Opportunity to discuss "International experience and the role of the banking system in financial centers"

In the context of the global economy changing strongly under the impact of the Fourth Industrial Revolution, international financial centers are not only places where capital, technology and knowledge are concentrated, but also symbols of the competitiveness, integration ability and development level of each country.

In Vietnam, the establishment of a regional and international financial center is not only a major policy of the Party and State, but also a strategic step to enhance the competitiveness of the economy. With a solid political foundation, a synchronous legal system and potential development practices, this is the right time for Vietnam to realize this goal, contributing to attracting capital, promoting growth and raising the country's position on the international financial map.

Currently, Vietnam has all the conditions and opportunities to build and develop an international financial center. Politically, in November 2024, the Central Executive Committee announced the Politburo's Conclusion on building a regional and international financial center in Vietnam. At the same time, this policy also received close guidance from senior leaders.

Legally, Vietnam has built a fairly synchronous legal system, especially regulations related to finance, investment and banking. This is an important foundation to ensure consistency in the establishment and operation of financial centers. More importantly, economic development practices show that in order to achieve the GDP growth target of 8% or more in 2025, creating a foundation for continuous double-digit growth in the following years; striving to become a modern industrialized country with high average income by 2030; and becoming a developed country with high income by 2045, Vietnam needs to have a breakthrough in science and technology, human resources and especially mobilizing financial resources through new institutions. A complete financial market with a position in the region and internationally is a prerequisite to realize this goal.

During a recent working trip, Deputy Prime Minister Nguyen Hoa Binh affirmed that Vietnam is determined to build a financial center that meets international standards, is transparent, efficient, has a solid legal foundation, highly qualified human resources, applies advanced technology, has a safe and sustainable investment environment, and contributes to connecting ASEAN with world financial centers.

An international financial center can only be successful if it has a financial infrastructure system and legal framework that meet international standards. Therefore, Deputy Governor Pham Tien Dung also affirmed that Vietnam needs to learn from successful financial models in the world to build an international financial center.

Deputy Governor of the State Bank of Vietnam Pham Tien Dung highly appreciated the role of international consulting organizations and experts in providing recommendations and sharing international practices so that Vietnam can build a developed and sustainable financial system, but suggested that the suggestions must be related to Vietnam's conditions, contributing to the development of Vietnam. When taking advantage of the wisdom and experience of Vietnamese experts around the world, combined with a methodical development strategy, Vietnam can completely rise to become an attractive destination for global capital flows, affirming its position on the international financial map.

However, Deputy Governor Pham Tien Dung also said that Vietnam will not mechanically apply the international financial center models of other countries. Instead, Vietnam will select factors that are suitable to its actual conditions to develop an international financial center. This will not only help Vietnam's financial center develop sustainably but also enhance its competitiveness with major international financial centers.

In order to exchange international experiences in building financial centers and clarify the role of the banking system in this process in Vietnam, with the consent of the leaders of the State Bank of Vietnam, on the morning of April 16, Banking Times will organize a seminar with the theme "International experiences and the role of the banking system in financial centers".

The seminar will be a gathering place for multi-dimensional perspectives, profound insights and many initiatives in building a regional and international financial center in Vietnam. In addition, the seminar will clarify the role and mission of the banking system in the process of building a financial center in Vietnam; suggest practical and highly feasible solutions to soon turn the Vietnamese financial center into an organic part of the global economy. At the same time, promote the leading role of the banking system in improving international transaction capacity, supporting capital flows and assets to operate smoothly, transparently and safely.

The seminar will have presentations and in-depth discussions by speakers:

- Mr. Nguyen Duc Long - Director of the Department of Credit Institutions Safety, State Bank of Vietnam;

- Dr. Le Thi Thuy Van, Deputy Director of the Institute of Strategy and Economic and Financial Policy, Ministry of Finance;

- Assoc.Prof.Dr. Hoang Cong Gia Khanh - Principal of University of Economics and Law, Ho Chi Minh City National University;

- Assoc.Prof.Dr. Dang Ngoc Duc, Director of the Institute of Financial Technology, and Director of the Center for Fintech Development and Innovation, Dai Nam University;

- Mr. Richard D. McClellan, Economist, Independent Consultant specializing in economic policy, financial sector development and investment strategy;

- Mr. Ryu Je Eun - Deputy General Director - Shinhan Bank Vietnam;

In addition, the Seminar also had the participation of nearly 100 experts, policy makers, representatives of prestigious domestic and foreign financial institutions; representatives of leaders of relevant ministries and branches... together with representatives of leaders of departments, agencies, units under the State Bank; representatives of some regional branches of the State Bank, Banking Association, credit institutions, international organizations, foreign banks in Vietnam.

Source: https://thoibaonganhang.vn/co-hoi-luan-ban-kinh-nghiem-quoc-te-va-vai-tro-he-thong-ngan-hang-trong-trung-tam-tai-chinh-162796.html