Building a financial center must have its own identity.

Ho Chi Minh City in the future will be the economic and financial center of the whole country - Photo: VAN TRUNG

According to experts, to achieve success, choosing the right development model is a key factor; Vietnam needs to learn from the experiences of international financial centers around the world but also needs "leaps forward" in policy, technology and human resources.

Don't "copy" successful models

Speaking at the conference "Building a financial center in Vietnam" organized by the Ministry of Finance and the Ho Chi Minh City People's Committee on March 28, Mr. Tyler McElhaney - country director of APEX Group - said that the success of Dubai's economy is thanks to capital from the international financial center.

Therefore, the international financial center is a great opportunity for Vietnam to attract capital for development investment, but Vietnam cannot "copy" the model of Dubai or any other country but must build the center based on its own strengths.

From Dubai's experience, Mr. Tyler McElhaney believes that the criteria for a successful financial center are to continuously innovate, appoint leaders with commercial vision, establish policy mechanisms in line with international practices and especially ensure investor confidence.

Meanwhile, Mr. Andrew Oldland - head of the international financial center working group of TheCityUk - said that Vietnam needs to adjust its financial center construction model to suit the context, in which it must create a difference from successful financial centers in the world.

He said that when building policies, Vietnam needs to have a mechanism for free money flow, clearly identify innovation trends in financial centers such as fintech (financial technology) and promote green finance...

Dr. Kang Qu, deputy general director of planning and development at the Bank of China, said that based on experience from Shanghai, to be successful, there must be two factors: the country's economy must develop strongly and there must be openness in policy to be able to trade freely, not only serving the domestic market but also the region.

Mr. Don Lam - General Director of VinaCapital Group - noted that although Vietnam is behind, it can take advantage of the experience of successful centers, take advantage of technology, create its own advantages to "take a shortcut" in building a financial center.

Deputy Minister of Finance Nguyen Thi Bich Ngoc said Vietnam will prioritize the application of modern technologies from the beginning such as fintech, blockchain and green finance to complement financial centers in the region. Vietnam's international financial center will take advantage of its own advantages.

According to international experts, Vietnam has many advantages in human resources, resources and investment attraction opportunities to build its own financial center - Photo: LINH LINH

Need policy to gather talented people

Drawing on the experience of the London financial center, Mr. Iain Frew - British Ambassador to Vietnam - said that important factors for the development of Vietnam's financial center include a suitable legal and regulatory framework, attracting domestic and international talent, and synchronous infrastructure including digital infrastructure, transportation, and utilities.

Mr. Truong Bui - General Director of Roland Berger Southeast Asia - said that to promote the formation of a financial center, Vietnam needs to continue to simplify administrative procedures, improve infrastructure and loosen regulations on work permits and visas to attract talent.

Mr. Colin Blackwell - Head of VBF Human Resources Group - said that Vietnam has advantages in the fintech field, many businesses have participated in the international market and have knowledge in technology, so there needs to be policies to attract talent in new fields such as AI and fintech.

Dr. Truong Minh Huy Vu - Director of the Ho Chi Minh City Institute for Research and Development - said that human resources are an important issue for an international financial center, in which there needs to be outstanding policies for four different groups of human resources including banking and finance, legal, technology (fintech, blockchain, crypto) and operational human resources.

In addition, Mr. Vu also said that the city has prepared infrastructure and land funds to develop an international financial center. "In the first phase, Ho Chi Minh City will focus on upgrading existing financial products, developing fintech, blockchain and investing heavily in infrastructure in the area planned as a financial center," Mr. Vu said.

- Mr. NGUYEN VAN DUOC (Chairman of Ho Chi Minh City People's Committee):

Where quality capital converges

A 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, and increase national competitiveness and integration.

This will be the foundation for Ho Chi Minh City to improve urban management capacity, develop sustainably and expand comprehensive cooperation with global partners.

Ho Chi Minh City is committed to working with the business community, international financial institutions, and investors to create a comprehensive financial center, a place where quality capital flows, creative knowledge flows, and breakthroughs with international standards converge.

- Mr. NGUYEN VAN THANG (Minister of Finance):

Building a mechanism to test new technology

With an important geopolitical position, stable macro-economy and an increasingly improving investment environment, Vietnam is facing a "golden opportunity" to participate and position itself in the global financial center chain.

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

At the same time, ensure financial market stability, risk management and protect investor rights.

This is Vietnam's top priority to build a safe and sustainable investment environment in financial centers.

- Mr. HO KY MINH (Vice Chairman of Da Nang City People's Committee):

The financial center in Da Nang will focus on two groups of international financial services serving import and export for free trade zones, industrial parks and services related to green finance, fintech, innovation in banking and finance, especially sandbox testing for digital assets.

The development of financial centers in Ho Chi Minh City and Da Nang is complementary and does not compete with other international financial centers in the region.

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Source: https://tuoitre.vn/xay-dung-trung-tam-tai-chinh-phai-co-ban-sac-rieng-20250328224258623.htm