'Golden opportunity' to join the global financial center chain

At the Conference on Building a Financial Center in Vietnam held on the afternoon of March 28 in Ho Chi Minh City, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc assessed that the Central Government's selection of Ho Chi Minh City as the location for a comprehensive international financial center is a great honor, and at the same time a heavy responsibility that the Party Committee, government and people of the city will make every effort to successfully carry out.

According to Mr. Nguyen Van Duoc, regarding objective factors and preparations up to this point, Ho Chi Minh City is a place with many favorable conditions to take on the leading role in the strategy of building a financial center for 4 reasons.

Firstly, Ho Chi Minh City has a dynamic economic foundation and deep international integration. Ho Chi Minh City contributes about 15.5% of the country's GDP, accounting for more than 25.3% of the total national budget revenue and nearly 11.3% of the country's import-export turnover. This is the largest commercial - service - financial center in Vietnam, where many banks, credit institutions, securities companies, fund management companies and large domestic and foreign investors are headquartered.

Nguyen Van Duoc

Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc speaks.

Second, in Ho Chi Minh City, the basic institutions for the modern financial market, including the stock market, capital market, payment centers, digital banking infrastructure and financial technology applications have been systematically operated. Most recently, Vietnam has researched and proposed applying a sandbox mechanism, piloting fintech activities and digital transformation initiatives to facilitate investment funds to access and incubate breakthrough innovative technology projects.

Third, Ho Chi Minh City has a strategic geographical location and the financial market in Ho Chi Minh City has close connections with major financial centers in the region such as Singapore, Hong Kong, Shanghai, Tokyo, etc. through investment and trade activities. Tan Son Nhat International Airport and in the future Long Thanh Airport along with large surrounding seaports are favorable conditions for the development of a global financial ecosystem.

Fourth, political determination and clear strategic direction from the central to local levels, identifying the development of Ho Chi Minh City into an international financial center as a strategic task. The city is always proactive in improving the investment environment, perfecting institutions, removing legal barriers, and developing digital infrastructure and financial technology. These are concrete steps to enhance global competitiveness.

There will be superior policy mechanisms.

Minister of Finance Nguyen Van Thang said that Asia - the most dynamically developing region in the world today - is witnessing the rise of many new financial centers.

In particular, Vietnam, with its important geopolitical position, stable macro-economy and constantly improving investment environment, is facing a "golden opportunity" to participate and position its role and position in the global financial center chain.

In recent years, Ho Chi Minh City has been included in the official ranking of global financial centers. Meanwhile, Da Nang City, with its orientation towards a smart, innovative city, is also emerging as a potential regional financial technology center.

According to the Minister of Finance, the drafting agency is developing a draft resolution of the National Assembly on financial centers in Vietnam to establish an open, transparent legal framework, with special, superior preferential policies in line with international practices. At the same time, it is preparing conditions and foundations for the development of financial centers.

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The conference attracted the participation of many business representatives and economic experts from home and abroad. Photo: Anh Phuong

Regarding the policy mechanism applied to financial centers, the draft is being developed in a direction that is superior to current regulations, consistent with international practices, to attract capital, technology, modern management methods, and to pilot new business models.

“Building a financial center is a new, difficult, and unprecedented issue for Vietnam. Therefore, we will implement it carefully, systematically, and move forward step by step. We will learn from previous models while doing it, not being hasty but also not being perfectionist so as not to miss out on development opportunities.

The Government advocates opening up according to an appropriate roadmap to ensure macroeconomic stability and enhance market adaptability, especially in the context of increasing non-traditional security risks," Minister Nguyen Van Thang shared.

He expected that the financial center in Vietnam would participate in the global financial flow, complementing and developing harmoniously with existing financial centers in the region and the world. At the same time, the Government committed to accompanying the domestic and foreign investor community on this development journey.

Thu Duc City planning is more than 21,100 hectares wide, developing a national financial center

Thu Duc City planning is more than 21,100 hectares wide, developing a national financial center

Deputy Prime Minister Tran Hong Ha has just signed Decision 202/QD-TTg on January 21 approving the master plan for Thu Duc City, Ho Chi Minh City, until 2040.
What does Da Nang do to develop a financial center?

What does Da Nang do to develop a financial center?

Investors and international financial investment funds from the US, Singapore, the Middle East, and Switzerland are very interested in developing a financial center in Da Nang.
Prime Minister as Head of Steering Committee on Regional and International Financial Center

Prime Minister as Head of Steering Committee on Regional and International Financial Center

Prime Minister Pham Minh Chinh signed a decision to establish a Steering Committee on Regional and International Financial Centers in Vietnam. The Head of the Steering Committee is the Prime Minister.