Chairman of Ho Chi Minh City: International financial center converges creative intellectual capital

Speaking at the conference on building the Ho Chi Minh City International Financial Center chaired by the Ministry of Finance on the afternoon of March 28, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc said that Ho Chi Minh City being chosen to host a comprehensive international financial center is a great honor, and the city will make every effort to successfully implement it.

A financial center is not only a place where large capital flows converge, but also a strategic driving force to promote innovation, develop high technology, improve management capacity, increase competitiveness and national integration.

“ HCMC is committed to working with the business community, international financial institutions, domestic and foreign investors and experts to create a comprehensive financial center - a place where quality capital flows, creative knowledge flows, and breakthroughs with international standards converge,” Mr. Duoc pledged .

Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc speaks at the conference (Photo: Ha Linh)

The Chairman of the Ho Chi Minh City People's Committee said that the international financial center located in Ho Chi Minh City is also an opportunity to improve the efficiency of resource allocation, expand access to capital for businesses, develop infrastructure, and affirm Vietnam's position in the global financial and trade network.

The development of the International Financial Center in Ho Chi Minh City not only brings practical economic and social benefits to the city and the country, but also creates a ripple effect to neighboring cities and the Southeast Asian region. This is the foundation for Ho Chi Minh City to improve its urban management capacity, develop sustainably and expand comprehensive cooperation with global partners.

He said this is a new task and there are many difficulties in implementation. Ho Chi Minh City hopes that experts, scientists, international organizations, consulting organizations, financial institutions, businesses, etc. will not only contribute ideas to build a Vietnam Financial Center, but also create a sustainable, transparent, and creative future for Vietnam.

According to Finance Minister Nguyen Van Thang, Vietnam is facing a golden opportunity to participate and position its role and position in the global financial center chain, when it is recognized as a bright spot in growth in the region and the world.

In 2024, Vietnam's GDP growth will reach 7.09%, among the highest in the region and the world; the macro economy will be stable, inflation will be controlled below 4%. Notably, attracting foreign direct investment (FDI) will be among the top 15 countries attracting the most FDI globally, with more than 38 billion USD.

In addition, Vietnam has many unique advantages to form a financial center. It is an international strategic location between the sea routes from North to South, from East to West, the center of Southeast Asia. Vietnam's time zone is different from the 21 largest financial centers in the world, which is favorable for attracting idle capital during trading breaks. This is also one of the leading markets in the rate of application of future financial technologies.

Minister Nguyen Van Thang affirmed that Vietnam identifies the Financial Center as one of the strategic spearheads, helping to transform the growth model. (Photo: Ha Linh)

Regarding the construction of the center in Ho Chi Minh City, Minister Nguyen Van Thang explained that Ho Chi Minh City is included in the official list of emerging global financial centers. Meanwhile, Da Nang is also emerging as a potential regional financial and technology center.

"Vietnam identifies the Financial Center as one of the strategic spearheads, a national institutional breakthrough, helping to transform the growth model, mobilize, allocate and improve the efficiency of resource use, thereby increasing international competitiveness and participating more deeply in the global financial system," Minister Nguyen Van Thang affirmed.

The Minister also informed investors that Vietnam is drafting a National Assembly Resolution on the Financial Center, aiming to establish an open, transparent legal framework with specific, superior incentive policies in line with international practices. At the same time, it is preparing the foundational conditions for the development of a Financial Center in Vietnam.

4 reasons to build Ho Chi Minh City International Financial Center

Ho Chi Minh City has a dynamic economic foundation and deep international integration. 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.

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.

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... through investment and trade activities.

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.

Ha Linh

Source: https://vtcnews.vn/chu-cich-tp-hcm-trung-tam-tai-chinh-quoc-te-hoi-tu-dong-von-tri-thuc-sang-tao-ar934376.html