The commitments were made during meetings with Party General Secretary and State President To Lam in Singapore on May 30 as part of his State visit, highlighting growing confidence among Singaporean businesses in Vietnam’s next phase of economic development.

During the meetings, executives from major companies including CapitaLand, Sembcorp, SATS, SEA Limited, Keppel and UOB praised Vietnam’s recent efforts to improve the business environment, reform institutions and accelerate digital transformation.

CapitaLand representatives said the group is looking to expand investments in urban development, green housing, industrial real estate, logistics and green data centers.

Keppel, meanwhile, expressed interest in sustainable infrastructure, smart city projects, data centres, cloud computing, AI infrastructure and carbon reduction solutions.

SEA Limited executives said the company aims to further expand operations in Vietnam in banking, financial services and logistics, while also expressing support for Vietnam’s strategy on science, technology and innovation-driven growth.

In the industrial and infrastructure sector, Sembcorp reaffirmed its long-term commitment to Vietnam through the Vietnam-Singapore Industrial Park (VSIP) model.

The group said it is prepared to support workforce training, technology transfer and efforts to attract more international investors to Vietnam.

Notably, Sembcorp’s leadership voiced support for the proposal to develop at least one VSIP industrial park in every Vietnamese locality, moving toward a model focused on green, smart and low-emission industrial development.

In aviation logistics, SATS said it is studying opportunities to expand investments in Vietnam, including projects linked to Long Thanh International Airport and the development of new air logistics hubs.

In the financial sector, United Overseas Bank (UOB) leaders reaffirmed their long-term commitment to Vietnam and expressed interest in supporting the country’s efforts to develop an international financial centre. They also vowed to help attract high-quality capital flows and strengthen regional financial connectivity.

Welcoming business leaders’ proposals, Party General Secretary and State President To Lam affirmed Vietnam would continue improving institutions, enhancing the investment environment and creating favourable conditions for foreign investors to operate effectively in the long term.

The Vietnamese leader stressed that Vietnam prioritises projects focused on high technology, innovation, green development and digital transformation, while encouraging cooperation models that strengthen domestic capabilities, promote technology transfer and develop high-quality human resources.

According to him, sectors such as AI, data centres, digital transformation, modern logistics, clean energy, green finance, sustainable infrastructure and innovation will become key growth drivers for Vietnam in the coming years.

The expansion plans announced by Singapore’s leading corporations are seen as a positive signal for the future of Vietnam-Singapore economic cooperation as the two countries enter a new phase under their Comprehensive Strategic Partnership.

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