Vietnam and Singapore to enhance economic connectivity

Vietnam and Singapore to enhance economic connectivity

Minister of Finance Nguyen Van Thang held talks with Singapore's Minister for Manpower and Second Minister for Trade and Industry Tan See Leng on March 11.

The meeting was held as part of Party General Secretary To Lam's official visit to Singapore.

During their talks, Thang expressed his gratitude to Leng for taking the time to meet with the Vietnamese delegation.

The minister noted that Vietnam is currently restructuring its state administrative apparatus to enhance efficiency and effectiveness, ensuring streamlined and cohesive governance. He also said that Vietnam’s Ministry of Finance will continue to work closely with Singapore to effectively implement the Vietnam-Singapore economic connectivity framework.

Minister of Finance Nguyen Van Thang held talks with Singapore’s Minister for Manpower and Second Minister for Trade and Industry Tan See Leng on March 11. Photo: Ngoc Anh

Highlighting the robust growth in Vietnam-Singapore relations, the Vietnamese minister emphasised that bilateral ties have been nurtured since the time of late Prime Minister Lee Kuan Yew, and have continued to strengthen under successive generations of leaders, including current Prime Minister Lawrence Wong.

“Vietnam regards Singapore as a close friend and a key strategic partner across various sectors, including economy, trade, investment, and finance. Singapore remains Vietnam’s largest foreign investor within ASEAN and ranks second among 147 countries and territories investing in Vietnam. In trade, Singapore is Vietnam’s fourth-largest partner in ASEAN,” Minister Thang stated.

The minister reiterated Vietnam’s commitment to the framework, viewing it as a vital mechanism for strengthening economic ties, particularly as the two nations elevate their relationship to a comprehensive strategic partnership.

“As a highly developed nation, Singapore stands as a leading hub for finance, innovation, and knowledge-based industries in the region. Vietnam looks forward to learning from Singapore’s experiences and deepening cooperation,” he noted.

Thang further stressed Vietnam’s economic potential, citing its large population and integral role in ASEAN’s supply chain. He underscored the significant opportunities for Singapore to diversify and expand its economic engagement in Southeast Asia through stronger collaboration with Vietnam.

“Leveraging our complementary strengths will allow both nations to seize economic opportunities while effectively managing regional challenges,” he remarked.

With this in mind, Minister Thang expressed his desire to convene the 2025 Vietnam-Singapore Economic Connectivity Meeting in Vietnam at the earliest opportunity. He also welcomed the opportunity to co-chair the event with Leng and discuss key areas of mutual interest.

In response, Leng welcomed the proposals to enhance financial and economic cooperation between the two countries. He expressed confidence that bilateral collaboration would see further expansion, contributing to the success of the comprehensive strategic partnership.

VIR