With advantages in technology and young human resources, Ho Chi Minh City has the potential to build an international financial center based on the difference of Fintech - Illustration photo: QUANG DINH
That is the assertion of experts with Tuoi Tre Online in a conversation before the new spring, about breakthrough steps to build a comprehensive international financial center in Ho Chi Minh City.
According to experts, instead of following the beaten path of traditional financial centers, Ho Chi Minh City has chosen its "own path", developing Fintech (financial technology) to create a difference and breakthrough for the international financial center.
Fintech is the "key" to Ho Chi Minh City's international financial center
Speaking with Tuoi Tre Online , Associate Professor Dr. Tran Hoang Ngan said it is time for Ho Chi Minh City to realize its dream of building a comprehensive international financial center.
According to Mr. Ngan, many countries in the world have accelerated development thanks to international financial centers, so when there is a superior mechanism, the implementation of building a financial center will be fast, effective and sustainable.
Mr. Ngan believes that the international financial center will have a favorable, transparent legal and institutional environment that is consistent with international standards as well as outstanding incentive policies to attract investors.
In addition, the State will invest heavily in infrastructure, including "hard" physical infrastructure, central shape and "soft" infrastructure including digital infrastructure, connectivity, financial technology, etc.
In addition, this will also be a place with high quality human resources, attracting domestic and foreign experts.
In particular, Mr. Ngan emphasized that the international financial center will have international connections, create relationships with major financial centers in the world through international cooperation and attract large financial corporations to participate as well as prioritize the strong development of financial technology activities (Fintech) and startups in the Fintech field.
Meanwhile, Associate Professor Dr. Nguyen Huu Huan (senior lecturer at Ho Chi Minh City University of Economics) said that another breakthrough point for the international financial center in Ho Chi Minh City is to develop towards becoming a Fintech center, combining finance and technology.
This aims to turn Ho Chi Minh City into a gathering place for Fintech companies in the world, when Ho Chi Minh City has many favorable conditions in terms of technology, telecommunications infrastructure conditions, and the ability to accept new technologies such as blockchain, cryptocurrency, digital currency, etc.
Promoting Fintech ecosystem development
Not only attracting investment capital, Fintech also helps the international financial center of Ho Chi Minh City provide high-quality financial services and meet the increasing needs of businesses - Illustration photo drawn by AI
Associate Professor Dr. Hoang Cong Gia Khanh - Principal of the University of Economics and Law (Ho Chi Minh City National University) commented that the strong development of disruptive financial technologies (disruptive Fintech) has been reshaping the development and future of the financial services industry.
In that context, instead of pursuing the traditional model which is already highly competitive, we should consider turning Ho Chi Minh City into an international financial center by developing a Fintech ecosystem, promoting innovation, testing and learning.
According to Mr. Khanh, Ho Chi Minh City needs to focus on developing the elements that make up a Fintech hub similar to current regional and global Fintech hubs.
Mr. Khanh said that it is necessary to prioritize building a vibrant fintech startup community such as establishing a common home for the fintech and startup community, ensuring continuous support programs and plans for new startups...
Experts say Fintech will be the growth driver of Ho Chi Minh City's international financial center - Photo: QUANG DINH
In addition, this expert emphasized the need to issue synchronous policies to attract investment from long-standing companies with dynamic reputations and angel investment capital to increase opportunities to access venture capital.
The experience of Singapore and London shows that strong political commitment and proactive management are crucial to creating competitive advantage.
"To keep up with the rapid pace of innovation, it is necessary to allow for the operation of a controlled testing mechanism (sandbox), which is a legal regulation based on highly flexible experimental activities.
Sandbox will help create a balance between "exemption" from legal regulations and consumer protection, not only facilitating innovation but also limiting possible negative impacts on end users," said Mr. Khanh.
Dr. Truong Minh Huy Vu - Director of the Ho Chi Minh City Institute for Development Studies said that the development of financial technology (fintech), especially blockchain technology and artificial intelligence (AI), also opens up new opportunities for Ho Chi Minh City to realize its dream of becoming an international financial center.
Mr. Vu commented that new financial technologies such as blockchain and AI are developing very rapidly, posing challenges for issuing appropriate and effective policies.
In particular, it is necessary to abandon the mentality of “if you can’t manage it, ban it”, creating conditions for “rubbing” with diverse and different development practices in the world. Therefore, the city will be a pioneer, seize opportunities, anticipate risks to develop new technologies.
5 focuses on building an international financial center
Minister of Planning and Investment Nguyen Chi Dung said that to implement the Politburo's conclusion, the Government has issued Resolution No. 259 approving the plan to build a regional and international financial center in Vietnam.
In which, focus on 5 key points (please see graphic below):
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