Fall Forum in the US 2024: More clearly defining the Financial Center model for Ho Chi Minh City

The 2024 Ho Chi Minh City Fall Forum in the US will last from late October to early November 2024, recording the interest of investors in the fields of technology, finance, healthcare and knowledge.

Many opinions shared at the 2024 Autumn Forum help the city better fulfill its role and economic development goals - Photo: ITPC

It is expected that in November 2024, Ho Chi Minh City will welcome an investment delegation from the US to share IPO experiences and contribute ideas to build a Financial Center in Ho Chi Minh City.

This year, a series of major events took place in three important US cities including Santa Clara, New York and Boston, marking Ho Chi Minh City's strategic move in promoting bilateral cooperation with the US.

The time is ripe for Ho Chi Minh City Financial Center

Held exactly one year after Vietnam and the US upgraded their relationship to a Comprehensive Strategic Partnership, the event successfully laid a new foundation for building economic cooperation, investment and technology transfer, while also creating momentum for the vision of making Ho Chi Minh City a regional economic and knowledge hub.

At the opening session held in New York City, Director of the Department of Planning and Investment of Ho Chi Minh City Le Thi Huynh Mai presented the goals, orientations and investment attraction policies of Ho Chi Minh City, as well as introduced typical investment projects of the city to investors.

According to American experts, now is the ripe time for Ho Chi Minh City to start building an Asian financial center.

With its unique factors, new factors that can absorb investment as well as new types of products in the global financial market, Ho Chi Minh City has all the conditions to form this center.

Investment in data centers in Vietnam and training of high-tech human resources are also of interest to American businesses, who wish to promote cooperation with Ho Chi Minh City.

With the participation of prestigious investment funds and banks from the US, the discussions focused on the opportunity to develop Ho Chi Minh City into a modern financial center, playing an important role in welcoming international capital flows and strengthening investment relations between the two countries.

Experts say that building a smart digital transformation center is a must.

In the immediate future, Vietnam needs to determine what kind of model it wants to become in the digital economy and digital transformation, from which it will make the right decisions in building a digital center.

Taking place in Silicon Valley, the event in Santa Clara creates an opportunity for Ho Chi Minh City to approach and cooperate with leading US technology corporations.

According to the Ho Chi Minh City Investment and Trade Promotion Center (ITPC), the seminars revolved around the strategy of applying modern technology, focusing on semiconductor and microchip technology to promote Ho Chi Minh City's competitiveness in pioneering industries.

The discussions also opened up prospects for enhancing technology transfer and developing high-tech human resources.

The Chairman of the Ho Chi Minh City People's Committee pledged that the city will continue to innovate to improve the business environment, promote public-private partnership, and international cooperation. - Photo: ITPC

In Boston, representatives from Ho Chi Minh City had the opportunity to discuss with scholars from Harvard and MIT about the potential to develop Ho Chi Minh City into a leading research and development (R&D) center in the region.

From there, Ho Chi Minh City aims to build a foundation for knowledge connection projects and develop high-quality human resources, especially in fields such as data science and biotechnology, to enhance the city's knowledge-based economic value.

Connecting global knowledge

The HCMC Fall Forum in the US is not limited to just one week in the fall, but also has the ambition to become a "mini-Davos" with a series of activities taking place in HCMC and the US throughout the year. HCMC hopes that this will be a bridge for businesses of the two countries to meet annually, promoting sustainable trade and investment cooperation.

There will also be a special discussion session, with the participation of the Vietnamese American community and influential individuals in the US.

This is an opportunity for Ho Chi Minh City leaders to listen to contributions from the Vietnamese community on sustainable development solutions and ways to connect with Vietnam in the economic and knowledge fields.

The active participation of the Vietnamese American community not only brings creative ideas but also serves as a solid bridge in developing Vietnam - US bilateral relations.

Chairman of the Ho Chi Minh City People's Committee Phan Van Mai said the forum helped Ho Chi Minh City have confidence that it will better fulfill its pioneering role as well as contribute more effectively to promoting Vietnam's international integration and the implementation of cooperation frameworks between Vietnam and the US.

During the forum week, Ho Chi Minh City signed a series of memorandums of understanding and cooperation agreements with US partners, opening up many opportunities for businesses of both countries. These agreements include investment cooperation, sharing IPO experience and developing financial infrastructure.

In November 2024, Ho Chi Minh City is expected to welcome an investment delegation from the US to realize signed agreements and continue to strengthen long-term cooperation.

In early 2025, more than 30 US businesses committed to returning to Vietnam to implement signed agreements and expand connections with the business community in Ho Chi Minh City.

Source: https://tuoitre.vn/dien-dan-mua-thu-tai-my-2024-dinh-hinh-ro-hon-mo-hinh-trung-tam-tai-chinh-cho-tp-hcm-20241103173731259.htm