Vietnam faces a 'golden opportunity' to position itself as a global financial center chain

Mr. Nguyen Van Thang - Minister of Finance - said that Vietnam has many advantages to affirm its role in the global financial center chain - Photo: LINH LINH

At the conference “Building a financial center in Vietnam” held in Ho Chi Minh City on the afternoon of March 28, Minister of Finance Nguyen Van Thang affirmed that with its important geopolitical position, stable macro-economy, and improved investment environment, Vietnam has a “golden opportunity” to join the global financial center chain.

The conference attracted the participation of hundreds of domestic and international businesses, experts and financial institutions.

3 “golden” advantages to become a global financial center

Minister Nguyen Van Thang said that in Asia, the most dynamically developing region in the world, new financial centers have been formed such as Mumbai, Kuala Lumpur, and Jakarta.

Meanwhile, Vietnam also has many advantages to affirm its role in the global financial center chain.

Firstly, 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 is stable, import and export reach record levels and FDI attraction is among the top 15 most attractive FDI countries globally.

Second, Vietnam has some unique advantages to form a financial center, which is its international strategic location between the maritime routes from North to South, from East to West, the focal point of the Southeast Asian region.

In addition, the time zone is different from the 21 largest financial centers in the world, which is convenient for attracting idle capital during trading breaks.

Third, 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 and technology center.

Up to 400 experts, businesses, and international financial institutions participated and gave advice at the conference - Photo: LINH LINH

Will strongly open up the financial sector

Minister Nguyen Van Thang said that Vietnam is drafting a National Assembly resolution on financial centers with the aim of establishing an open, transparent legal framework with special, superior preferential policies in line with international practices.

The consistent orientation is to continue to strongly open up the financial sector, creating the most favorable conditions for international financial institutions to operate effectively, transparently, fairly, and in accordance with international practices.

In addition, Mr. Thang said that Vietnam clearly implements the roadmap to form a financial center by 2035, closely connecting and supporting major international financial centers in the region and the world, aiming to form a linked financial network, without direct competition.

Vietnam will also promote testing of advanced financial mechanisms, boost investment in financial technology, especially fintech, blockchain, artificial intelligence applications, strongly develop green finance, encourage sustainable products, investment funds according to standards promoting responsible business practices, environmental - social - governance (ESG) standards.

“Vietnam strengthens connections with financial centers to develop high-quality human resources, cooperate in training and improve financial management according to international standards. Ensure financial market stability, manage risks and protect investors' rights.

This is Vietnam's top priority to build a safe and sustainable investment environment in financial centers," Mr. Thang affirmed.

Important foundation for sustainable development of Ho Chi Minh City

Mr. Nguyen Van Duoc - Chairman of Ho Chi Minh City People's Committee - affirmed that the development of an international financial center in Ho Chi Minh City not only brings benefits to the city and the whole country, but also creates a spillover effect to neighboring cities - Photo: LINH LINH

Speaking at the conference, Mr. Nguyen Van Duoc - Chairman of the Ho Chi Minh City People's Committee - said that the financial center is not only a place where large capital flows converge but also a strategic driving force to promote innovation, develop high technology, improve management capacity, increase competitiveness and national integration.

"This is an opportunity for Ho Chi Minh City to improve the efficiency of resource allocation, expand access to capital for businesses, develop infrastructure, and affirm Vietnam's position in the global trade finance network," said Mr. Duoc.

According to Mr. Duoc, the development of an international financial center in Ho Chi Minh City will not only bring practical economic and social benefits to the city and the whole country, but also create a ripple effect to neighboring cities and the Southeast Asian region. This will be the foundation for the city to improve its urban management capacity, develop sustainably and expand comprehensive cooperation with global partners.

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Source: https://tuoitre.vn/viet-nam-truoc-co-hoi-vang-dinh-vi-vai-tro-chuoi-trung-tam-tai-chinh-toan-cau-20250328151540117.htm