Establishing an International Financial Center: Vietnam connects and participates strongly in global financial flows

Promoting Ho Chi Minh City to become an international financial center

Attending the Conference were Vice Chairman of the National Assembly Nguyen Duc Hai, Minister of Finance Nguyen Van Thang, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc. In addition, the Conference also had embassies and consulates; Chairmen and Vice Chairmen of major banks in the world in the UK, Denmark, Switzerland; Investment funds such as Capital, PVI, Securities Investment Fund; Financial experts, managers, scholars, representatives of functional agencies...; Attending the Conference was also Mr. Truong Tuan Anh - General Director of the State Financial Investment Company (HFIC).

Minister of Finance Nguyen Van Thang speaks at the Conference on Building a Financial Center in Vietnam.

Minister of Finance Nguyen Van Thang said that the construction of a financial market is not a new concept in the world, but for Vietnam, this is a new and unprecedented issue. Vietnam will learn from experience as it goes, not being hasty but also not being perfectionist, lest it misses the opportunity. Mr. Thang hopes that the financial market in Vietnam will connect and participate in the strong movement of global financial flows, complementing existing financial centers.

Earlier, in his opening speech at the Conference, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc emphasized that the Central Government's selection of Ho Chi Minh City to build a financial center in Vietnam 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.

Mr. Colin Blackwell, Member of Hyperion Fintech Board of Directors/Head of VBF Human Resources (training high-quality human resources) attended the workshop and shared his opinion on international financial markets.

One of the important contents of the Conference was to discuss the strategy for developing the international financial center in Ho Chi Minh City. Experts analyzed and proposed policies to promote Ho Chi Minh City to become a breakthrough international financial center. In particular, the Conference emphasized that developing high-quality human resources for the financial sector is a key factor for the city to maintain and enhance its position in the international financial sector.

Specific policies include training and fostering specialized human resources in financial fields such as banking, securities, insurance and asset management. These are key sectors that contribute to building a solid foundation for the financial market, helping Ho Chi Minh City attract international investors, while creating opportunities for domestic enterprises to increase their global competitiveness...

Breakthrough financial model

Discussing the development of a breakthrough financial model in Ho Chi Minh City, delegates said that with the strong development of technology and digital platforms, the city is aiming to build a modern digital financial model, aiming to create financial products suitable for the new trends of the digital economy.

Mr. Truong Minh Huy Vu - Director of the Institute for Development Studies said that initiatives on financial technology (FinTech), e-finance, green infrastructure and digital banking will help the city develop more efficient and accessible financial services for people and businesses.

Delegates exchanged with Minister of Finance Nguyen Van Thang.

Ho Chi Minh City also needs to pay special attention to the application of digital technology in reforming and modernizing the financial system. Experts believe that digital transformation in the financial sector will help Ho Chi Minh City improve management efficiency, creating a more transparent and secure financial environment. Technology not only helps enhance information security but also opens up new investment opportunities, helping to connect international investors with domestic businesses.

At the conference, delegates mentioned domestic policies, emphasizing the need for international cooperation to develop the financial market. In the context of globalization and the strong development of the international financial market, Ho Chi Minh City needs to expand cooperation with major financial markets in the world. Specifically, the city will continue to expand international training programs, cooperate with international financial institutions, and attract large financial institutions from abroad to Ho Chi Minh City.

View of the Conference on building a financial center in Vietnam.

Regarding the dispute resolution mechanism, there are opinions that whether a new international arbitration center should be established or not? The answer is yes, but it will take a long time, so it is recommended to choose existing arbitration centers. International investors are also concerned about the recognition and enforcement of arbitration awards in Vietnam because many awards are being abolished. If that problem is resolved, the dispute resolution mechanism by arbitration awards will be supported and more secure by investors. The representative of VinaCapital Investment Fund suggested that the Securities Law needs to have certain changes so that Funds can mobilize capital more strongly.

With synchronous strategies and policies, Ho Chi Minh City is on the way to becoming the leading international financial center in Southeast Asia and the world. The conference affirmed that in the coming time, Ho Chi Minh City will continue to promote the development of the financial sector, promote international integration and create a favorable environment for international businesses and investors.

Mr. Nguyen Duc Lenh - Deputy Director of the State Bank of Vietnam, Ho Chi Minh City Branch, emphasized the importance of creating a clear and appropriate legal basis for the financial market, and affirmed that each country has its own characteristics in financial management. He proposed learning from international experience but must be linked to the reality of Vietnam. Specifically, capital mobilization and financial regulations need to be studied and applied appropriately to Vietnam's conditions.

He also emphasized the need to cooperate with foreign banks and international financial institutions to make recommendations and reforms in financial operations. Issues such as intellectual property, venture capital and import-export regulations also need to be considered to ensure transparency and efficiency for the financial market. Mr. Nguyen Duc Lenh also called on international agencies and organizations to cooperate and support Vietnam in building and developing the financial market effectively.

Presenting at the Conference, the HCM City Department of Finance said that there are two options for arranging space for the development of an international financial center in HCM City, with the goal of building a world-class international financial center.

Option 1 : The international financial center is located in part of the Central Business and Financial Center (CBD) of District 1 and the Thu Thiem New Urban Area, with a total area of ​​340 hectares. This option is consistent with approved plans but is small in scale, limiting room for development.

Option 2 : Propose an international financial center in District 1 and the entire Thu Thiem new urban area, with an area of ​​about 687 hectares. This option is large in scale, has a lot of room for development and meets the criteria for building an international financial center, but it is difficult to mobilize investment resources.

The Ho Chi Minh City Department of Finance proposed to choose Option 2 because it is consistent with the planning and instructions of the Politburo, while ensuring long-term development and synchronization with the city's infrastructure.

Grassland - Truong Giang

Source: https://baophapluat.vn/lap-trung-tam-tai-chinh-quoc-te-viet-nam-ket-noi-tham-gia-manh-me-vao-dong-chay-tai-chinh-toan-cau-post543793.html