The Prime Minister proposed that Singapore strengthen cooperation in financial and banking infrastructure

In a phone call with Singapore Prime Minister Lawrence Wong this afternoon, Prime Minister Pham Minh Chinh raised a number of proposals for cooperation between the two countries, continuing to prioritize expanding and upgrading the network of Vietnam – Singapore industrial parks (VSIP) to the second generation, not only industrial parks, but also combining services, high technology and ecological urban areas; strive to reach 30 VSIPs in 2026, completing 30 years of establishing this successful model in Vietnam, according to the Ministry of Foreign Affairs.

The Prime Minister highly appreciated the positive growth of the two countries’ trade turnover in 2025, up 12% compared to 2024, and proposed that Singapore continue to increase imports of agricultural products; Effectively deploy the Memorandum of Understanding on rice trade cooperation, ensuring food security.

The Prime Minister shared with Singapore’s leaders about the decision to build International Financial Centers in Ho Chi Minh City and Da Nang, and proposed that the two countries strengthen cooperation in building and developing International Financial Centers, in the spirit of practical cooperation, mutual benefit, promoting each side’s strengths, linking and complementing each other, contributing to attracting resources and promoting common development of the ASEAN region.

The Prime Minister also asked Singapore to support the exchange of experience and advise the Vietnamese government; The two countries strengthen cooperation in developing financial and banking infrastructure, especially digital infrastructure, payment systems, cross-border payments, digital identification and network security; Promoting connection to the financial ecosystem, encouraging Singaporean banks, investment funds and financial technology enterprises to expand long-term investment and operations in Vietnam.

Appreciating the two countries’ active cooperation in the field of clean energy, Prime Minister Pham Minh Chinh proposed that the two sides urgently carry out survey work on offshore wind power projects in Vietnam to export electricity to Singapore, and coordinate to include this project in the Intergovernmental Cooperation Program, to create a legal basis, contributing to the realization of the ASEAN Power Grid (APG). In addition, the two sides agreed to promote cooperation in the field of carbon credit exchange, contributing to deepening the Green Economy – Digital Economy Partnership between Vietnam and Singapore.

The Prime Minister also proposed that the two countries promote defense and security cooperation and prevent transnational crimes, especially drugs, fraud, financial crimes, and cyber crimes; suggested that Singapore continue to support Vietnam in developing human resources, especially strategic-level leadership teams, and increase scholarships at all levels for Vietnam; Strengthen people-to-people exchanges, research to open more direct flights from Singapore to major cities in Vietnam, and promote tourism.

According to Prime Minister Pham Minh Chinh, it is necessary to continue to strengthen cooperation, consolidate solidarity and the central role of ASEAN, especially in solving regional problems.

Prime Minister Lawrence Wong emphasized that Singapore believes in Vietnam’s strong growth potential in the coming time and affirmed its commitment to continue expanding investment in Vietnam, including increasing the number of Vietnam – Singapore industrial parks. He also emphasized a number of areas of cooperation between the two countries that need to continue to be promoted.

According to the Prime Minister of Singapore, the development of the International Financial Center not only relies on infrastructure but also needs to improve institutions and legal framework. He affirmed that Singapore continues to be a reliable partner, supporting and supporting Vietnam to effectively develop an International Financial Center. He also said that in addition to trade, the two countries will also expand cooperation in other important fields, including defense and security.

Prime Minister Lawrence Wong affirmed that he will continue to support Vietnam in human resource development, encourage Singapore universities to increase scholarships, and continue to promote people-to-people exchanges between the two countries. He highly agreed with working together to strengthen solidarity and the central role of ASEAN to build a stronger and more united ASEAN and promote the ASEAN connectivity initiative.

The two sides reaffirmed their commitment to closely coordinate and promote effectiveness in 2027 when Vietnam takes on the role of host of the APEC Year and Singapore takes on the role of ASEAN Chairman.

Prime Minister Lawrence Wong affirmed that Singapore will continue to coordinate to make the Vietnam – Singapore Comprehensive Strategic Partnership more substantive and effective.