British experts assess that Ho Chi Minh City has the potential to become an international financial center.

On October 23, in London (UK), the Ho Chi Minh City People's Committee coordinated with the Ministry of Foreign Affairs of Vietnam, the Embassy of Vietnam in the UK and TheCityUK to organize the Seminar 'International experience in developing an international financial center: Directions for Ho Chi Minh City'.

Speakers at the seminar

The seminar was attended by Mr. Vo Van Hoan, Vice Chairman of the Ho Chi Minh City People's Committee; Mr. Nguyen Hoang Long, Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland; and representatives of the Ministry of Foreign Affairs of Vietnam. Foreign representatives included Ms. Nicola Watkinson, Executive Director of TheCityUK, along with more than 30 financial experts and businesses from the UK; Ms. Caroline Roulet, representative of the Organization for Economic Cooperation and Development (OECD) participated online from Paris, France. Orienting Ho Chi Minh City to become a financial center In his opening speech, Mr. Vo Van Hoan expressed the desire of Vietnam and Ho Chi Minh City for the prospect of building an international financial center closely linked to the ongoing global economic changes. According to him, the establishment of an international financial center will help Vietnam take advantage of international capital flows, enhance its position in the international arena and promote the plan to become a high-income country by 2045 as well as support Vietnam's sustainable development and the goal of becoming a zero-emission country by 2050. Currently, the Ho Chi Minh City People's Committee is implementing research to develop a project to develop a Vietnam International Financial Center in Ho Chi Minh City. During the process of developing the project, Ho Chi Minh City realized that it is necessary to proactively research and work with international consulting units, prestigious leading corporations and financial institutions, and experts to cooperate and exchange experiences in building an international financial center. London is a leading and long-standing international financial center in the world , with extensive experience in developing financial centers with high-standard legal and policy frameworks as well as an ecosystem of financial services and related professional services.

Mr. Vo Van Hoan, Vice Chairman of Ho Chi Minh City People's Committee

Therefore, the leaders of Ho Chi Minh City believe that the UK in general and London in particular can share their experiences in building an international financial center. Recommendations from British experts At the seminar, British financial experts provided a lot of information, discussed experiences and requirements for successfully building an international financial center for developing countries, specifically Ho Chi Minh City. In particular, the experts emphasized two important factors: the need to build a specific policy framework and a general legal framework. The experts said that Ho Chi Minh City needs to synchronously implement the following plans: developing Fintech, digital banking and digital financial transactions; regional integration for the financial center; developing the derivatives market; carefully preparing technical infrastructure for software, digital payments in real time; promulgate management regulations, legal policy frameworks, regulations on commercial arbitration, resolve commercial disputes, international disputes, ensure immediate enforcement of decisions, judgments, and guarantees for investors; train international-level human resources to serve the Financial Center... Experts also assess Ho Chi Minh City as a relatively ideal place, with a suitable environment, many opportunities to build a regional Financial Center and commit to maximum support.

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