A delegation from the Ministry of Finance, led by Minister Ho Duc Phoc, had a working session with Second Minister Chee Hong Tat for Finance of Singapore.
Discussing the cooperative relationship between the two Ministries of Finance, Minister Ho Duc Phoc expressed his pleasure with the continuous development and positive results of the bilateral cooperation between Vietnam and Singapore in recent times. Singapore has always been an important and special partner of Vietnam in all fields. In terms of investment, Singapore was the largest FDI investor in Vietnam in the first six months of 2024, with a total registered capital of nearly US$5.6 billion. In terms of trade, Singapore has always been among the important import-export partners of Vietnam.
In the first six months of 2024, Vietnam’s economy continued its positive recovery momentum with a GDP growth rate of 6.42 percent, much higher than the growth rate of the same period last year (3.84 percent). Other economic indicators have also improved significantly. Among them, registered FDI capital reached US$15.2 billion, up 13.1 percent compared to the same period (FDI from Singapore accounted for more than one-third). This affirms Singaporean investors’ confidence in Vietnam’s growth prospects.
The Ministry of Finance continues to maintain a flexible fiscal policy, supporting growth, with policies to alleviate difficulties for businesses and citizens, and to recover and develop the socio-economic landscape.
The Vietnamese Finance Minister hoped the Ministry of Finance of Singapore to share more experiences related to the modernization of tax and customs management; and solutions to ensure system security, especially policies from the Ministry of Finance to promote and facilitate the modernization of customs and tax, as well as risk prevention experiences during the modernization process.
In addition, he proposed cooperation in training and capacity building for securities management agencies, and stock exchanges, including cross-listing and dual listing; and support for the development of a carbon credit exchange.
Sharing about investment cooperation opportunities between the two countries, especially in the financial sector, Second Minister for Finance of Singapore Chee Hong Tat emphasized that in the near future, the two countries can promote cooperation in the fields such as energy, services, and financial services and aim to upgrade the relationship to a comprehensive strategic partnership. Additionally, the two countries can promote the sharing of experiences, best practices, and business investment opportunities.
The Ministry of Finance of Singapore agreed with Minister Ho Duc Phoc’s proposals to promote cooperation in the fields of tax and customs and will direct agencies such as the Monetary Authority of Singapore and the Singapore Exchange to coordinate with Vietnamese partner agencies to implement the proposed cooperation contents. Singapore also wishes to learn and share experiences from Vietnamese partner agencies to aim for mutually beneficial cooperation and create opportunities for businesses of both countries.
After the meeting, the two Ministers witnessed the signing ceremony of the memorandum of understanding between the Vietnam Stock Exchange and the Singapore Stock Exchange.
