Deputy Prime Minister Binh congratulated Singapore on its impressive socio-economic achievements and expressed appreciation for the country’s strong commitment to advancing bilateral ties. He highlighted the consistent progress of Vietnam–Singapore cooperation, especially following the elevation of their relationship during Party General Secretary To Lam’s visit in March 2025.

Deputy Prime Minister Gan welcomed his Vietnamese counterpart’s visit, praising it as a proactive gesture that underscores both countries’ shared vision. He noted the success of existing bilateral mechanisms, particularly the annual meetings between the two Prime Ministers, and emphasized that economic cooperation remains a standout feature of the relationship.

Singapore is currently Vietnam’s top investor in ASEAN and ranks second globally among 153 countries and territories investing in Vietnam, with 4,400 valid projects and more than USD 90 billion in registered capital.

The Vietnam–Singapore Industrial Parks (VSIP) model continues to thrive, with 21 parks now operating across 14 provinces and cities in Vietnam, signaling robust collaboration in industrial development.

Elevating bilateral cooperation through financial connectivity

During the meeting, Deputy Prime Minister Binh shared that Vietnam had recently established an international financial center (IFC) aimed at attracting high-quality resources, especially financial capital, to support the country’s upcoming development phase.

Given Singapore’s established expertise in this field, Vietnam is eager to study and learn from Singapore’s experience in building and operating an international financial center. He requested Singapore’s support in developing organizational models and operational mechanisms, especially regarding financial supervision, systemic security, and innovation-driven financial development.

Vietnam also seeks to enhance financial linkages between the two countries’ financial hubs, proposing practical cooperation between Vietnam’s new centers - particularly in Ho Chi Minh City and Da Nang - and Singapore’s own IFC. This includes joint training programs and strategic development of highly qualified financial regulators and managers.

Deputy Prime Minister Binh welcomed news that Singapore’s UOB Bank will soon break ground on its new headquarters within the international financial center in Ho Chi Minh City. He encouraged more Singaporean banks, investment funds, and financial firms to invest and operate in Vietnam’s financial ecosystem.

Singapore pledges experience-sharing and cooperation

Deputy Prime Minister Gan praised Vietnam’s move to establish an international financial center, calling it a timely and strategic decision. He reaffirmed Singapore’s readiness to provide technical support, share operational insights, and promote financial connectivity between the two nations.

He emphasized key lessons from Singapore’s journey, such as the central role of the Monetary Authority of Singapore (MAS) and domestic banks, the importance of building global partnerships with foreign financial institutions, and the need for a robust yet progressive legal and regulatory framework.

Gan also stressed the significance of developing a highly skilled financial workforce, drawn from both domestic and international sources, to meet the growing demands of modern finance.

The two leaders agreed to strengthen collaboration between their financial centers to complement each other’s strengths and contribute to regional financial development within ASEAN.

Prior to the meeting, Deputy Prime Minister Binh visited the Vietnamese Embassy in Singapore, where he met with embassy staff and members of the Vietnamese community. He also laid flowers at the Ho Chi Minh Monument at the Asian Civilisations Museum - an emblematic site celebrating Vietnam–Singapore friendship.

Tran Thuong