Vice Chairman of the National Assembly Nguyen Duc Hai attends the Conference on building a financial center in Vietnam.

Vice Chairman of the National Assembly Nguyen Duc Hai attends the Conference on building a financial center in Vietnam.

Speaking at the conference, Minister of Finance Nguyen Van Thang said that building a financial center is a new, difficult and unprecedented issue for Vietnam. However, with the strong direction of the Party and Government, the joint efforts of ministries, departments, branches and localities, and the cooperation of the international community and the private sector, Vietnam is completely capable of successfully building a modern, world-class financial center.

According to the Minister, Vietnam hopes to successfully build a modern, world-class financial center, which is not only a symbol of prosperity, but also a place to initiate breakthroughs in green finance and digital finance, contributing to the stable and sustainable development of the region and the world .

In the context of the world experiencing many major changes leading to rapid shifts in the global financial order, Minister Nguyen Van Thang said that Vietnam, with its important geopolitical position, stable macro-economy and continuously improving investment environment, is facing a golden opportunity to participate and position itself in the global financial center chain.

Minister of Finance Nguyen Van Thang speaks at the conference

The Minister informed that the Government is drafting a resolution of the National Assembly on the Financial Center in Vietnam to establish an open and transparent legal framework with outstanding preferential policies, in line with international practices. In addition, Vietnam is clearly implementing the roadmap to form a financial center by 2035, closely connecting and supporting major international financial centers in the region and the world, aiming to form a linked financial network, without direct competition.

Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc also said that the 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 governance capacity, increase competitiveness and national integration. This is an opportunity to improve the efficiency of resource allocation, expand access to capital for businesses, develop infrastructure, and affirm Vietnam's position in the global financial and trade network.

Chairman of Ho Chi Minh City People's Committee Nguyen Van Duoc speaks at the conference

Chairman of Ho Chi Minh City People's Committee pointed out 4 major advantages for the City to become an international financial center.

Firstly , Ho Chi Minh City has a dynamic economy, deeply integrated into the international community, contributing about 15.5% of the country's GDP, accounting for more than 25.3% of the total national budget revenue and nearly 11.3% of the country's import-export turnover.

Second , Ho Chi Minh City is the largest commercial and financial services center in Vietnam, possessing modern financial infrastructure; it has basic designs for modern financial markets such as stock markets, capital markets, digital infrastructure payment centers and financial technology applications.

Third , Ho Chi Minh City has an important geostrategic position, connecting with major financial centers in the region such as Singapore, Hong Kong (China), Shanghai (China), Tokyo (Japan).

Conference scene

Fourth, Ho Chi Minh City has clear political determination and strategic direction from the central to local levels. At the same time, the city is always actively improving the investment environment, perfecting institutions, removing legal barriers, and developing digital infrastructure and financial technology. These are concrete steps to enhance global competitiveness.

The Chairman of the Ho Chi Minh City People's Committee emphasized that the development of the International Financial Center not only brings practical socio-economic benefits to the city and the whole country, but also creates a spillover effect to neighboring cities and the Southeast Asian region. This will be the foundation for Ho Chi Minh City to improve its urban management capacity, develop sustainably and expand comprehensive cooperation with global partners.

Conference delegates

The conference aims to listen to comments and feedback from domestic and international experts, organizations and enterprises on: experience in developing financial centers; financial center models suitable for Vietnam's reality; strategies to attract financial investment, develop fintech; mechanisms and policies in general and mechanisms for handling international disputes in particular; training and attracting high-quality human resources; new and specific financial products... to build a financial center model that is suitable, practical and feasible for Vietnam's conditions.

The conference took place with 4 discussion sessions covering the following topics: international experience in building a financial center - policy suggestions for Vietnam; necessary policy proposals for the financial center; orienting the financial center in Vietnam; and preparation of localities in building, developing and operating the financial center.

News and photos: Tinh Ha

Source: https://daibieunhandan.vn/pho-chu-tich-quoc-hoi-nguyen-duc-hai-du-hoi-nghi-xay-dung-trung-tam-tai-chinh-tai-viet-nam-post408644.html