Vietnam calls on S'pore's support in developing financial centres to attract more foreign investment

Newly-elected Vietnamese Prime Minister Le Minh Hung called on Singapore's help to develop international financial centres in Vietnam, as part of the country's new policies to attract greater foreign investment.

In a call between Hung and Prime Minister Lawrence Wong on Apr. 16, Hung also called for Singapore's support in expanding and upgrading next-generation Vietnam-Singapore Industrial Parks (VSIP), an ongoing partnership project that has grown into 20 VSIPs to date, Asia News Network reported.

According to PM Wong's Facebook post detailing the call, he congratulated his Vietnamese counterpart on his recent appointment, and both leaders had a "productive discussion on ways to build on" the existing Comprehensive Strategic Partnership (CSP).

They also discussed ways to expand bilateral cooperation in areas like renewable energy and digital technologies, wrote PM Wong.

"As close ASEAN partners, we will continue working together to contribute to regional peace, stability, and prosperity."

ANN reported that PM Wong backed Hung's proposals to attract more foreign investment into Vietnam, including from Singapore, and agreed to implement the agreed cooperation areas.

According to the media coalition, PM Wong announced plans to increase the number of VSIP projects in Vietnam from 20 to 30 in 2026, in conjunction with the 30th anniversary of the initiative.

He also pledged continued support for Vietnam in human resource development, in particular strategic-level officials, through new training agreements and the expansion of the Singapore Cooperation Programme, an initiative by the Singapore government to support developing countries with technical and systems skills.

Both leaders also affirmed other areas of partnership, including in political trust, high-level exchanges and effective cooperation mechanisms.

They agreed to launch a strategic dialogue mechanism between both ruling parties in 2026 and enhance cooperation in energy security, according to ANN.

The Vietnamese government also called for deeper cooperation with Singapore in defence-security, combating transnational crime, support for Vietnam's tech and AI initiatives, and negotiations on the code of conduct in the South China Sea.

According to ANN, at the end of the call, PM Wong extended his invitation to Hung to pay an official visit to Singapore.

Top images via Lawrence Wong/Facebook & Nhadautu