Singapore becomes Vietnam’s latest partner of CSP

The Hanoi Times — Singapore and Vietnam will lead initiatives in the digital and green economies while striving for greater high-level exchanges under the Comprehensive Strategic Partnership (CSP) announced on March 12 during the three-day official visit paid by General Secretary of the Communist Party of Vietnam To Lam.

It is Singapore’s first such partnership with an ASEAN member state while the city-state is the third in ASEAN that Vietnam elevated relations with, after Malaysia in November 2024 and Indonesia in March 2025.

This upgrade follows more than a decade since Singapore and Vietnam established their Strategic Partnership in 2013, fostering cooperation in key areas such as trade, investment, finance, security, defense, and training.

Singapore’s Prime Minister Lawrence Wong said closer ties will help both sides tackle challenges amid a more unstable global environment.

“There is a lot that we can achieve for mutual benefit, and in the uncertain global environment that we see today, it’s even more critical for states like Singapore and Vietnam to work closely together, both bilaterally and also to strengthen ASEAN. This is exactly what we intend to do through the CSP,” CNA quoted PM Wong at the press conference on March 12.

Key pillars of partnership

In a joint statement, both countries outlined six key pillars as the foundation for implementing the CSP: Security and defense: strengthening military exchanges and combating transnational crimes like scams and money laundering; Economic ties: expanding Vietnam-Singapore Industrial Parks (VSIPs), improving food security, capital markets, and cross-border QR payments; Energy and green cooperation: facilitating Vietnam’s offshore wind electricity exports to Singapore and developing power infrastructure; Talent and people connectivity: boosting capacity-building and talent development, particularly for strategic-level officials; Digital and emerging tech: advancing collaboration in cybersecurity and artificial intelligence; and Multilateral engagement: deepening coordination in regional and global forums, particularly in strengthening ASEAN.

The CSP will “spur innovation-driven and green growth in our two countries” as PM Wong said. It will put in place the building blocks for the ASEAN Digital Economy Framework Agreement and the Asean Power Grid, both of which will strengthen the resilience of the region.

The statement also highlights ASEAN’s consistent stance on the South China Sea issues and the need to manage disputes in accordance with international law.

The two leaders also oversaw the exchange of eight memoranda of understanding and agreements across various sectors, including transnational crime prevention, digital transformation, offshore wind power trade, fintech innovation, capital markets regulation, and the development of Vietnam-Singapore Industrial Parks (VSIPs).

Additionally, the Monetary Authority of Singapore (MAS) and the State Bank of Vietnam agreed to enhance their existing framework to strengthen collaboration on financial innovation. The upgraded agreement will expand cooperation on digital innovation projects, improve payment connectivity between both countries, and support fintech operations in their respective markets.

The statement noted that the leaders have tasked their ministries with developing a Plan of Action encompassing all areas of cooperation to implement the CSP.

Speaking on this occasion, General Secretary To Lam said: “This new framework will contribute to further strengthen political trust and open up a new, broader space for economic cooperation between Vietnam and Singapore, making our relationship a model in international relations in a new era.”

Earlier at the official lunch, PM Wong said that economic cooperation is the cornerstone of the bilateral relationship.

One key pillar in the relations is the operations of the Vietnam-Singapore Industrial Parks (VSIP), which reaches 18 across 13 cities and provinces in Vietnam. The VSIPs have attracted more than US$21.5 billion in investments and created over 300,000 jobs.

The two countries will deepen cooperation in emerging areas such as the digital economy and renewable energy along with financial innovation.

On March 12, General Secretary To Lam gave a lecture at the Lee Kuan Yew School of Public Policy. Speaking to students and academics, he shared more about Vietnam’s development and partnerships with other countries. He said that Vietnam will foster innovation, openness, and global integration, ensuring stability and appeal for investors and businesses.

Vietnam plans to grow its talent pool and tap the power of science and technology, innovation, and digital transformation, driven by self-reliance, national pride, and collective strength, to become a developed, high-income country by 2045, the 100th anniversary of independence.

“Advancing science, technology, innovation, and digital transformation is not a choice but a necessity for fulfilling national aspirations,” To Lam emphasized.

In terms of investment, Singapore has invested $83 billion into Vietnam, ranking second behind South Korea. Bilateral trade hit $10.5 billion in 2024, up 9.5% year-on-year.

This year marks the 52 years of Vietnam-Singapore diplomatic relations and the 60th and 80th anniversary of independence for Singapore and Vietnam, respectively.

Vietnamese Ambassador to Singapore Tran Phuoc Anh said: “As Vietnam embarks on a new era of growth, Singapore, having successfully transitioned to its fourth generation of leadership, aims to deepen ties with regional neighbors.”