Vietnam - Singapore business roundtable held

At the Vietnam - Singapore business roundtable held in the city-state on March 13,  Party General Secretary To Lam stressed that Vietnam-Singapore relations have become a model of dynamic and effective cooperation within the Association of Southeast Asian Nations (ASEAN), serving as a benchmark for advancing intra-bloc and regional collaboration mechanisms, according to a report from the Vietnam News Agency.

The Party leader stated that Vietnam and Singapore have freshly upgraded their ties to a Comprehensive Strategic Partnership, which not only signifies broad-based cooperation across multiple sectors but also requires a higher quality of collaboration.

He also expressed Vietnam’s aspiration to integrate new technologies, digital advancements, clean energy, and green energy solutions into the local Vietnam-Singapore Industrial Parks (VSIP).

The leader said the two countries must elevate economic connectivity through structured programs and action plans, ensuring cooperation extends beyond their existing strengths to a more comprehensive approach.

Singapore has advantages in financial sources, scientific technology, innovation centers, and logistics systems, while Vietnam offers a large, hardworking, and highly skilled workforce, a vast market, abundant land and natural resources, and rare earth reserves, according to the Vietnamese leader.

He stressed that by leveraging these complementary strengths, both countries can drive innovation, address challenges, and unlock major development opportunities.

Furthermore, he said that this partnership goes beyond bilateral ties, serving as a catalyst for ASEAN connectivity, thereby contributing to regional peace and sustainable growth. Vietnam's goal is to become a high-income country by 2045, which means that from now on, decisive and relentless efforts are essential, Mr. Lam said, revealing that Vietnam has focused on refining its institutional framework, legal policies, and clear and transparent regulations, to create stability and favorable conditions for people and investors.

More efforts have been exerted to overcome challenges for development, foster innovation, streamline the administrative apparatus, and put people and businesses at the centre, he said.

For the first time, Vietnam has planed to build regional and international financial centers, so it must concentrate on promoting science and technology, innovation, and digital transformation, the Party leader stated.

According to the Party General Secretary, Vietnam and Singapore already signed the Green - Digital Economic Partnership. Following the upgrade of the bilateral relations, the two sides are determined to expedite the implementation of this partnership. Many leading technology companies have offered advice, proposals, and recommendations, emphasizing the importance of human resources training and the development of artificial intelligence, semiconductors, quantum technology, and data in Vietnam. These are also key areas of interest for Vietnam, which it has been actively researching to drive development.

Vietnam has taken on board many suggestions for developing financial centers as well as for investment encouragement and enterprise development, and promoting indirect investment, he stressed, noting that the development of indirect investment funds benefits businesses and is essential for establishing the regional and international financial centers.

Additionally, Vietnam is also interested in the cryptocurrency and digital currency market. The country's policy is to continue developing the private economic sector as a driving force for comprehensive development, encouraging innovation, dynamism, and efficiency, while fostering trust, collaboration, mutual understanding, and shared benefits, the Vietnamese leader stated.

Speaking at the event, Minister of Finance Nguyen Van Thang highlighted Vietnam’s ambition to develop an international financial centre to enhance the country's financial system and its position within regional and global markets. He expressed Vietnam’s desire to be accompanied, supported and shared experiences by Singapore, given the latter’s status as an exemplary model of international financial development and innovation.

Participating Singaporean experts and business leaders shared their experiences in developing the financial market and building the international financial centre, and promoting innovation, high-tech industries, and investment, while making relevant recommendations for Vietnam.