Permanent Deputy PM Nguyen Hoa Binh meets with Singapore Deputy PM Gan Kim Yong
On January 12, within the framework of a working visit to Singapore, Permanent Deputy Prime Minister Nguyen Hoa Binh met with Singapore Deputy Prime Minister Gan Kim Yong.
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| Permanent Deputy Prime Minister Nguyen Hoa Binh meets with Singapore Deputy Prime Minister Gan Kim Yong. (Source: VGP) |
Permanent Deputy Prime Minister Binh expressed his pleasure at visiting Singapore in the early days of the new year 2026, thanking the warm and respectful reception given to the delegation. He highly appreciated the impressive socio-economic development achievements Singapore has attained in recent times.
Deputy Prime Minister Gan Kim Yong welcomed the visit of Permanent Deputy Prime Minister Binh and the delegation, reflecting the proactive and positive spirit of both countries in implementing the framework of the newly established Comprehensive Strategic Partnership during General Secretary To Lam's official visit to Singapore in March 2025.
The two leaders expressed satisfaction with the robust development of cooperative relations between the two countries in recent times. High-level exchanges and meetings have been maintained regularly, and bilateral mechanisms have been effectively implemented, especially the annual meeting mechanism between the two Prime Ministers.
Economic cooperation continues to be a highlight, with Singapore being the largest investor in ASEAN and ranking second among 153 countries and territories investing in Vietnam, with 4,400 valid projects and a total registered capital of over 90 billion USD.
The Vietnam-Singapore Industrial Parks (VSIP) have been operating very effectively and continuously expanding, currently reaching 21 VSIPs in 14 provinces and cities across Vietnam. The two countries regularly consult, exchange, and closely coordinate at regional and international forums, especially ASEAN.
Amidst numerous regional and global fluctuations, both sides agreed to further strengthen the multifaceted cooperation between Vietnam and Singapore, effectively implement the Action Program on the Vietnam-Singapore Comprehensive Strategic Partnership for the 2025-2030 period, and promote economic and investment cooperation, especially in new, high-potential fields such as agriculture, energy, the development of new generation VSIP 2.0, carbon credits, and digital technology. They also aim to continue building a united and developing ASEAN Community with other ASEAN countries, for the peace, stability, cooperation, and development of the region and the world.
During the meeting, Permanent Deputy Prime Minister Binh informed Deputy Prime Minister Gan Kim Yong about Vietnam's recent establishment of the International Financial Center (IFC) to mobilize high-quality resources, especially financial capital, for Vietnam's upcoming development phase.
Singapore, having extensive experience in this field, is therefore a model for the delegation to study and survey Singapore's IFC development experience to implement the newly established IFC in Vietnam.
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| The two leaders expressed satisfaction with the robust development of cooperative relations between the two countries in recent times. (Source: VGP) |
In particular, he requested Singapore to share its experience in designing the organizational model and operational mechanism of the IFC, as well as its experience in management and supervision to ensure financial security and system security, developing and managing new financial sectors associated with IFC operations, and exchanging measures to enhance financial connectivity between the IFCs of Vietnam and Singapore. He also suggested exploring practical cooperation programs between the IFCs in Ho Chi Minh City, Da Nang, and Singapore to train and develop human resources, especially high-quality financial management and supervision personnel.
The Deputy Prime Minister welcomed Singapore's UOB Bank's plan to soon commence the construction of the UOB headquarters at the IFC in Ho Chi Minh City. He urged Singaporean businesses, banks, and financial funds to increase investment and operations at Vietnam's IFC.
Deputy Prime Minister Gan Kim Yong praised Vietnam for establishing the IFC, considering it a timely and correct decision. He congratulated Deputy Prime Minister Binh on his recent appointment as Chairman of the Executive Council of Vietnam's IFC and affirmed Singapore's readiness to support and share operational experience with Vietnam, as well as promote financial connectivity between the IFCs of Singapore and Vietnam.
Deputy Prime Minister Gan Kim Yong emphasized some of Singapore's experiences in developing the IFC, including ensuring the central role of the central bank and domestic banks while building a network of cooperation with foreign banks and financial institutions. He highlighted the importance of establishing progressive yet stringent institutions and legal regulations and focusing on developing a skilled workforce from both domestic and external sources.
Deputy Prime Minister Gan Kim Yong agreed to enhance cooperation between the IFCs of Singapore and Vietnam to complement each other and contribute to the overall development of ASEAN.
