International financial center is an opportunity for Vietnamese banks

Speaking at the event “International experience and the role of the banking system in the financial center” organized by Banking Times on the morning of April 16, Ms. Truong Thi Thu Ba, Deputy Director of the Financial Institutions Department, BIDV, said that building an international financial center is an opportunity for Vietnamese banks. However, there are also many challenges and competitive pressures with international financial institutions.

Thời báo Ngân hàng•16/04/2025

According to Ms. Thu Ba, to build an international financial center, factors such as: Stable, transparent, internationally compatible institutions; modern physical and technological infrastructure; high-quality human resources and integrated and modern financial services are needed. This will be an opportunity for Vietnamese banks to attract international capital flows and access low-cost capital sources. At the same time, expanding the market and upgrading the financial services ecosystem; standardizing according to international practices, enhancing credibility and capital mobilization capacity. In addition, banks can also accelerate digital transformation and shape the platform banking model.

Trung tâm tài chính quốc tế là cơ hội cho các ngân hàng Việt Nam

However, there are also some challenges such as multi-level competitive pressure with international financial institutions; gaps in data infrastructure, technology and digital integration. Therefore, Vietnamese banks face great competition, and are likely to lose at home. Besides, there is the risk of "internationalization pressure" but not enough "internationalization of capacity". Finally, there is the challenge of building market trust and policy consistency.

Therefore, BIDV proposes that, on the part of the National Assembly and the Government, the Special Resolution on International Financial Centers should have a long-term orientation with a specific institution and be approved soon. At the same time, it is necessary to organize delegations to survey international financial centers around the world to learn from experience. There is a model that is close to Vietnam and has just been formed, which is GIFT City in India. In the process of policy making, it is necessary to consult, listen to and absorb the opinions of all parties. At the same time, take advantage of human resources and infrastructure in Vietnam at low cost to deploy services suitable for Vietnam.

For the State Bank, there needs to be a flexible pilot mechanism, regular policy dialogue, and a legal space for testing services (sandbox) such as digital banking, digital assets, green finance, international payments, etc. For the Banking Association, it is necessary to consult member banks to grasp the difficulties in the application process. In addition, it is necessary to disseminate, train, and share international practices, new technology trends, etc. for members.

From the perspective of commercial banks, BIDV determines that it will need to take advantage of human resource and infrastructure costs to provide financial services to international financial centers; have a proactive, focused participation strategy, and improve capacity. In addition, proactively cooperate internationally, connect to global financial networks, co-create institutions, propose product models, and build and test new models.

Source: https://thoibaonganhang.vn/trung-tam-tai-chinh-quoc-te-la-co-hoi-cho-cac-ngan-hang-viet-nam-162854.html