Singapore offers support for Vietnam’s international financial center push: Senior Minister Lee Hsien Loong

The pledge was made on Tuesday as Lee received Binh during the latter’s working visit to Singapore from January 11 to 14.

Lee welcomed the visit and conveyed his appreciation for the warm sentiments extended by Vietnam’s Party, state, and people.

Binh thanked Singapore for its long-standing support, highlighting the important contributions of late Prime Minister Lee Kuan Yew as well as Senior Minister Lee himself in strengthening bilateral ties and supporting Vietnam’s economic development over recent decades.

In discussions on financial cooperation, Lee congratulated Vietnam on the establishment of its international financial center, with two facilities located in Ho Chi Minh City and Da Nang.

He described the move as a clear demonstration of Vietnam’s vision and determination to advance its economy in an increasingly competitive global environment.

Lee said Singapore stands ready to share its experience in building and managing an international financial center, including approaches to governance, global connectivity, and engagement with international investors.

He reaffirmed Singapore’s willingness to provide advice and practical support as Vietnam moves forward with implementation, while encouraging the development of closer links between the two countries’ financial centers.

Binh welcomed Singapore’s support and noted that during the visit, the Vietnamese delegation held productive discussions with Singaporean authorities, banks, financial institutions, and investors.

He said many expressed strong interest in Vietnam’s first international financial center, viewing it as a timely and well-considered initiative and signaling readiness to explore cooperation and investment opportunities.

He expressed hope that Senior Minister Lee would continue to support deeper, more substantive, and more effective cooperation between the two countries, particularly in financial center development and in strengthening connections between their financial hubs.

Beyond financial cooperation, Lee pointed to Vietnam-Singapore Industrial Parks in Vietnam as a standout example of successful and sustainable bilateral collaboration.

Both sides noted the significant progress of the VSIP network, which now comprises 21 projects across 14 provinces and cities, and shared the goal of expanding the network to 30 projects by 2030.

Lee also recalled his positive impressions of Vietnam and praised the close cooperation between successive generations of senior leaders from both countries.

He said Vietnam’s potential and comparative advantages position it well for important economic achievements in the years ahead.

On the occasion, Binh formally invited Senior Minister Lee to visit Vietnam at a mutually convenient time, which Lee accepted with pleasure.

Vietnam and Singapore established diplomatic ties in 1973, elevated their relationship to a strategic partnership in 2013, and strengthened it to a comprehensive strategic partnership in March 2025.