3 core elements to focus on building a financial center...

At the conference on building a financial center in Vietnam recently held in Ho Chi Minh City, Mr. Iain Frew, Ambassador of the United Kingdom to Vietnam, and many delegates representing international financial organizations all said that in order to successfully develop a financial center, Vietnamese localities such as Ho Chi Minh City and Da Nang need to focus on three important factors: policy, human resources and infrastructure.

Ho Chi Minh City prepares infrastructure for TTTC

For Ho Chi Minh City, Mr. Truong Minh Huy Vu, Director of the Ho Chi Minh City Institute for Development Studies, said that the City is also focusing on these three factors to build a financial center.

In terms of policy, Ho Chi Minh City actively participates in this process by contributing expert opinions, organizing workshops and participating in Government working groups to develop policies suitable to local realities.

The city is also closely following the drafts proposed by the Ministry of Finance. The latest versions are constantly being adjusted to reflect market developments as well as global financial trends, especially digital currencies, crypto assets and blockchain.

Commenting on this issue, Mr. Tran Thanh Tan, Vice President of Dragon Capital Fund Management Company, said that we should build a legal system that is similar to the legal system in other financial markets currently operating. In particular, there should be an economic arbitration issue to adjudicate all related activities of the financial market.

Ho Chi Minh City prepares infrastructure for TTTC.

Regarding human resources, to attract talent, experts say that HCMC not only needs good compensation policies but also needs to research and create an attractive working environment.

Mr. Arnaud Ginolin, Managing Director and Partner, Boston Consulting Group, said that the issue of human resources for international financial markets also needs to be focused on. In addition to on-site training, there should also be policies to mobilize high-quality human resources to work.

According to Ms. Nguyen Ngoc Anh, General Director of SSI Fund Management Company, there are two points to attract talents to Vietnam: work visas for foreigners. The second is to accept all foreign degrees corresponding to licenses and degrees in Vietnam.

Building a fintech ecosystem

Regarding infrastructure, Mr. Truong Minh Huy Vu said that Ho Chi Minh City has been preparing for a long time, including land funds in Thu Thiem Urban Area and part of District 1. Currently, the city is promoting investment in connection systems, including high-speed data transmission lines and modern data centers. Along with that, promoting investment in digital infrastructure, green infrastructure and high-quality service systems will be the key to attracting capital flows into the financial market.

"In addition, in developing the HCMC financial market, fintech (financial technology) is also a potential field, with many draft decrees on blockchain, crypto assets and financial technology under consideration," said Mr. Vu.

Experts also proposed focusing on the strengths of Vietnam in general and Ho Chi Minh City in particular, such as the controlled testing policy for fintechs, creating a difference from other international financial markets in the region. Especially in the context of Vietnam having a superior advantage, with nearly 300 fintechs operating, the fastest growth rate in Southeast Asia. Regarding fintech in the financial market, Deputy Governor of the State Bank of Vietnam Pham Tien Dung said there are two types of fintech. First, fintech has recently coordinated very well with commercial banks to do eKYC (electronic customer authentication), including fintechs that have become "unicorns"; second is fintech that has developed widely with tens of millions of customers such as the MoMo Financial Application. Accordingly, there needs to be a legal framework for them to operate, not just fintech as digital assets.

Minister of Finance Nguyen Van Thang emphasized that if Vietnam succeeds in building and operating a modern financial market, this sector will become an important driving force, contributing to modernizing the national economy and developing sustainably according to international standards.

Mr. Thang suggested that departments, branches, experts and businesses continue to cooperate closely with the Government, Ho Chi Minh City and Da Nang in building and developing the financial market.

According to Minister of Finance Nguyen Van Thang, the construction of a financial market is not a new issue in the world, but for Vietnam this is a new and unprecedented issue. Vietnam will learn from experience as it goes, not hastily but also not perfectionist, lest it miss the opportunity.

Source: https://baodaknong.vn/3-yeu-to-cot-loi-de-tap-trung-xay-dung-trung-tam-tai-chinh-247652.html