Economic cooperation is a crucial pillar in the relationship between Vietnam and Singapore. Singapore is currently one of Vietnam's leading economic partners and among the largest foreign investors in Vietnam. According to the Vietnamese Ambassador to Singapore, Tran Phuoc Anh, by 2025, the two countries aim to reach a record milestone in bilateral trade, valued at approximately S$40 billion (over US$31.3 billion), an increase of nearly 25% compared to 2024.

A prime example of successful economic cooperation is the Vietnam-Singapore Industrial Park (VSIP) system. With strong support from both governments, since its first project in Binh Duong in 1996, VSIP has continuously expanded and operated effectively in many locations. The effectiveness of this model is demonstrated through its significant contributions to Vietnam during the period of accelerated industrialization and modernization, through the formation of modern, safe, and environmentally friendly production clusters.

An article published on May 25th on the AsiaInvest Singapore website states that, after nearly three decades of development, the VSIP network has expanded to 22 industrial parks across Vietnam and is expected to increase to 30 by the end of 2026. The VSIP system not only serves as a hub for attracting FDI, but these industrial parks also contribute to promoting technology transfer, upgrading industrial capacity, developing human resources, and supporting the industrialization process in many localities of Vietnam.

According to the article, the increasingly deep economic relationship between Singapore and Vietnam reflects the shared aspiration of both countries to play a larger role in the next phase of ASEAN's economic transformation, particularly in areas such as the digital economy, green transformation, high-tech manufacturing, smart logistics, and emerging technologies.

Sharing his expectations for elevating economic cooperation between Vietnam and Singapore through the State visit to Singapore by General Secretary and President To Lam, Singapore's Ambassador to Vietnam, Rajpal Singh, stated: Singapore aims to elevate economic relations with two core priorities. Firstly, expanding the digital space. Singapore is cooperating with Vietnam to harness the potential of the digital economy. Within the framework of this visit, there will be a special Tech Connect Forum to connect digital businesses from both countries and sign new agreements and projects. Secondly, enhancing relations in the green and sustainable sectors. The two sides have signed an Agreement on the Implementation of Carbon Credits in 2025 and are expected to implement projects in this area by the end of 2026.

Cooperation in science and technology is a key factor in strengthening the relationship between Vietnam and Singapore. Vietnam has the advantage of abundant human resources, a large market, and enormous development potential, while Singapore possesses strengths in advanced technology, management experience, and investment capital. The two countries are promoting initiatives to connect technology and innovation, aiming to link technology ecosystems, innovation centers, technology companies, and high-quality human resources. This is a strategically significant long-term cooperation direction, aligning with Vietnam's development needs and Singapore's strengths.

Both sides also have significant potential for cooperation in emerging technologies such as semiconductors, artificial intelligence (AI), new materials, and space technology. Vietnam is very interested in these areas, while Singapore also aims to become a regional hub in these fields, especially in establishing standards and benchmarks in technology.

Regarding cooperation in education and human resource training, the two sides have signed a Memorandum of Understanding on educational cooperation, established sister-school relationships between training institutions, provided each other with numerous scholarships for undergraduate and postgraduate training, and exchanged many delegations of officials, lecturers, and students from both countries. Over 21,000 mid-level and senior officials and managers from Vietnam have participated in training within the framework of the Singapore Cooperation Program over the past 30 years.

The Shangri-La Dialogue is the leading security forum in the Asia-Pacific region, organized annually by the IISS in Singapore, bringing together many of the world's top leaders, defense ministers, scholars, and strategic experts. It is a prestigious forum with significant influence on issues of peace, security, and regional architecture.

The invitation of General Secretary and President To Lam to deliver the keynote address at the Shangri-La Dialogue – the most important speech of the forum – demonstrates the international community's respect and high regard for Vietnam's growing role, position, and prestige, as well as the role and prestige of General Secretary and President To Lam. This also reflects the interest of other countries in Vietnam's independent, self-reliant, peaceful, cooperative, and developmental foreign policy.

Bearing special significance and taking place against the backdrop of strong development in Vietnam-Singapore relations after more than half a century of effective cooperation, the State visit to Singapore by General Secretary and President To Lam, including his participation and keynote address at the Shangri-La Dialogue, is expected to further strengthen political trust and elevate strategic coordination between Vietnam and Singapore.

In particular, in the context of many changes in the region and the world, the two countries' shared vision for development and enhanced strategic coordination at multilateral forums are of crucial importance not only for the development of both countries but also contribute to building a peaceful, stable, cooperative, and prosperous region.