Vietnam faces a 'golden opportunity' to position itself as a...

Speaking at the Conference on Building a Financial Center in Vietnam, Minister of Finance Nguyen Van Thang emphasized that this Conference is an in-depth follow-up event after the Conference on "Investment Funds and Foreign Investment in Vietnam's New Development Era" organized by the Ministry of Finance on the morning of March 28, aiming to promote investment attraction and international capital mobilization; demonstrating strong political determination in realizing the goal of building a Financial Center in Vietnam.

According to Minister Nguyen Van Thang, in Asia - the most dynamically developing region in the world today, new financial centers have emerged and formed such as Mumbai, Kuala Lumpur, Jakarta. Vietnam, with its important geopolitical position, stable macro-economy and increasingly improving investment environment, is facing a "golden opportunity" to participate and position its role and position in the chain of global financial centers.

Specifically, Vietnam is recognized as a bright spot in growth in the region and the world. In 2024, GDP will reach 7.09%, among the highest in the region and the world; the macro economy will be stable, inflation will be controlled below 4%; import and export will reach a record of more than 786 billion USD; FDI attraction will be more than 38 billion USD, ranking among the top 15 countries attracting the most FDI globally;...

Vietnam has some unique advantages to form a Financial Center, which are: International strategic location between the maritime routes from north to south, from east to west, the center of Southeast Asia; different time zone from the 21 largest financial centers in the world, convenient to attract idle capital during trading breaks; is one of the leading markets in the rate of application of future financial technologies.

Ho Chi Minh City has many advantages to become an international financial center.

In recent years, Ho Chi Minh City has been included in the official list of emerging global financial centers; meanwhile, Da Nang City is also emerging as a potential regional financial-technology center.

According to Minister Nguyen Van Thang, building a financial center is not new in the world, but for Vietnam this is a new and unprecedented issue.

"With the strong and decisive direction of the Politburo, General Secretary To Lam, the Government, the Prime Minister, the joint efforts of ministries, branches, localities, the cooperation of the international community and businesses, I believe that Vietnam will successfully build a modern and world-class financial center, contributing to the stable and sustainable development of the region and the world," Minister Nguyen Van Thang shared.

Ho Chi Minh City has many advantages

Speaking at the event, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc said that the Central Government's choice of Ho Chi Minh City to build a financial center is a great honor, thereby attracting large capital flows, helping to affirm Vietnam's position in the global economy.

Mr. Nguyen Van Duoc said that Ho Chi Minh City has many advantages to become an international financial center with 4 major advantages:

One is a dynamic economy with deep international integration, contributing about 15.5% of the country's GDP, accounting for more than 25.3% of the total national budget revenue and nearly 11.3% of the country's import-export turnover.

Second, it is the largest commercial and financial services center in Vietnam, possessing a modern financial infrastructure. Ho Chi Minh City is home to many banks, credit institutions, securities companies, fund management companies and major investors. The city has the basic designs for modern financial markets such as stock markets, capital markets, digital infrastructure payment centers and financial technology applications.

Third, it has an important geostrategic location, connecting with major financial centers in the region such as Singapore, Shanghai, and Tokyo.

Finally, Ho Chi Minh City has clear political determination and strategic direction from the central to local levels.

The Chairman of the Ho Chi Minh City People's Committee also emphasized: The city is making efforts to improve the investment environment, perfect institutions, remove legal barriers and develop digital infrastructure to enhance global competitiveness.

The construction of an international financial center will bring many practical socio-economic benefits to the city and the whole country, creating a spillover effect to neighboring cities and the region, improving urban management capacity, sustainable development and expanding comprehensive cooperation with global partners.

Source: https://baodaknong.vn/viet-nam-dung-truoc-co-hoi-vang-de-dinh-vi-vai-tro-trong-chuoi-trung-tam-tai-chinh-toan-cau-247585.html