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Senior Minister Goh Chok Tong sees Vietnam playing a bigger role in integrating ASEAN economies in three to five years' time.
He made this assessment after a week-long trip to four cities in the rapidly developing country.
Over the last decade, Vietnam's economic growth has been averaging more than 7 per cent.
And Mr Goh says there is a clear sense of optimism among the leaders he met - they all agree that more reforms are needed to benefit from this fast growth.
He says: "These are signs which tell me that Vietnam will be growing fast, will be able to sustain its economic growth. I leave here optimistic that Vietnam should be able to take off as a new powerful economy in ASEAN. Vietnam should play this role of integrating the ASEAN economies, it's emerging as a fast-growing economy and Vietnam will require a bigger ASEAN market, more than anybody else."
On the bilateral front, Mr Goh says relations are good as he met his contemporary, former Prime Minister Phan Van Khai.
Initiatives which they'd pushed for have since been implemented and developed, like the Vietnam-Singapore Connectivity Agreement to boost economic co-operation.
Lim Boon Heng, Minister, Prime Minister's Office, who first visited Vietnam in 1992 sees some improvements as he made another trip to the Vietnam-Singapore Industrial Park, or VSIP, outside Ho Chi Minh City.
He says: "I recalled that the trip from the city centre here to the VSIP took almost an hour in the old days. But this morning it took us about half an hour."
The Singapore delegation also visited an upcoming integrated development by Guocoland called The Canary.
Units are expected to go on sale from the first quarter of next year.
Along with Vietnam's Deputy Prime Minister, Mr Goh officiated at the commencement of a new industrial park - a tie-up between Ascendas and state-owned company Protrade Corporation.
It is Ascendas' first major development project in Vietnam and its first phase is expected to be ready by the end of next year.
Singapore companies have made forays into sectors like real estate and manufacturing and there could be more.
Seah Kian Peng, Deputy CEO, NTUC FairPrice, MP - Marine Parade GRC, says: "NTUC FairPrice is looking to Vietnam as a country which we want to hopefully establish a retail presence but it's early days yet."
Still with a population of over 80 million people in a country which Mr Goh dubs the new economic engine of growth for ASEAN, this is a place to watch. - CNA/ch
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