During his meeting with former Singaporean Deputy Prime Minister Wong Swee Keat, Vietnamese Deputy Prime Minister Nguyen Hoa Binh affirmed his deep appreciation for the affection that Singaporean leaders throughout history, including Mr. Wong Swee Keat personally, have shown towards Vietnam. He also informed that bilateral relations have continued to develop strongly recently, reaching the highest level with the milestone of establishing a Comprehensive Strategic Partnership in March 2025. Mr. Wong Swee Keat highly appreciated the increasingly positive development of bilateral relations, noting that Singapore is a leading investment and trade partner of Vietnam, with the Vietnam-Singapore Industrial Parks (VSIP) being considered a vivid symbol of economic cooperation between the two countries.
With a solid political foundation, and to further deepen economic relations between the two countries, Deputy Prime Minister Nguyen Hoa Binh proposed that both sides increase the total number of VSIP industrial parks to 30 in the near future, while improving their quality towards greener and smarter zones, with each subsequent park being better than the previous one. He also hoped that Mr. Vuong Thuy Kiet would speak out to promote cooperation in the fields of finance, high technology, renewable energy, smart infrastructure and sustainable urban development, wind power exports, carbon credit exchange, and port development.
Regarding cooperation in connecting Vietnam and Singapore's international financial centers, both sides affirmed that this is a new and highly promising area of cooperation between the two countries. Deputy Prime Minister Nguyen Hoa Binh expressed his desire for Singapore to share its experience in operating international financial centers, as well as establishing a network of relationships with partners in Singapore. Former Deputy Prime Minister Vuong Thuy Kiet highly appreciated the rapid growth potential of the Vietnamese economy and emphasized the importance of mobilizing sufficient financial resources; sharing Singapore's experience shows that the development of international financial centers needs to be closely linked to the priorities of the real economy and serve the people of the country.
Having experienced numerous regional and global financial crises, Mr. Vuong Thuy Kiet believes that prioritizing a balance between economic growth and macroeconomic stability is crucial, while strengthening linkages between global and domestic markets and mitigating the ripple effects of financial crises. The Deputy Prime Minister requested Mr. Vuong Thuy Kiet's support in promoting the connection of Vietnam's international financial center with Singapore and other regional financial centers, and his continued partnership and strategic advice for Vietnam's future development as an international financial center.
Deputy Prime Minister Nguyen Hoa Binh also held meetings with Mr. Tan Teck Long, CEO of OCBC Bank and Chairman of the Singapore Banking Association (ABS), along with many leaders of member banks such as UOB, DBS, and Standard Chartered. He also met with Ms. Holly Fang, Chairwoman of the Singapore FinTech Association (SFA) and several experts and investment fund leaders, including Mr. Hin Wah Ho, former CEO of GIC National Fund and Investment Director of Generated Fund, and Mr. Ernest Kan, former chief advisor of the Singapore Stock Exchange (SGX) and Board Member of the Institute of Accountants England & Wales (ICAEW).
During the meetings, Deputy Prime Minister Nguyen Hoa Binh briefed on some of Vietnam's key achievements in socio-economic development, prioritizing strategic infrastructure development, especially transportation, energy, railways, and digital infrastructure. He emphasized the significant need for financial resources for these projects and requested that associations inform member banks and financial institutions about investment opportunities in Vietnam. He also reaffirmed Vietnam's commitment to ensuring the most favorable business environment, with superior policies meeting international standards in a global financial center.
Mr. Tan Teck Long highly appreciated the rapid growth potential of the Vietnamese economy; affirming his readiness to cooperate and accompany Vietnam's international financial center in the future. Leaders of member banks and financial institutions of the Association shared several recommendations, emphasizing the importance of ensuring connectivity between the international financial center and Vietnam's real economy, prioritizing the development of digital assets, financial technology, and a comprehensive digital ecosystem centered around a skilled digital workforce.
Meanwhile, Ms. Holly Fang shared the association's vision of enhancing the application of financial technology in economic sectors, contributing to making Singapore a fintech hub for the region and the world; affirming its readiness to organize delegations to promote and connect Singaporean businesses with Vietnamese fintech businesses. Deputy Prime Minister Nguyen Hoa Binh expressed his hope that ABS and SFA would encourage member banks and businesses to participate in the implementation and operation of the International Financial Centre in Vietnam, and to establish a presence within the Centre in the near future.
During the discussions, Singaporean experts and investors expressed their appreciation for Vietnam's orientation, priorities, and preferential policies in developing an international financial center. Mr. Ernest Kan, Investment Director of the Generant Fund, shared some experiences in attracting and working with international investment funds, pension funds, and large investors, especially the factors these funds consider when choosing investment locations, emphasizing that trust, stability, and policy transparency play a crucial role.
Mr. Ernest Kan suggested that the criteria and regulations for operating stock exchanges, auditing, and accounting should meet common international standards so that all parties have a common language. Deputy Prime Minister Nguyen Hoa Binh proposed that experts participate in supporting the International Financial Center in Vietnam in a consultative role, attracting international investment funds, and connecting with the Singapore Stock Exchange.
Source: https://baotintuc.vn/thoi-su/thuc-day-ket-noi-giua-trung-tam-tai-chinh-quoc-te-hai-nuoc-viet-nam-singapore-20260114062553712.htm
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