Building a financial center in Vietnam with superior mechanisms

On the afternoon of March 28, the Ministry of Finance and the People's Committee of Ho Chi Minh City held a conference on "Building a Financial Center in Vietnam".

Conference scene. Photo: Organizing Committee

In his opening speech, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc assessed that the Central Government's selection of Ho Chi Minh City as the location for the Comprehensive International Financial Center is a great honor, and at the same time a heavy responsibility that the Party Committee, government and people of the city will make every effort to successfully carry out.

According to comrade Nguyen Van Duoc, Ho Chi Minh City is a place with many favorable conditions to take on the leading role in the strategy of building a financial center for four reasons: First, the city possesses a dynamic economic foundation and deep international integration. The city contributes 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, in the city, the basic institutions for modern financial markets, including stock markets, capital markets, payment centers, digital banking infrastructure and financial technology applications, have been well-operated.

Third, the city has a strategic geographical location, and the city's financial market has close connections with major financial centers in the region such as Singapore, Hong Kong, Shanghai, Tokyo... through investment and trade activities.

Fourth, political determination and clear strategic direction from the central to local levels, identifying the development of Ho Chi Minh City into an international financial center as a strategic task.

Speaking at the conference, Minister of Finance Nguyen Van Thang emphasized: This conference is an in-depth follow-up event after the conference “Investment funds and foreign investment in the new development era of Vietnam” 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.

Minister of Finance Nguyen Van Thang speaks at the conference. Photo: Organizing Committee

According to Minister Nguyen Van Thang, the world is going through a turbulent era. In that context, global financial centers are also restructuring strongly, from simply providing capital services to becoming a convergence of innovation, financial technology (fintech), green finance and specific products for niche markets.

Minister Nguyen Van Thang said that building a financial center for Vietnam is a new and unprecedented issue. Vietnam will do it and learn from experience, not missing the opportunity to build a financial center and will build it with a superior mechanism.

Speakers discuss at the conference. Photo: Organizing Committee

In the discussion and sharing of experiences on developing financial centers in the world, Mr. Andrew Oldland, Head of the Working Group on International Financial Centers (TheCityUk Organization) said that one of the important things is to adjust the model of building a Financial Center to suit the context of Vietnam. His research group has helped build reports to implement a Financial Center in Vietnam.

Agreeing, Mr. Rich McClellan, senior advisor on financial center development, former Vietnam Country Director of the Tony Blair Institute, said that Vietnam needs to take advantage of its strengths when building a financial center such as economic development, geopolitical position, annual growth in trade turnover...

Source: https://hanoimoi.vn/xay-dung-trung-tam-tai-chinh-o-viet-nam-voi-co-che-vuot-troi-697191.html