Standing Deputy Prime Minister Nguyen Hoa Binh (R) meets his Singaporean counterpart Gan Kim Yong, Singapore, January 12, 2025 - Photo: VGP

The two leaders expressed satisfaction with the strong development of the bilateral relations.

Economic cooperation continues to be a bright spot, with Singapore maintaining its position as the largest investor within ASEAN and ranking second among 153 countries and territories investing in Viet Nam, with 4,400 valid projects worth over US$ 90 billion.

In addition, 21 Viet Nam–Singapore Industrial Parks (VSIPs) have been operating very effectively in 14 localities across Viet Nam.

The two sides vowed to further strengthen the multifaceted Viet Nam–Singapore relationship and effectively implement the action program for Viet Nam–Singapore Comprehensive Strategic Partnership for the 2025–2030 period.

The two officials underlined the need to step up economic and investment ties, particularly in new and high-potential areas such as agriculture, energy, development of next-generation VSIP 2.0, carbon credit, and digital technology.

They pledged to continue working with other ASEAN member states to build a cohesive and dynamic ASEAN Community for peace, stability, cooperation, and development in the region and the world.

The Vietnamese Deputy Prime Minister expressed his wish to learn from Singapore's experience in developing the international financial center (IFC) in order to effectively operate the newly established IFC in Viet Nam.

In particular, he suggested Singapore share its experience in designing the organizational model and operational mechanisms of an IFC as well as management and supervision work to ensure financial security and systemic stability of the IFC.

He called for boosting financial connectivity between the IFCs of the two nations, and exploring substantive cooperation programs, focusing on training and developing human resources, especially a high-quality contingent of financial management and supervisory personnel.

The guest welcomed the Singapore's UOB Bank to soon commence construction of its headquarters at the IFC in Ho Chi Minh City, encouraging Singaporean enterprises, banks, and financial funds to further increase their investment and operations at Viet Nam's IFC.

Gan, for his part, hailed Viet Nam's establishment of an IFC, affirming that Singapore stands ready to support Viet Nam in this sector, share its experience in operating the IFC, and promote financial connectivity between the two sides.

According to the Singaporean official, it is necessary to ensure the role of the central bank and domestic banks while building cooperation networks with foreign banks and financial institutions.

He underscored the need to establish an institutional and legal framework that is both progressive and robust, which attaches importance to developing a highly qualified human resources from both domestic and international sources.

During the visit to Singapore, Nguyen had working sessions with leaders of the Monetary Authority of Singapore (MAS), the Singapore International Arbitration Centre (SIAC), and the Singapore Economic Development Board (EDB) and attended a roundtable with Singaporean investors./.