Singapore (VNA) – Minister of Finance Ho Duc Phoc has led a delegation of the ministry and Vietnamese enterprises on a two-day working trip to Singapore starting August 5, aiming to step up bilateral cooperation in potential fields.
At a meeting with the delegation on August 5, Singaporean Second Minister for Finance Chee Hong Tat suggested a series of areas where bilateral cooperation can be promoted toward the upgrade of the countries’ relations to a comprehensive strategic partnership. The list includes energy, services, and financial services. He also highlighted the potential for Vietnam and Singapore to share experiences, best practices, and business investment opportunities.
Chee assessed that Vietnam’s investment in infrastructure development and transport connectivity will facilitate transport, domestic business operations and import-export activities. There is a fat chance for the country to attract foreign capital given disruptions in global supply chains.
Phoc expressed his confidence that the Singaporean Ministry for Finance will facilitate cooperation with Vietnam in finance, economy, trade, and investment to match the nations’ sound political and diplomatic relations and toward a comprehensive-strategic-partnership upgrade in the near future.
The ministers concurred to share experiences involving the modernisation of tax and customs management and system security and safety solutions, while proposing joint work in training and capacity building for securities regulatory agencies and stock exchanges. Additionally, mutual support for developing a carbon credit exchange was also agreed upon.
Following the meeting, they witnessed the signing of a memorandum of understanding between the Vietnam Exchange and Singapore Exchange.
The delegation later had a working session with Managing Director of the Monetary Authority of Singapore (MAS) Chia Der Jiun, with the sides underscoring the cooperation potential in accelerating the development of capital markets and connecting them based on each nation’s strengths.
In the time to come, they agreed to explore deeper cooperation between the securities regulatory authorities of Vietnam and Singapore in a bid to share experiences in management, technology, and knowledge of bond and stock market oversight.
Their discussions included the possibility of cross-listing stocks and bonds on each other's stock exchanges and researching the development of depository receipts to enhance market liquidity. Both officials emphasised the importance of building trust to team up in issuing green bonds and developing a carbon credit market. Additionally, they agreed to cooperate in financial technology and digital finance.
While in Singapore, on August 6, Phoc chaired a conference promoting finance investment in Vietnam, gathering more than 300 Singaporean businessmen and investors.
In his remarks, the minister affirmed that Vietnam ensures investors’ legitimate rights and interest and is working assiduously to improve the local business climate serving their long-term operations in the country.
Talking to the Vietnam News Agency during the visit, Phoc highlighted the effectiveness of Singaporean investment in Vietnam, mentioning 16 Vietnam-Singapore Industrial Parks (VSIPs) established across Vietnam. The parks exemplify effective and sustainable investment that has generated more than 300,000 jobs and channelled some 18 billion USD in high technologies.
As part of their trip, the Vietnamese delegation also visited the Singapore Exchange, Temasek Singapore, and Port of Singapore./.
