Prime Minister Pham Minh Chinh and delegates attending the announcement ceremony – Photo: HUU HANH
On the morning of January 4, in Ho Chi Minh City, Prime Minister Pham Minh Chinh attended a conference to announce the Government's resolution promulgating an action plan to implement the Politburo's conclusion on building a regional and international financial center in Vietnam.
Vietnam has met the conditions to establish a financial center.
Speaking at the conference, Prime Minister Pham Minh Chinh said that in the coming years, Vietnam will prioritize economic growth. To achieve this, there must be many ways to mobilize capital, including promoting the role of regional and international financial centers.
Vietnam also determined that GRDP growth in the coming years will be from 8% to double digits, so total social investment capital must increase from 45-50% each year. Each year, Vietnam needs about 4-5 million billion VND for general development, especially for investment in technical infrastructure.
To achieve this goal, Vietnam must develop new growth drivers, including the formation of a regional and international financial center, along with the initiation and completion of key national projects.
Prime Minister Pham Minh Chinh and leaders of the Government, ministries, Ho Chi Minh City and Da Nang chaired the conference - Photo: HUU HANH
Prime Minister Pham Minh Chinh raised the question: "Is Vietnam qualified to establish a regional and international financial center?"
In response to this question, he affirmed that Vietnam had met the conditions and provided 5 factors to prove it.
Firstly, Vietnam's economic scale is ranked 33-34 in the world, with an average income per capita of over 4,600 USD. The macro economy is stable, inflation is controlled. The economic growth rate is stable, with the goal of 2025, Vietnam strives for GRDP growth of at least 8% and double-digit growth in the following years.
Second, Vietnam is making strategic breakthroughs and has achieved many positive results, moving towards open institutions, smooth infrastructure, and smart governance.
Third, the stock market growth rate reached double digits, the highest in the region. The stock market capitalization is about 7.2 million billion VND, accounting for more than 70% of the total GDP in 2023.
Fourth, Vietnam has an integrated economy with deep openness.
Fifth, the country's politics are stable, social order and security are guaranteed, the environment is peaceful, cooperative and developing in the region and the world, life is peaceful, secure, safe and secure for the people.
“With these five factors, I affirm that Vietnam is qualified to establish a regional and international financial center. The question is how determined we are and how to do it,” the Prime Minister acknowledged.
In addition, the Prime Minister pointed out that Vietnam has favorable geopolitics, located in the most dynamic and creative region in the world and Southeast Asia. If there is a financial center, it will connect the global financial market, attract foreign financial institutions, and create new resources to promote existing resources.
At the same time, take advantage of the opportunity to shift international investment capital flows to develop the socio-economy, promote the Vietnamese financial market, and create new development breakthroughs.
The Prime Minister emphasized that the establishment of a regional and international financial center is inevitable and an objective requirement for the country's development, especially during the country's period of growth.
Work is not for anyone
Prime Minister Pham Minh Chinh speaks at the conference – Photo: HUU HANH
Regarding the method of action, the Prime Minister said that in the immediate future, the institutions must be perfected, and the Government must quickly submit to the National Assembly mechanisms and policies on financial centers at the upcoming session.
He requested ministries, branches and localities to urgently coordinate with the Government to implement this. He determined that this was a difficult, complicated and unprecedented task, but it had to be done. If it was not done, it would not be possible. If it was not done, the country would not develop...
In addition, we must “Vietnamize” the world’s best in this field, learn from experience but must be suitable to Vietnam’s conditions. We must have human resources, infrastructure, management technology organization, and determination to be unanimous and unified.
“The spirit is to run and queue at the same time, learn from experience while doing things and then gradually expand, not to be perfectionist, not to be hasty, to do things properly and to finish them,” the Prime Minister directed.
Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen discussed with international organizations about the financial center in Ho Chi Minh City - Photo: HUU HANH
The Prime Minister also requested Ho Chi Minh City and Da Nang to quickly approve specific policy mechanisms to quickly form a financial center, determine methods of resource mobilization, and train human resources. Ministries and sectors must work closely with Ho Chi Minh City and Da Nang to implement, especially in drafting documents and regulations.
He also suggested that international organizations continue to accompany, exchange experiences, propose policies, and support Vietnam in seeking human and financial resources.
“All relevant subjects have now reached a clear understanding and high determination, so they must be even higher, make greater efforts, and act more decisively. The spirit is to clearly divide the work into 5 parts: clear people, clear work, clear progress, clear responsibility, and clear products.
The Party has directed, the Government has agreed, the National Assembly has agreed, the people have supported, and international friends have helped, so we can only discuss action and not retreat. The spirit is not to say it is difficult but not to do it,” said the Prime Minister.
With this spirit, the Prime Minister requested that ministries, branches and localities not consider this as the work of the two cities alone but as the common work of the country, the whole system must work together and develop together.
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