Prime Minister proposes sharing experience in attracting resources to develop financial centers in Vietnam

Prime Minister Pham Minh Chinh asked global corporations and investment funds to share experiences, provide policy advice, and prioritize financial resource mobilization, participate in the construction process, and jointly invest and develop a financial center in Ho Chi Minh City.

Prime Minister Pham Minh Chinh attended a discussion and had a working dinner with leaders of leading multinational corporations and financial investment funds in the US. Photo: VNA

On the evening of September 21 (local time), in New York City, Prime Minister Pham Minh Chinh attended a discussion and had a working dinner with leaders of leading multinational corporations and financial investment funds in the US, according to VNA. At the discussion, representatives of investment funds said that Vietnam is being assessed by international organizations as a bright spot in attracting investment, gradually converging many factors to develop a modern financial market, aiming to form a financial center, capable of connecting with financial centers in the region and the world thanks to many advantages. Delegates said that building an international financial center for Vietnam is a new and complicated issue, therefore, the selection of the model and method of building a financial center needs to be carried out on the basis of selectively absorbing international lessons. The consistent principle must be to create a “playground” for international financial investors, with common rules of the game, compatible with international practices (operating mechanisms, developing ecosystems, incentives, etc.), but at the same time must be suitable for Vietnam's practical conditions.

Prime Minister Pham Minh Chinh speaks at the seminar. Photo: VNA

Speaking at the seminar, Prime Minister Pham Minh Chinh emphasized that in the coming time, Vietnam will focus on promoting green growth, digital economy, circular economy, science and technology development, innovation to participate more deeply in the investment structure, trade order and global supply chain. At the same time, continue to open the economy, shift to attracting quality and focused foreign investment; support domestic enterprises to promote investment in science and technology, production capacity to meet and participate in the supply chain of foreign-invested enterprises; promote investment in developing strategic infrastructure, important, urgent projects with great spillover effects; focus on training high-quality human resources. The implementation of the above priority areas requires financial resources, companionship, and resource sharing from international friends, multinational enterprises, large investment funds in the world in general and the US in particular. In particular, the experience and resources of foreign organizations, investors, multinational corporations, and large investment funds in the world are necessary and important to promote the formation and development of financial centers and investment activities in industries and fields that contribute to sustainable development such as green economy, circular economy, digital economy, and green finance. The Prime Minister asked global corporations and investment funds to share experiences, provide policy advice, and prioritize financial resource mobilization, participate in the construction process, and jointly invest and develop a financial center in Ho Chi Minh City. The Prime Minister said that Vietnam is continuing to promote the development of the stock market and corporate bond market. Based on existing experience, Vietnam hopes that corporations and investment funds will advise, share experiences and support the construction and development of other types of markets such as land use rights markets, science and labor markets, etc. in a transparent and public manner, thereby mobilizing development resources, attracting direct and indirect investment, etc. The Prime Minister also asked corporations and investment funds to contribute ideas and suggest some solutions to support the improvement of governance capacity for both the public and private sectors in the country, towards transparency, high efficiency and sustainable development. Vietnam will continue to improve the business environment, ensure the legitimate and legal rights and interests of investors, and create the most favorable conditions for investors to operate effectively and sustainably.

laodong.vn