With its technological advantages and young workforce, Ho Chi Minh City has the potential to build an international financial center based on its unique Fintech focus. - Illustration: QUANG DINH
This was the assertion of experts in an interview with Tuoi Tre Online ahead of the Lunar New Year, regarding groundbreaking steps to build a comprehensive international financial center in Ho Chi Minh City.
According to experts, instead of following the beaten path of traditional financial centers, Ho Chi Minh City has chosen its own "path," developing Fintech (financial technology) to create differentiation and breakthroughs for an international financial center.
Fintech is the "key" to Ho Chi Minh City becoming an international financial center.
Speaking to Tuoi Tre Online , Associate Professor Tran Hoang Ngan said that it is time for Ho Chi Minh City to realize its dream of building a comprehensive international financial center.
According to Mr. Ngan, many countries around the world have accelerated their development thanks to international financial centers; therefore, with a superior mechanism in place, the construction of a financial center will be faster, more efficient, and sustainable.
Mr. Ngan believes that an international financial center will have a favorable, transparent legal and institutional environment that conforms to international standards, as well as outstanding incentive policies to attract investors.
In addition, the government will invest heavily in infrastructure, including "hard" infrastructure in terms of physical facilities and the physical structure of the center, and "soft" infrastructure including digital infrastructure, connectivity, and financial technology.
In addition, this will also be a place with a high-quality workforce, attracting experts from both within and outside the country.
In particular, Mr. Ngan emphasized that the international financial center will have international connections, establishing relationships with major financial centers around the world through international cooperation and attracting large financial corporations to participate, as well as prioritizing the strong development of financial technology (Fintech) activities and Fintech startups.
Meanwhile, Associate Professor Dr. Nguyen Huu Huan (senior lecturer at the University of Economics Ho Chi Minh City) believes that another groundbreaking difference for the international financial center in Ho Chi Minh City is its development towards becoming a Fintech center, combining finance and technology.
This aims to transform Ho Chi Minh City into a hub for global Fintech companies, given its numerous advantages in terms of technology, telecommunications infrastructure, and its capacity to embrace new technologies such as blockchain, cryptocurrencies, and digital currencies.
Promoting the development of the Fintech ecosystem.
Fintech not only attracts investment capital, but also helps Ho Chi Minh City's international financial center provide high-quality financial services and meet the growing needs of businesses. - Illustration created by AI
Associate Professor Hoang Cong Gia Khanh - Rector of the University of Economics and Law (Vietnam National University Ho Chi Minh City) - believes that the strong development of disruptive financial technologies (Fintech) has been and is reshaping the development and future of the financial services industry.
In this context, instead of pursuing the traditional model which is already highly competitive, Ho Chi Minh City should consider becoming a Fintech hub by developing a Fintech ecosystem, promoting innovation, experimentation, and learning.
According to Mr. Khanh, Ho Chi Minh City needs to focus on developing the constituent elements of a Fintech hub similar to existing regional and global Fintech hubs.
Mr. Khanh believes that priority should be given to building a vibrant fintech startup community, such as establishing a common home for the fintech and startup community, and ensuring continuous support programs and plans for new startups…
Experts predict that Fintech will be the driving force behind the growth of Ho Chi Minh City's international financial center - Photo: QUANG DINH
In addition, the expert emphasized the need for a comprehensive policy to attract investment from established, reputable, and dynamic companies, as well as angel investors, in order to increase access to venture capital.
The experiences of Singapore and London show that strong political commitment and proactive governance are crucial factors in creating a competitive advantage.
"To keep pace with the rapid development of innovation, it is necessary to allow the operation of controlled testing mechanisms (sandboxes), which are legal regulations based on highly flexible experimental activities."
"The sandbox will help create a balance between 'exemption' from legal regulations and consumer protection, not only facilitating innovation but also limiting potential negative impacts on end users," Mr. Khanh said.
Dr. Truong Minh Huy Vu, Director of the Ho Chi Minh City Institute for Development Research, believes that the development of financial technology (fintech), especially blockchain technology and artificial intelligence (AI), also opens up new opportunities for Ho Chi Minh City to realize its aspiration of becoming an international financial center.
Mr. Vu noted that new financial technologies such as blockchain and AI are developing very rapidly, posing a challenge to the formulation of appropriate and effective policies.
In this context, it is necessary to abandon the "if you can't manage it, ban it" mentality and create opportunities for interaction with diverse and different development practices around the world. Therefore, the city will take the lead, seize opportunities, and anticipate risks to develop new technologies.
5 key priorities in building an international financial center.
Minister of Planning and Investment Nguyen Chi Dung stated that, in order to implement the Politburo's conclusions, the Government has issued Resolution No. 259 approving the plan for the construction of a regional and international financial center in Vietnam.
This includes a focus on five key areas (please see the graphic below):
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