and development in the region and the world.

At the meeting, Binh informed Gan on Vietnam’s recent IFC establishment to mobilise high-quality resources, especially finance, for a new development phase. He noted that as Singapore is a seasoned player in this field, the delegation wishes to learn its experience to support Vietnam’s IFC development.

He called on Singapore to share its experience in designing the organisational model and operating mechanism of an IFC, as well as in management and supervision to ensure financial and systemic security. He also expressed the hope to gain an insight into Singapore’s expertise in developing and managing new financial sectors linked with IFC operations.
Vietnamese and Singaporean officials at the meeting (Photo published by VNA)
The Vietnamese Deputy PM suggested measures be discussed to strengthen financial connectivity between the IFCs of Vietnam and Singapore, along with substantive cooperation programmes be initiated to develop human resources, especially high-quality financial management and supervision personnel.

Binh lauded Singapore’s United Overseas Bank (UOB)’s plan to soon start the construction of its building at the IFC in Ho Chi Minh City, encouraging Singaporean enterprises, banks, and financial funds to increase investment and operations in the IFC of Vietnam.

Highly valuing Vietnam’s IFC establishment, Gan considered this move as a right and timely decision, and congratulated Binh on his appointment as head of the IFC steering council.

He affirmed Singapore’s readiness to share experience in operating an IFC with Vietnam, and to enhance financial connectivity between the two countries’ IFCs.

The host emphasised some of his country’s experiences in IFC development and agreed to foster ties between the two IFCs to contribute to common development in ASEAN.

Also on January 12, Deputy PM Binh had working sessions with leaders of the Singapore International Arbitration Centre and the Singapore Economic Development Board.

Earlier, the Vietnamese delegation laid wreaths at the monument to President Ho Chi Minh at the Asian Civilisations Museum, and visited the Vietnamese Embassy and talked to the embassy staff and Vietnamese community in Singapore. They also met with UOB Deputy Chairman and CEO Wee Ee Cheong./.
 
Source: en.vietnamplus.vn/vietnam-singapore-enhance-cooperation-in-ifc-development-post335831.vnp