SCIC delegation visits Singapore to study models on investment and governance

Following directives from the Ministry of Finance to develop SCIC's operational framework and support the state economy development initiative, a SCIC delegation led by Board Member and CEO Nguyen Quoc Huy conducted a working visit to Singapore from August 14-16, 2025. The delegation aimed to exchange knowhows and learn from Temasek Holdings and its portfolio companies about Singapore's sovereign wealth fund model.

The delegation included representatives from the Central Policy and Strategy Department of the Central Committee; General Advisory Department - Office of the Central Committee; Enterprise Reform Department - Government Office; and the National Institute for Economics and Finance, the Department of State-Owned Enterprise Development of to the Ministry of Finance. SCIC's delegation also included Deputy CEO Le Thanh Tuan and leaders from various functional departments.

Working session with Temasek Holdings

The SCIC delegation met with senior Temasek Holdings executives, including Head of International Policy & Governance Mr. Ashok Mirpuri and Joint Head of Portfolio Development Group, Head of SG Market Ms. Juliet Teo, along with representatives from relevant Temasek units.

Opening the session, SCIC CEO Nguyen Quoc Huy outlined SCIC's recent operational achievements and shared the corporation's Development Strategy through 2030 with a vision extending to 2035. He highlighted Temasek's investment model as an exemplary case for SCIC's efficient state capital investment serving national interests and sustainable development.

Temasek representatives expressed appreciation for SCIC's observations and presented their business operations, investment criteria, and key investment sectors. Temasek outlined various approaches and policies regarding investment autonomy and flexible support from the Singaporean government for Temasek's operations.

According to Temasek, the mechanisms supporting autonomous investment and clear identification of strategic economic sectors under state control, along with permitted business areas, represent crucial factors that helped Temasek become one of the largest state-owned investment funds in the region and globally. These elements significantly contribute to Singapore's social development and the island nation's citizens.

Mr. Nguyen Quoc Huy expressed SCIC's deep appreciation for Temasek's valuable remarks on governance experience, investment policies, and operational mechanisms. He conveyed that this information will contribute to building the foundation for transforming SCIC's operational model into that of a professional government financial investor.

Concluding the working session, SCIC CEO Nguyen Quoc Huy extended heartfelt gratitude to Temasek Holdings' Head of International Policy & Governance, Mr. Ashok Mirpuri, and his receiving delegation.

Working session with Sembcorp

During the working session with Sembcorp - an energy and urban development group within Temasek's portfolio - SCIC was received by GCFO and P&CEO Mr. Eugene Cheng, Urban Division CEO Mr. Lee Ark Boon, and their team members.

Sembcorp representatives introduced their recent business activities, particularly their investment operations in Vietnam. Both parties engaged in discussions aimed at improving effective corporate governance for Vietnamese state-owned enterprises and enhancing the investment environment for Singapore companies operating in Vietnam. Mr. Eugene Cheng, representing Sembcorp, shared valuable remarks about the relationship between parent company Temasek Holdings and its subsidiaries like Sembcorp. Using examples of how Temasek supports subsidiaries in project development and capital accumulation to enhance both individual company values and Temasek's investment portfolio - without interfering with these companies' strategies or business operations - Mr. Eugene Cheng identified this as a key factor enabling Sembcorp to overcome previous difficult periods and return to effective operations in recent years.

SCIC CEO Nguyen Quoc Huy expressed appreciation for the remarks and experiences shared by Singapore enterprises regarding restructuring and creating sustainable corporate value. He also raised questions about various flexible and reasonable support methods from Temasek to its subsidiaries. Responding to SCIC's inquiries, Sembcorp also highlighted current challenges they hope Vietnam can help resolve for their operations in the country. Both parties exchanged their experiences in addressing obstacles and reforming mechanisms, gaining valuable information to promote Vietnam-Singapore economic cooperation in the upcoming period.

Working session with WMI and MOU Signing

The SCIC working delegation held a session with Wealth Management Institute, one of the corporate management and investment training centers established by Temasek and Singapore's Government Investment Corporation (GIC). WMI was represented by Ms. Foo Mee Har, WMI CEO and Board Member; Dr. Neo Boon Siong, Chairman of WMI International; Ms. Sharon Craggs, Program Director of Compliance, Governance and Risk Management; and their colleagues.

During the working session, SCIC CEO Nguyen Quoc Huy expressed gratitude for the positive relationship between SCIC and WMI, and WMI's proactive support in training SCIC staff over the years.

Mr. Nguyen Quoc Huy, Board Member and CEO of SCIC, and Ms. Foo Mee Har, CEO and Board Member of WMI, signed a Memorandum of Understanding on behalf of both organizations.

During the session, SCIC and WMI signed a memorandum of understanding for cooperation in training and capacity building for SCIC and its subsidiaries. This MOU signing between SCIC and WMI Institute aims to successfully implement the Development Strategy through 2030 and transform SCIC's operational model into a professional financial investment organization.

WMI CEO Ms. Foo Mee Har expressed alignment with SCIC's direction and SCIC's continued selection of WMI as their trusted partner for business and asset management training in the coming years. Ms. Foo Mee Har noted that with major trends and changes in training and skill development for gaining new knowledge, WMI has designed practical courses that build directly applicable skills through simulations, applying cutting-edge digital technology and AI tools to provide students with experiences relevant to real work situations. Ms. Foo Mee Har stated that with their experience in corporate governance and investment training, along with a team of experts and instructors who are among the world's most renowned investors, WMI stands ready to meet SCIC's proposals for building their staff capacity to successfully implement the Development Strategy through 2030 and transform into a government investor model.

At the working session, SCIC and WMI agreed to strengthen cooperation further, regularly exchange information, and actively promote training programs toward sustainable development goals for both nations.