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| Overview of the discussion. (Source: VNA) |
On the evening of January 17, local time, in Davos, Switzerland, on the occasion of attending the WEF Davos 2024 Conference, Prime Minister Pham Minh Chinh chaired a discussion with representatives of the world's leading banks and financial investment funds on the potential and investment opportunities in the Vietnamese financial market.
The seminar was jointly organized by the Ministry of Planning and Investment, the Embassy of Vietnam in Switzerland, the Swiss Bankers Association, Vinacapital Group and CT Group.
Attending the seminar were: Minister of Planning and Investment Nguyen Chi Dung; Minister of Foreign Affairs Bui Thanh Son; Minister of Industry and Trade Nguyen Hong Dien; Minister of Science and Technology Huynh Thanh Dat; Minister of Education and Training Nguyen Kim Son; Governor of the State Bank of Vietnam Nguyen Thi Hong; Chairman of Ho Chi Minh City People's Committee Phan Van Mai; leaders of several ministries, branches and localities.
In particular, the seminar was attended by many financial experts and leaders of many large financial corporations such as: Former Swedish Prime Minister Carl Bildt; former German Deputy Prime Minister, Dr. Philipp Rösler; Chairman of the Swiss Association of Banks and Asset Managers (VAV) Pascal Gentinetta; Chairman of SEB Group Marcus Wallenberg; Chairman of Twint Group, Vice Chairman of the Swiss Stock Exchange Soren Mose; representatives of Standard Chartered Bank, HSBC, Hyosoung Group, etc.
At the seminar, delegates focused on assessing Vietnam's financial market in 2023 and investment opportunities in the coming time; models and experiences in building an international financial center - recommendations for Vietnam; investment plans in Vietnam of world financial corporations.
Delegates said that Vietnam is one of the fastest growing economies in the world; has a progressive development strategy; has great potential to become a financial center of the region and the world. In addition, many experts and leaders of international financial corporations also expressed their interest in the policy mechanism; concerns and worries when investing in Vietnam...
Representatives of Vietnamese ministries and branches answered some questions from delegates about: the legal system, legal framework for financial market development in particular and the operation of financial centers in particular; anti-money laundering laws, policies on collection, management and operation of banking services; roadmap and technology for building financial centers; infrastructure serving financial market development such as electricity, high-speed internet, highly skilled labor; ownership limits of foreign investors in Vietnamese credit institutions, etc.
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| Prime Minister Pham Minh Chinh speaks at the seminar. (Source: VNA) |
Concluding the discussion, Prime Minister Pham Minh Chinh acknowledged, thanked and agreed with the ministries, branches and representatives of the world's leading banks and financial investment funds on the establishment of a Working Group to research and advise on the construction of a financial center in Vietnam, chaired by Dr. Philipp Rösler, Minister of Planning and Investment Nguyen Chi Dung, and Chairman of the Ho Chi Minh City People's Committee Phan Van Mai.
Informing the discussion on the process of gaining independence, the country's development path and the situation of Vietnam after nearly 40 years of renovation, Prime Minister Pham Minh Chinh said that Vietnam aims to become a developing country with modern industry and high middle income by 2030; and become a developed country with high income by 2045.
In which, Vietnam is focusing on sustainable development based on 3 pillars: socialist democracy, socialist rule of law state and socialist-oriented market economy. Throughout that process, progress, social justice and environment are not sacrificed in exchange for mere economic growth; people are placed at the center, the subject, the most important goal for all development policies.
Along with that, Vietnam implements an independent, self-reliant, diversified, multilateral foreign policy; is a good friend, a reliable partner and a responsible member of the international community; implements the "4 no's" defense policy; relies on and builds a progressive culture imbued with national identity, because "where culture exists, the nation exists", "culture lights the way for the nation to go".
Currently, Vietnam is implementing three strategic breakthroughs including: building and perfecting institutions and laws; reforming administrative procedures, training high-quality human resources; developing strategic infrastructure, especially transport infrastructure, with the motto "open policies, smooth infrastructure, smart management".
With the viewpoint that “resources come from thinking, motivation comes from innovation, strength comes from the people”, Vietnam is renewing the old driving forces of “export, consumption and investment” and adding new driving forces of digital economy, green economy, circular economy, and sharing economy.
The Prime Minister asked experts, banks, and financial investment funds to support Vietnam, provide policy advice; promote startups and innovation; restructure banks; build and improve the national brand; support infrastructure development; train human resources, etc.
In particular, Prime Minister Pham Minh Chinh hopes that global corporations and investment funds will share experiences and consult on choosing appropriate development models and solutions to develop a financial center in Vietnam.
In particular, consulting on institutions, policies and solutions to develop a comprehensive financial ecosystem, including: fintech, digital banking, digital payments, digital transactions, green finance, carbon credit trading floors, commodity trading floors, and foreign exchange trading floors.
The Prime Minister also hopes that foreign partners, with their prestige, experience and influence, will accompany and support Vietnam in the process of improving national credit rating, enhancing standards in accounting, auditing and financial reporting, creating an important foundation for the successful development of an international financial center in the coming time.
Along with that, research the possibility of participating in investment and restructuring weak banks in Vietnam; accompany and support Vietnam in training and developing high-quality human resources for the financial services sector, meeting the standards and in line with the needs of the global market.
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| Prime Minister Pham Minh Chinh with representatives of ministries, sectors and investors attending the seminar. (Source: VNA) |
The Head of the Vietnamese Government affirmed that the Vietnamese Government always accompanies and creates favorable conditions for foreign investors in general and investors from Switzerland in particular to invest and do business effectively and sustainably in Vietnam; the Government will accompany and share with investors and businesses; commit to protecting the legitimate and legal rights and interests of investors in any circumstances, not criminalizing economic relations; in the spirit of "harmonizing benefits, sharing risks", "harmonizing interests between the State, people and businesses". In particular, the Government always creates, listens to and accepts the opinions of businesses for mutual development.
Prime Minister Pham Minh Chinh’s speech was warmly welcomed by delegates. Mr. Don Lam, CEO of VinaCapital, said that the Young Global Leaders Organization (YPO) decided right after the discussion with the Prime Minister to organize a business delegation to Vietnam. Currently, there are 200 YPO member businesses interested in Vietnam in many fields.
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