Deputy Prime Minister Ho Duc Phoc hosted a reception in Ho Chi Minh City on January 28 for Heng Swee Keat, former Singaporean Deputy Prime Minister, who is on a working visit to the southern metropolis.
During the meeting, the Deputy PM stated that the Comprehensive Strategic Partnership between the two countries is thriving across sectors, including economy, trade, education, science, technology, and finance. He also highlighted the strong development of the Vietnam - Singapore Industrial Park (VSIP), a model example of successful industrial park development in Vietnam.
He briefed the guest on Vietnam’s economic achievements in 2025 and revealed the country’s development orientations moving forward, noting that Vietnam is implementing three strategic breakthroughs in infrastructure, institutional reform, and human resources.
Vietnam is moving forward with plans to establish international financial centres (IFC) in Ho Chi Minh City and Da Nang, he said, noting that the Vietnamese National Assembly has passed a resolution, and the Government has issued several decrees to implement this plan.
The Vietnamese official conveyed the invitation from Prime Minister Pham Minh Chinh to Heng to serve as an advisor to Vietnam’s IFC. Deputy Prime Minister Ho Duc Phoc expressed his hope that Heng will share his expertise with Vietnam on developing the IFC into an environment that effectively attracts resources for socio-economic development; measures to mitigate negative impacts from global financial markets; and mechanisms and solutions to prevent money laundering and tax abuse.
For his part, Heng, who is also Chairman of the National Research Foundation (NRF) of Singapore, thanked for the invitation, and highly valued Vietnam’s vision and initial steps to establish and develop its IFC. He affirmed his readiness to share the expertise he has gained from many years of experience in Singapore’s financial sector.
He noted that the Singapore – Vietnam relationship has grown strongly in recent years, particularly in terms of economy, finance, and culture. Amid global uncertainties, he emphasised the need to further deepen the bilateral ties and foster a more dynamic and innovative ASEAN to attract global investors.
Expressing his admiration for Vietnam’s rapid development, Heng said that Vietnam’s growth potential far exceeds that of Singapore, and the country’s strategic breakthroughs will strongly support its future progress.
He emphasised Vietnam’s advantages, such as its sizable population, fast-growing education system, and energetic and entrepreneurial youth, stressing that modern national development should focus on the people and be built on science and technology, which are essential for improving living standards and ensuring sustainable economic growth.
