General Secretary of the Communist Party of Việt Nam Tô Lâm speaks at the Việt Nam – Singapore Business Forum. — VNA/VNS Photo

HÀ NỘI — Việt Nam is making strategic strides to solidify its position as a global hub for scientific innovation and financial collaboration.

This vision was prominently showcased at the Việt Nam – Singapore Business Forum, titled 'Việt Nam – Destination of the Era of Science, Technology and Financial Cooperation', held on Thursday in Singapore with the presence of General Secretary of the Communist Party of Việt Nam Tô Lâm.

Organised by the Embassy of Việt Nam in Singapore and the Ministry of Finance, the event attracted over 100 enterprises across diverse industry, including high technology, telecommunications, finance, energy, aviation, real estate, agriculture, healthcare and human resource development.

This broad representation highlights Việt Nam’s multifaceted approach to integrating science, technology, and finance into its economic framework.

Strategic vision

At the event, Việt Nam's Minister of Finance Nguyễn Văn Thắng outlined a comprehensive strategy to elevate the country’s financial system on both regional and global scales.

His vision includes liberalising the financial sector to foster an environment where international financial institutions can operate under global standards of efficiency, transparency and fairness.

At the core of this strategy is the ambition to establish international financial centres by 2035, positioning Việt Nam as a regional nexus for financial services and investments.

Recognising the transformative impact of financial technology (FinTech), Việt Nam plans to invest heavily in modernising financial services, enhancing accessibility and fostering innovation.

The strategy also emphasises the development of high-quality human resources, with collaborative efforts alongside Singapore and other ASEAN financial hubs to cultivate a skilled workforce prepared for an evolving financial landscape.

Ensuring market stability, effective risk management, and robust investor protection mechanisms remains a priority. By reinforcing these pillars, Việt Nam aims to build confidence and sustain long-term growth in its financial markets.

Minister Thắng also highlighted Việt Nam’s interest in leveraging Singapore’s expertise in international financial development and expressed optimism that bilateral cooperation would be instrumental in achieving the country’s ambitious goals.

General Secretary Tô Lâm witnesses the signing of cooperation agreements between businesses from both countries. — VNA/VNS Photo

Strengthening relations

The forum also facilitated insightful exchanges between Vietnamese and Singaporean enterprises, experts and economists.

Participants shared valuable experiences in financial market development and international financial centre establishment, offering practical recommendations aligned with Việt Nam’s aspirations.

General Secretary Tô Lâm highlighted the enduring and evolving Việt Nam – Singapore relationship over more than five decades, which has matured into a comprehensive strategic partnership.

He underscored the dynamic nature of the ASEAN community, emphasising the opportunities presented by regional agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Việt Nam – Singapore Economic Connectivity Agreement.

The General Secretary expressed Việt Nam’s ambition to integrate advanced technologies and sustainable energy solutions into Việt Nam – Singapore Industrial Parks (VSIPs), transforming them into modern industrial hubs exemplifying smart and sustainable industrialisation.

He emphasised the need for Việt Nam and Singapore to strengthen their economic connectivity through a collaborative programme that addresses both strengths and overall growth.

With Singapore's financial resources and innovative capabilities combined with Việt Nam's skilled workforce and natural resources, this partnership can drive significant innovation and create mutual benefits.

Việt Nam aims to become a high-income country by 2045, requiring decisive action now. Recent efforts focus on refining legal frameworks to provide stability for citizens and investors, facilitating development and administrative efficiency, according to the General Secretary.

For the first time, Việt Nam has planed to build regional and international financial centres, so it must concentrate on promoting science and technology, innovation, and digital transformation, the Party leader stated.

According to the General Secretary, Việt Nam and Singapore already signed the Green - Digital Economic Partnership. Following the upgrade of the bilateral relations, the two sides are determined to expedite the implementation of this partnership. Many leading technology companies have offered advice, proposals, and recommendations, emphasising the importance of human resources training and the development of artificial intelligence, semiconductors, quantum technology, and data in Việt Nam. These are also key areas of interest for Việt Nam, which it has been actively researching to drive development.

Việt Nam has taken on board many suggestions for developing financial centres as well as for investment encouragement and enterprise development, and promoting indirect investment, he stressed, noting that the development of indirect investment funds benefits businesses and is essential for establishing the regional and international financial centres.

Additionally, Việt Namis also interested in the cryptocurrency and digital currency market. The country's policy is to continue developing the private economic sector as a driving force for comprehensive development, encouraging innovation, dynamism, and efficiency, while fostering trust, collaboration, mutual understanding, and shared benefits, he stated.

On this occasion, the Party chief and his entourage witnessed the exchange of cooperation documents between many agencies and businesses of the two nations across fields. — BIZHUB/VNS