Vietnam’s Ministry of Finance Strengthens Business Connectivity Between Vietnam and Singapore

The dialogue brought together Minister of Finance Nguyễn Văn Thắng, Deputy Minister of Finance Nguyễn Thị Bích Ngọc, representatives from various Vietnamese ministries and agencies, and approximately 100 business leaders from Singapore and Vietnam. Attendees represented key industries, including high technology, telecommunications, banking and finance, energy, aviation, construction and real estate, urban development, agricultural processing, healthcare, and human resource training.

General Secretary Tô Lâm Attends Vietnam-Singapore Business Dialogue on "Vietnam – A Destination for the Era of Science, Technology, and Financial Cooperation"

Vietnam’s Vision for an International Financial Center

Opening the dialogue, Minister Nguyễn Văn Thắng delivered a speech on "Vietnam’s Strategic Direction for Establishing an International Financial Center."

"We see this not only as a strategic national project for Vietnam but also as a valuable opportunity for both nations to collaborate, grow together, and further strengthen the enduring friendship that has been nurtured for over half a century," Minister Thắng stated.

He emphasized that solidarity, cooperation, and close ties among ASEAN nations—where Vietnam and Singapore play active and responsible roles—are more crucial than ever.

The dialogue attracted approximately 200 businesses from Vietnam and Singapore.

Vietnam is increasingly recognized by international organizations as a beacon of political stability, dynamic economic growth, deep global integration, rapid digital transformation, and robust innovation. The development of a financial center in Vietnam will complement leading financial hubs in the region, such as Singapore.

Minister Thắng outlined Vietnam’s ambition to establish a financial center to elevate its financial system and strengthen its position within the regional and global financial landscape. Under the guidance of General Secretary Tô Lâm, Vietnam’s regulatory bodies have identified five strategic directions for this initiative:

1. Expanding Financial Market Access: Vietnam will continue to open its financial sector, creating the most favorable conditions for international financial institutions to operate efficiently, transparently, and fairly in alignment with global best practices.

2. Developing a Clear Roadmap: The country aims to establish its financial center by 2035, ensuring close synergy with major financial hubs in the region, such as Singapore. The goal is to create a complementary financial network rather than direct competition.

3. Investing in Financial Technology: Vietnam will accelerate investment in FinTech, blockchain, artificial intelligence (AI), and green finance. The country will also promote sustainable financial products, green bonds, and investment funds adhering to environmental, social, and governance (ESG) standards.

4. Strengthening Regional Financial Cooperation: Vietnam will deepen its ties with Singapore and other ASEAN financial centers to develop high-quality human capital, enhance financial training programs, and improve financial governance in line with international standards.

5. Ensuring Financial Market Stability: Vietnam prioritizes market stability, risk management, and investor protection to build a secure and sustainable investment environment for the entire region.

The dialogue marked a significant step in deepening Vietnam-Singapore economic cooperation, highlighting Vietnam’s commitment to financial sector development and regional integration.

Source: thoibaotaichinhvietnam