He also met Tan Teck Long, Chief Executive Officer of OCBC Bank and Chairman of the Association of Banks in Singapore (ABS), along with senior leaders from member banks including UOB, DBS, and Standard Chartered; Holly Fang, Chair of the Singapore FinTech Association (SFA); and several experts and investment fund leaders, including Hin Wah Ho, former Chief Executive Officer of Singapore’s sovereign wealth fund GIC and current Chief Investment Officer of Genedant, and Ernest Kan, former chief adviser to the Singapore Exchange (SGX) and a council member of the Institute of Chartered Accountants in England and Wales (ICAEW).
During the meeting, Standing Deputy Prime Minister Nguyen Hoa Binh affirmed that Vietnam has always valued the goodwill and support extended by successive generations of Singaporean leaders toward Vietnam, including Heng Swee Keat personally. He noted that bilateral relations have continued to grow strongly in recent years, reaching their highest level with the establishment of a Comprehensive Strategic Partnership in March 2025.
Building on the strong political foundation between the two countries, Standing Deputy Prime Minister Nguyen Hoa Binh called for deeper economic cooperation, proposing that the number of Vietnam–Singapore Industrial Parks (VSIPs) be increased to 30 in the coming period, alongside efforts to enhance their quality by making them greener and smarter, with each new park surpassing the previous ones.
He also expressed his hope that Heng Swee Keat would lend his voice to advancing cooperation in key areas, including finance, high technology, renewable energy, smart infrastructure, and sustainable urban development, as well as offshore wind power exports, carbon credit exchanges, and seaport development.
Regarding cooperation to connect Vietnam’s international financial center with Singapore, both sides affirmed that this represents a new and highly promising area of bilateral collaboration. Standing Deputy Prime Minister Nguyen Hoa Binh expressed his hope that Singapore would share its experience in operating an international financial center, as well as support the establishment of networks with partners in Singapore.
Mr. Heng Swee Keat highly appreciated the increasingly positive development of bilateral relations, noting that Singapore is one of Vietnam’s leading partners in both investment and trade. He described the Vietnam–Singapore Industrial Parks (VSIPs) as a vivid symbol of economic cooperation between the two countries.
Highlighting Vietnam’s strong growth potential, he stressed the importance of mobilizing sufficient financial resources. Drawing on Singapore’s experience, he said the development of an international financial center should be closely aligned with national economic priorities and designed to serve domestic needs.
Having witnessed multiple regional and global financial crises, he underscored the need to strike a balance between economic growth objectives and macroeconomic stability while strengthening linkages between global and domestic markets in a way that limits spillover effects in the event of a financial crisis.
Standing Deputy Prime Minister Nguyen Hoa Binh called on Heng Swee Keat to help promote connectivity between Vietnam’s international financial center and Singapore, as well as other financial hubs in the region, and to continue providing strategic advice and support to Vietnam during the upcoming phase of developing its international financial center.
At meetings with the Association of Banks in Singapore (ABS) and the Singapore FinTech Association (SFA), the Standing Deputy Prime Minister briefed participants on Vietnam’s key achievements in socio-economic development and outlined priority directions for strategic infrastructure development, particularly in transport, energy, railways, and digital infrastructure. Emphasizing that financing needs for these projects are substantial, he urged the associations to relay information on investment opportunities in Vietnam to their member banks and financial institutions. He also reaffirmed Vietnam’s commitment to ensuring the most favorable possible business environment, with incentive policies aligned with international standards at the international financial center.
Chairman of the Association of Banks in Singapore, Tan Teck Long, spoke highly of Vietnam’s strong growth potential and affirmed the association’s readiness to cooperate with and support the development of Vietnam’s international financial center in the coming time.
Leaders of member banks and financial institutions also shared a number of recommendations, underscoring the importance of ensuring strong linkages between the international financial center and Vietnam’s economy. They emphasized priorities, including the development of digital assets and financial technology, the building of a comprehensive digital ecosystem, and digitally skilled human resources placed at the core of development efforts.
Standing Deputy Prime Minister Nguyen Hoa Binh expressed his hope that the Association of Banks in Singapore (ABS) and the Singapore FinTech Association (SFA) would encourage their member banks and enterprises to take part in the implementation and operation of Vietnam’s international financial center and to establish an early presence there in the near future.
During the discussions, Singaporean experts and investors highly appreciated Vietnam’s strategic direction, priority areas, and incentive policies in developing its international financial center.
Standing Deputy Prime Minister Nguyen Hoa Binh hoped that experts would contribute to supporting Vietnam’s international financial center by serving in advisory roles, helping to attract international investment funds, and facilitating linkages with the Singapore Exchange.
