Deputy Prime Minister Nguyen Hoa Binh meets with Singapore’s Senior Minister Lee Hsien Loong on January 13. Photo: MDDI (Singapore)
Today (January 13), as part of his official visit to Singapore, Deputy Prime Minister Nguyen Hoa Binh held a meeting with Singapore’s Senior Minister Lee Hsien Loong.
During the meeting, Deputy Prime Minister Nguyen Hoa Binh highly appreciated the significant contributions made by the late Prime Minister Lee Kuan Yew and Senior Minister Lee Hsien Loong over the years. Their efforts have been instrumental in deepening bilateral relations and fostering Vietnam’s economic development, notably through the robust expansion of the Vietnam-Singapore Industrial Parks (VSIP) network.
Singapore Commits to Supporting Vietnam’s International Financial Center Development
Senior Minister Lee Hsien Loong welcomed the visit and expressed his pleasure in meeting Deputy Prime Minister Nguyen Hoa Binh. He expressed confidence that, with its potential and comparative advantages, Vietnam would achieve significant milestones in economic development.
The Senior Minister also celebrated the positive and substantial progress in bilateral relations, particularly the development of 21 VSIPs across 14 provinces and cities. He reaffirmed the shared goal of both nations’ leaders to reach 30 VSIPs by 2030.
Regarding financial cooperation, Senior Minister Lee Hsien Loong congratulated Vietnam on the establishment of the International Financial Center, highlighting Vietnam’s vision and commitment to development in this new phase. He shared Singapore’s extensive experience in developing an international financial center and offered strategic recommendations for Vietnam’s center.
Senior Minister Lee Hsien Loong affirmed that the Singapore Government is ready to exchange knowledge, support Vietnam, and enhance connectivity between the International Financial Centers of both countries.
Numerous Singaporean Investors Show Interest in Vietnam’s International Financial Center
Deputy Prime Minister Nguyen Hoa Binh expressed his hope for the Senior Minister’s continued support in advising and sharing expertise on financial center development. Photo: MDDI (Singapore)
Following the insightful suggestions from Senior Minister Lee Hsien Loong, Deputy Prime Minister Nguyen Hoa Binh noted that during their visit to Singapore, the delegation held productive meetings with Singaporean agencies, banks, financial institutions, and investors.
These meetings revealed significant interest and positive feedback regarding Vietnam’s establishment of the International Financial Center. Singaporean entities viewed it as a wise and necessary decision, expressing keen interest in exploring cooperation and investment opportunities within the center.
Deputy Prime Minister Nguyen Hoa Binh expressed his hope for the Senior Minister’s continued support in fostering stronger, more effective bilateral relations. He also sought advice and expertise sharing on financial center development and enhancing cooperation between the two nations’ International Financial Centers.
On this occasion, Deputy Prime Minister Nguyen Hoa Binh extended a warm invitation to the Senior Minister to visit Vietnam at a convenient time. The Senior Minister graciously accepted the invitation.
On the morning of December 21, 2025, at the Government Office, Prime Minister Pham Minh Chinh chaired the conference announcing the establishment of the International Financial Center in Vietnam. Speaking at the event, Prime Minister Pham Minh Chinh stated that the establishment of the International Financial Center marks Vietnam’s integration into financial technology and the greening of its economy.
Addressing the conference, the Prime Minister urged the business community, business associations, and investors to build on their achievements, overcome challenges, and foster a spirit of confidence, self-reliance, and resilience. He emphasized the importance of unity, collaboration, and sharing in integration across various fields.
“Do not fear being small or diminish yourself before giants. Learn to stand on the shoulders of giants and become giants yourselves. Avoid complacency with past successes and pessimism in the face of challenges. Seize opportunities to learn, cooperate, and grow stronger. This financial center is a ‘launchpad’ for you to reach regional and global heights,” the Prime Minister stressed.
The International Financial Center in Vietnam operates under a “one center, two destinations” model, located in Ho Chi Minh City and Da Nang. Specifically, Ho Chi Minh City serves as a major financial hub, focusing on stock markets, bonds, banking, fund management, and listing services. Da Nang, meanwhile, specializes in financial services related to logistics, maritime trade, free trade, and agro-industrial supply chains. The International Financial Center in Ho Chi Minh City spans 899 hectares, while the Da Nang center covers 300 hectares.
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On the afternoon of January 16th, concluding the first meeting of the Steering Committee for the International Financial Center in Vietnam, Prime Minister Pham Minh Chinh, Head of the Steering Committee, emphasized that the International Financial Center in Ho Chi Minh City must be launched no later than February 9, 2026.
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Deputy Prime Minister Nguyen Hoa Binh Engages with Singaporean Agencies, Businesses, and Investors to Boost Financial Hub Cooperation
On January 12th, as part of his working visit to Singapore, Deputy Prime Minister Nguyễn Hòa Bình held meetings with the Monetary Authority of Singapore (MAS), the CEO of the Singapore International Arbitration Centre (SIAC), and the Chairman of the Singapore Economic Development Board (EDB). He also attended and delivered a speech at a seminar with Singaporean investors and met with leaders of several corporations.
Singapore Ready to Support and Share Expertise in Operating an International Financial Center with Vietnam
On January 12th, as part of his working visit to Singapore, Permanent Deputy Prime Minister of Vietnam Nguyễn Hòa Bình held a meeting with Singapore’s Deputy Prime Minister Gan Kim Yong.
UOB Establishes Headquarters at Vietnam International Financial Center
During Deputy Prime Minister Nguyễn Hòa Bình’s visit to Singapore, UOB Bank announced plans to increase its chartered capital to 10,000 billion VND. The bank is also in the process of constructing its headquarters at the International Financial Center (IFC) in Ho Chi Minh City.
