New impetus from international financial centers

Affirming Vietnam's position on the financial map.

Minister of Planning and Investment Nguyen Chi Dung stated that Ho Chi Minh City and Da Nang possess many fundamental elements for developing regional and international financial centers, and are considered among the emerging financial centers on a strong growth trajectory. Successfully building these financial centers will help the country connect with the global financial market, attract foreign financial institutions, provide high-quality financial services, and contribute to a healthy and efficient financial market, catching up with international standards…

In the action plan, the Government assigned 49 specific task groups and solutions to 12 ministries, sectors, and localities. The Government also established an inter-ministerial steering committee on regional and international financial information, chaired by Prime Minister Pham Minh Chinh and with six vice-chairs.

The establishment of an international financial center also affirms Vietnam's position on the financial map.

Mr. Nguyen Van Nen, Member of the Politburo and Secretary of the Ho Chi Minh City Party Committee, assessed that the establishment of the International Financial Center in Ho Chi Minh City is clear evidence of the Central Committee's strategic vision and strong commitment to building a transparent, efficient, and sustainable financial ecosystem. "The International Financial Center is not only an economic development project but also an affirmation of Vietnam's position on the financial map," Mr. Nen stated.

Mr. Nên stated that Ho Chi Minh City will study expanding its planning in conjunction with the Thu Thiem new urban area, prioritizing the development of synchronous infrastructure, preparing human resources for operation, training personnel, attracting talent, promoting innovation, research, and application of science and technology, especially in the fields of finance and technology. Simultaneously, the locality will also research and propose specific mechanisms and policies to encourage, attract, and protect the legitimate rights and interests of investors, financial institutions, banks, investment funds, and large financial institutions… to develop a safe, healthy, and sustainable financial market.

An important fundraising channel.

Speaking at the conference, Prime Minister Pham Minh Chinh emphasized that to achieve economic growth targets, it is necessary to renew traditional growth drivers while promoting new ones, including the formation of international financial centers. For the country to achieve breakthroughs, it needs a large amount of human resources, capital, and a financial market; financial centers are crucial channels for mobilizing capital. The Prime Minister analyzed that if the goal is to achieve growth of 8% or more, or even double-digit growth, total investment must account for 45-50% of GDP. Annually, the country needs a large amount of capital for the development of strategic infrastructure such as completing 3,000 km of expressways, 1,000 km of coastal roads, high-speed rail projects, airports, and seaports, estimated at 4-5 trillion VND.

Affirming that Vietnam has the necessary conditions to establish an international financial center, the Prime Minister emphasized that the establishment of financial centers in Ho Chi Minh City and Da Nang is an inevitable task and an objective requirement in the country's current era of development. Regarding key tasks in the coming period, the Prime Minister stated that the Government will focus on finalizing mechanisms and policies to be submitted to the National Assembly at the May 2025 session. The Prime Minister assessed this as a difficult, new, and very complex task, but one that cannot be avoided.

The Prime Minister noted the need to "Vietnamize" the best practices of the world in the field of information and communication technology, learning from international models to implement them appropriately to the country's conditions. Simultaneously, the Prime Minister also emphasized the importance of preparing human resources, infrastructure, work management, and the unity of the political system, the people, and businesses. For Ho Chi Minh City and Da Nang, the Prime Minister requested that the two localities quickly develop specific mechanisms and policies, focusing on methods of mobilizing resources, training human resources, building and transferring technology, and smart governance.

Furthermore, ministries and agencies need to continue to agree with and closely support the two cities in developing documents and regulations, creating a legal framework. The Prime Minister also hopes that international partners will continue to cooperate, exchange experiences, propose policies, and support in finding financial and human resources, contributing to accelerating the formation of the Financial Center.

Thanhnien.vn

Source: https://thanhnien.vn/dong-luc-moi-tu-trung-tam-tai-chinh-quoc-te-185250105011121287.htm