Vietnam aims to deepen strategic partnership with Singapore

At the 19th Vietnam–Singapore Connectivity Ministerial Meeting held on October 10 at the Ministry of Finance (MoF) headquarters in Hanoi, Minister of Finance Nguyen Van Thang and Singapore’s Minister for Manpower and Minister-in-charge of Energy and Science and Technology Tan See Leng co-chaired discussions aimed at strengthening collaboration in trade, finance, innovation, and green development.

Also attending the conference were Jaya Ratnam, Singapore's Ambassador to Vietnam, along with representatives from ministries, diplomatic agencies, businesses, and economic organisations of both countries.

In his opening remarks, Minister Thang spoke of the significance of the meeting, which follows the official upgrade of bilateral ties to a comprehensive strategic partnership during Party General Secretary To Lam's visit to Singapore in March 2025.

"This is a breakthrough development, reflecting deep political trust and paving the way for a comprehensive and substantive phase of cooperation between the two countries," Minister Thang stated.

Minister Thang noted that the Vietnam-Singapore Connectivity Ministerial Meeting is a key activity in implementing the comprehensive strategic partnership framework. It serves as a high-level dialogue mechanism to promote cooperation in areas such as trade, investment, energy, digital transformation, green development, and human resource training, while also strengthening strategic connectivity amid a volatile regional and global landscape.

In 2025, Vietnam's economy continues to show strong growth despite global challenges. GDP growth for the first nine months reached 7.84 per cent, with the third quarter's growth alone at approximately 8.22 per cent. The total import-export turnover exceeds $680 billion, a 17.3 per cent increase on-year, with an estimated trade surplus of $16.82 billion.

Institutional reform and territorial restructuring are being actively implemented to create new growth drivers, aiming for a growth rate above 10 per cent in the coming years.

The finance minister stated that registered foreign investment in the first nine months exceeded $28.5 billion, up 8.5 per cent on-year. Singapore is currently the second-largest foreign investor in Vietnam, with 4,226 active projects and the total registered capital of $87.6 billion. Conversely, Vietnam has 190 ventures in Singapore with a total capital of $685 million, reflecting a deepening trend of two-way cooperation.

"Today's conference is an opportunity for both sides to review the progress of cooperation and discuss specific measures to elevate the Vietnam-Singapore relationship to new heights, aiming for sustainable growth and proactive responses to global shifts," said Thang.

Priority areas for collaboration identified by both sides include investment, agricultural trade and sustainable development, tourism, infrastructure, IT, education and human resource training, innovation, digital transformation, and finance.

At the meeting, Minister Leng extended heartfelt sympathy and solidarity to the Vietnamese government and people over the severe damage caused by three recent consecutive storms. “Singapore is deeply saddened by these serious losses, and we believe that with resilience and determination, Vietnam will soon recover and emerge stronger than ever,” he said.

Minister Leng noted that 2025 is a particularly meaningful year for Vietnam, as the country celebrates 80 years of independence and 50 years since full reunification. It is a time to reflect on Vietnam's proud development journey and its growing role and stature in the region and on the global stage.

He praised the remarkable progress in Vietnam-Singapore cooperation, especially the elevation of bilateral relations to a higher level. Singapore is currently one of the largest investors in Vietnam, with total investment capital of approximately $12.4 billion, reflecting strong confidence by Singaporean businesses in Vietnam's investment environment and growth prospects.

Tan also stressed the importance of the Vietnam-Singapore Ministerial Conference, a cooperation mechanism sustained for 18 years, which has promoted collaboration across five main pillars and 11 priority areas.

"Following the upgrade of the cooperation framework in 2023, Singapore established a dedicated unit to support Singaporean businesses investing in Vietnam. This unit helps firms identify cooperation opportunities and expand their operations more effectively," he said and added that both countries are promoting joint initiatives in talent exchange, research, and innovation, particularly in green energy, digital transformation, and high-tech sectors.

“I hope that in the near future, agencies from both sides will jointly propose more initiatives and concretise them to bring real value to businesses and citizens of both countries,” said Minister Leng. "Singapore always considers Vietnam a key strategic partner in the region, and we are committed to standing alongside Vietnam on the path of sustainable, prosperous, and innovative development.”

The Vietnam-Singapore Connectivity Ministerial Meeting is not only an opportunity to strengthen political trust and economic cooperation, but also a platform for shaping new directions in investment collaboration, green transformation, and innovation, aligning with both countries' sustainable development goals and deepening global integration in the next phase of their partnership.

Singapore is emerging as a strategic gateway for Vietnamese small- and medium-sized enterprises (SMEs) to expand abroad.

Within the framework of the 19th Vietnam-Singapore Connectivity Ministerial Meeting on October 10, Vietnam SuperPort, a joint venture between YCH Group (Singapore) and T&T Group (Vietnam), announced the commencement of operations of its Off-Airport Cargo Terminal (OACT), a key component of the multimodal logistics hub located in Phu Tho province.