Hessen State Finance Minister ready to promote cooperation with Vietnam

At the meeting, Deputy Prime Minister Nguyen Hoa Binh highly appreciated the role of Hessen State in the Vietnam-Germany strategic partnership, and said that Vietnam wishes to learn from Hessen State's experience in building and managing the Financial Center. On this occasion, the Deputy Prime Minister congratulated the success of the Christian Democratic Union/Christian Social Union in the recent election in Germany, and highly appreciated the role of Hessen State as a growth engine with a great demand for human resources. Vietnam is ready to cooperate in providing suitable skilled labor, including in coordination with the Vietnam-Germany University.

Permanent Deputy Prime Minister Nguyen Hoa Binh (left) and Minister of Finance of Hessen state, Alexander Lorz

On the occasion of the 50th anniversary of the establishment of diplomatic relations between Vietnam and Germany, the Deputy Prime Minister suggested that the two sides jointly develop practical activities to deepen the partnership between the two countries.

For his part, the Minister of Finance of Hessen State expressed his delight at the good cooperative relationship between Hessen State and Vietnam over the years, and shared that he personally held the position of Deputy Minister of Science and Technology of Hessen State and had many connections with the Vietnam-Germany University since its early days as a member of the University Council.

The Finance Minister of Hessen agreed with the Deputy Prime Minister's proposal, saying that the state is in the process of economic development with a great demand for high-quality labor. The state will actively support the Vietnam-Germany University in financial training and is ready to support Vietnam in building a financial center with specific contents.

The Hessen State side also introduced an overview of the Frankfurt financial center, which is considered the “gateway to the European economy”, currently ranked 2nd in Europe (after London) and is among the top 15 financial centers in the world. Frankfurt currently has 280 banks, mostly international banks; there are about 155,000 employees in the financial sector and a larger number working in related industries. The city has been a financial trading center since the Middle Ages, with convenient infrastructure and transport connections. Frankfurt is also the only place where both the German Central Bank and the European Central Bank are headquartered.

Working scene

The Hessen Ministry of Finance said that financial development is a key pillar in the city's development strategy, with three principles: stability - development - prosperity. The Financial Services Center under the Hessen Ministry of Finance has been operating since 2003 under a "one-stop" mechanism, receiving problems from businesses and investors to connect and resolve with relevant agencies. Frankfurt aims to build a comprehensive financial ecosystem, connecting banks, insurance organizations, securities, investments, auditing, asset management, etc. with the support of Frankfurt Main Finance. The state government regularly consults experts, reviews policies for timely adjustments; at the same time, it strives to attract international financial institutions, typically the EU's anti-money laundering agency will be transferred to Frankfurt in the near future.

Deputy Prime Minister Nguyen Hoa Binh shared that Vietnam is building a legal framework for the Financial Center and hopes that Hessen State will support the organization model, preferential policies, and investment incentives. Vietnam will take advantage of the role of the Vietnam-Germany University in training financial human resources and propose that the State send financial experts to participate in teaching, training, and fostering human resources. The Minister of Finance of Hessen State affirmed his willingness to share information and experience in organizing and operating the Financial Center; support training and connecting financial experts from Frankfurt and promote cooperation between Hessen State and Vietnam in the coming time.

During his working visit to Germany, on March 25, Permanent Deputy Prime Minister Nguyen Hoa Binh also met with Mr. Boris Rhein, Prime Minister of Hessen state.

At the meeting, Permanent Deputy Prime Minister Nguyen Hoa Binh expressed his gratitude for the warm welcome and hospitality that the Premier and State Leaders gave to the Delegation and affirmed that Vietnam always attaches importance to further deepening the strategic partnership with Germany in general and with the state of Hessen in particular.

The Deputy Prime Minister also suggested that the Hessen State government continue to support Vietnam in the field of education and training, such as providing scholarships for Vietnamese students and postgraduates; encouraging training links between research institutions of the two sides; expanding the supply of human resources from Vietnam to work in Hessen State; creating favorable conditions for the Vietnamese community to deeply integrate into German society, actively contributing to the socio-economic life, as well as contributing to promoting the friendship between the two countries.

Permanent Deputy Prime Minister Nguyen Hoa Binh (left) and Prime Minister of Hessen state, Boris Rhein

For his part, Chancellor Boris Rhein expressed his gratitude for the warm welcome of the Vietnamese Government during his visit in November 2024; assessed Vietnam as an important partner of Germany in Southeast Asia and always supported strengthening relations between the two countries in all fields.

Discussing Vietnam’s plan to build an international financial center, Prime Minister Boris Rhein affirmed his readiness to support Vietnam in implementing this project as well as sharing lessons on financial market management. Prime Minister Boris Rhein also believes that the Vietnam-Germany University, established at the initiative of the state of Hessen, has many majors that can meet Vietnam’s needs in building a financial center.

Deputy Prime Minister Nguyen Hoa Binh and Prime Minister Boris Rhein assessed that the relationship between Vietnam and Hessen State has developed very positively and effectively in recent times. In the context of many changes in the world and the region, the two sides agreed to further strengthen bilateral relations, bringing the relationship between the two countries to a new height.

The two sides also agreed to coordinate in organizing practical and meaningful activities to promote mutual trust and understanding between the people of the two countries on the occasion of the 50th anniversary of the establishment of Vietnam-Germany diplomatic relations (1975-2025).

Source: https://vov.vn/kinh-te/bo-truong-tai-chinh-bang-hessen-san-sang-thuc-day-hop-tac-voi-viet-nam-post1163821.vov