The State Bank of Vietnam (SBV) reported on a delegation led by Deputy Governor Pham Thanh Ha joining Vietnam’s government delegation to Singapore for meetings aimed at deepening bilateral cooperation and learning from Singapore’s experience in financial development and connectivity to support Vietnam’s newly established financial centre. Discussions with Singapore’s Deputy Prime Minister and Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong covered MAS’s role in monetary policy and financial stability, including foreign bank licensing, crisis intervention powers, exchange rate management, foreign exchange intervention and capital flow controls. MAS highlighted the need to align capital inflows with the economy’s real needs and balance inflows and outflows, using appropriate tools to stabilise the exchange rate in the short term while building confidence in the national currency through a transparent, consistent monetary policy over the long term. SBV reiterated its commitment to cooperation with MAS in finance, banking and financial technology, and to facilitating effective operations by Singaporean financial institutions in Vietnam. In meetings with the Association of Singapore Bankers and the Singapore Economic Development Board, SBV pointed to Decree 329/2025/ND-CP as the legal framework for banking, foreign exchange management and anti-money laundering and counter-terrorist financing in Vietnam’s financial centres. The decree provides for two forms of foreign bank presence, 100% foreign-owned commercial banks and foreign bank branches, alongside specific policies described as more favourable than current rules, including shorter licensing timelines, more flexible governance requirements and more flexible foreign exchange management to attract foreign investment inflows; MAS also signalled readiness to share experience further through ASEAN and ASEAN+3 cooperation settings.

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