Building an international financial center is an important solution to promote Vietnam's economy.

Speaking at the meeting and working session with officials, businesses and international financial institutions in the above countries, Deputy Prime Minister Nguyen Hoa Binh emphasized that the construction of an international financial center is an important solution to promote the strong development of Vietnam's economy. He also suggested that countries and businesses share experiences and provide practical advice for the construction of financial centers, while spreading Vietnam's message to other countries, encouraging businesses to invest and participate in the construction of financial centers in Vietnam.

Deputy Prime Minister Nguyen Hoa Binh, Deputy Governor of the State Bank of Vietnam Pham Tien Dung and the delegation took a souvenir photo in Germany - Photo: VGP/Nguyen Hoang

According to the Permanent Deputy Prime Minister, the construction of international financial centers in Ho Chi Minh City and Da Nang is a major policy of the Party and State of Vietnam and is currently being actively implemented by the Government, relevant ministries, branches and localities. This is considered a boost to the economy, an important and effective capital mobilization channel for achieving growth and development goals.

During this working trip, as assigned by the Deputy Prime Minister, Deputy Governor Pham Tien Dung led the SBV delegation to have bilateral working sessions with partners in the banking sector to learn more about the experience of building specific policies in the banking sector at the Financial Center.

Deputy Prime Minister Nguyen Hoa Binh and the delegation took a souvenir photo with representatives of the Association of Vietnamese Intellectuals in the UK and Ireland.

At the events chaired by the Deputy Governor, the SBV delegation spent time learning about the experience of building and developing the International Financial Center from different perspectives: the perspective of the management agency (the Bank of England), the operational practices of foreign financial institutions (HSBC Group)... Thereby, the delegation had a more multi-dimensional, comprehensive and realistic perspective on the best international practices in the process of developing the Financial Center, especially the experience of building a solid legal foundation to manage the banking sector in the Financial Center.

Talking to partners, the Deputy Governor said that in the banking sector, implementing the policies of the Party and the Government, the State Bank is carefully studying specific legal and policy changes with the aim of creating a favorable business environment, attracting reputable financial institutions and international investors, and building an attractive and healthy financial ecosystem.

International experts recommend that Vietnam develop financial markets according to a roadmap with strategic and cautious steps, ensuring conformity with the country's development situation. In this process, Vietnam can learn from the models of emerging market economies that have many similarities with the characteristics of the Vietnamese economy such as China, India, etc.

Developing a financial center in Vietnam is part of the national economic development strategy, aiming to enhance the role and ability to connect and integrate Vietnam with the world. The visit of Deputy Prime Minister Nguyen Hoa Binh and the Vietnamese delegation contributed to affirming the Government's commitment to promoting the development of the financial sector, creating a solid foundation for Vietnam to move towards building a prestigious international financial center.

Source: https://thoibaonganhang.vn/xay-dung-trung-tam-tai-chinh-quoc-te-la-giai-phap-quan-trong-thuc-day-kinh-te-viet-nam-161905.html