During the time from 11 to 13 March 2025, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) accompanied Party General Secretary To Lam in his state visit to the Republic of Singapore.
Singaporean Prime Minister Lawrence Wong leads the official welcoming ceremony for the Vietnamese delegation
Vietnam and Singapore established diplomatic relations in 1973, and are now important partners in many areas. In politics, the two countries have maintained a trusted partnership and have been working closely together in the regional and international forums. Economically, Singapore is the second largest investor in Vietnam with a total accumulated FDI capital of more than 81 billion USD, focusing on the sectors of infrastructure, high technology, finance - banking, processing – manufacturing, and real estate.
On March 11-12, 2025, SBV Governor Nguyen Thi Hong accompanied the Party General Secretary to attend many different events, including the official welcoming ceremony led by Singaporean Prime Minister Lawrence Wong; the official talk between the Party General Secretary and the Singaporean Prime Minister; the working session with a number of leading Singaporean businesses; etc.
Vietnam and Singapore have announced to upgrade the bilateral relationship to a comprehensive strategic partnership. The Party General Secretary affirmed that the new relationship would enhance the political trust and open up great opportunities for cooperation, benefiting the people and businesses of both sides, and contributing to the stability and development in the region and around the world.
Regarding the cooperation in the banking sector, the Party General Secretary’s state visit has strengthened the mutual understanding, building a close and effective partnership, expanding new strategic cooperation opportunities in the sectors of finance, financial technology (FinTech) and innovation.
SBV Governor Nguyen Thi Hong and MAS’s Managing Director Chia Der Jiun exchanged the upgraded MoU on financial innovation
Under the witness of Party General Secretary To Lam and Prime Minister Lawrence Wong, on March 12, 2025, SBV Governor Nguyen Thi Hong and Mr. Chia Der Jiun, Managing Director of the Monetary Authority of Singapore (MAS) exchanged the upgraded Memorandum of Understanding (MoU) on financial innovation, which aims to expand the bilateral cooperation in payment connectivity and to support the Fintech development. The MoU is expected to consolidate the foundation for the SBV and the MAS to enhance their information exchanges in the process of developing new legal frameworks for FinTech, and to create favorable conditions for the cross-border retail settlement connections using QR codes. Promoting the cross-border bilateral settlement using QR codes between Vietnam and Singapore had been agreed by the senior leaders of the two countries in the Vietnam-Singapore Joint Statement on upgrading the bilateral relationship to Comprehensive Strategic Partnership.
Governor Nguyen Thi Hong visited the Representative Office of Vietcombank in Singapore
Also on March 12, 2025, Governor Nguyen Thi Hong visited Vietcombank’s Representative Office in Singapore. Complimenting the Office’s efforts in studying the market, seeking investment opportunities and connecting businesses, the Governor suggested that Vietcombank continue to leverage its advantages, expand its operations in the Singaporean market, especially in the areas of international settlement, trade financing, and FinTech cooperation, further fulfilling its tasks, helping to bring the Vietnam - Singapore trade and investment cooperation relationship to a new height.
The Vietnamese delegation’s activities in Singapore led by General Secretary To Lam would be continued on March 13, 2025.
HY