Deputy Prime Minister Nguyen Hoa Binh: International financial centers are the driving force for restructuring the economy.

Following Da Nang, Ho Chi Minh City held the launch ceremony for the Vietnam International Finance Centre (IFC) in Ho Chi Minh City on February 11th.

Permanent Deputy Prime Minister Nguyen Hoa Binh speaks about the implementation and operation of the Vietnam International Finance Center in Ho Chi Minh City - Photo: CHAU TUAN

Immediately following this significant event, Deputy Prime Minister Nguyen Hoa Binh, Chairman of the Executive Council of the Vietnam International Finance Centre , held a press conference to discuss preparations for the establishment of the Vietnam International Finance Centre in two cities, affirming the significance and importance of the Vietnam International Finance Centre in the new context and under new conditions.

* Mr. Deputy Prime Minister Nguyen Hoa Binh, could you please tell us how thoroughly and meticulously our country has prepared for the establishment of international financial centers in Da Nang and Ho Chi Minh City?

- With the opening of the international financial center, we have initially completed a crucial task outlined in the resolution of the 13th National Congress of the Party. Although this is only an initial result, it demonstrates thorough and meticulous preparation and great efforts to fulfill the important responsibility entrusted by the Party, the Central Committee, and the Politburo.

The amount of work involved was enormous, ranging from researching documents and organizing numerous international seminars both domestically and abroad to surveying and learning from the experiences of leading financial centers around the world. It can be affirmed that the preparation for IFC was thorough, comprehensive, and synchronized at three levels.

Firstly, regarding political decisions. In a short period, the Government advised the Politburo to issue a conclusion on the policy of establishing an international financial center in Vietnam. This is an important decision, clearly affirming the viewpoint, principles, objectives, model, and specific tasks to be implemented.

Secondly, it involves building the legal infrastructure. Following the Politburo's directive, the Government has developed and submitted to the National Assembly a draft resolution on the financial center, along with explanations clarifying its role, significance, and necessary mechanisms and policies.

The government has urgently issued eight important decrees, creating a legal framework for the center's operation. Detailed regulations on operating mechanisms, functions, and tasks have also been issued, thereby basically forming the legal framework for the center to begin operations.

Thirdly, there are the conditions for ensuring implementation. The ministries, departments, and the two cities have closely followed the executive council's plan, carrying out a large volume of work. Initially, they have attracted a team of experienced international personnel, including CEOs who have previously managed successful financial centers and experts from reputable financial institutions.

In the future, we will continue to improve, attract more high-quality resources, and make thorough preparations regarding infrastructure and office space.

Nevertheless, continued effort is needed, especially investment in physical and digital infrastructure. Through surveys and discussions with experts and heads of state, the emphasized factor is "credibility".

A transparent and internationally-standardized legal infrastructure; global connectivity; a high-quality workforce; and impartial dispute resolution bodies that meet international standards are the factors that contribute to that reputation.

Permanent Deputy Prime Minister Nguyen Hoa Binh affirmed that the International Financial Center is a powerful "boost" for the Vietnamese economy - Photo: CHAU TUAN

* Our country has officially entered a new era with many ambitious goals. To achieve these goals, how would you assess the role and significance of international financial centers for the economy in this new context?

- The Central Committee and the Politburo have clearly recognized the magnitude and exceptionally important significance of this policy and have identified it as a breakthrough solution, a powerful "boost" for the economy. This is crucial preparation for the country to enter a phase of breakthrough and acceleration.

Establishing an international financial center is a solution to expand development opportunities outwards, and is a crucial component in strategic solutions to create new growth drivers and enhance national competitiveness. While previous integration focused on trade and investment, financial integration represents a higher level of connection, requiring adherence to stringent global standards.

The National Assembly has passed a resolution allowing the use of international judges in dispute resolution, representing a shift towards an international playing field. Digital infrastructure must also ensure global connectivity.

An international financial center is a driving force for economic restructuring. The formation of such a center will facilitate institution building, effective resource management and utilization, and promote restructuring towards a modern and sustainable direction.

The capital needs for the new development phase are enormous, especially for key national projects. The center will establish a large-scale, modern capital market, connecting international capital flows with domestic needs.

Experience from many countries shows that areas with international financial centers often become nuclei of modern development, creating a ripple effect in services, trade, and improving the quality of urban life.

To participate in the international arena, a workforce meeting international standards is necessary. The immediate goal is to attract international experts, while the long-term objective is to independently train a high-quality workforce. An international financial center also contributes to attracting and improving the quality of FDI flows, providing opportunities for investors, financial institutions, and the public.

Permanent Deputy Prime Minister Nguyen Hoa Binh directs the implementation and operation of the Vietnam International Finance Center in Ho Chi Minh City and Da Nang - Photo: CHAU TUAN

* What should we do next to ensure the center operates effectively, brings tangible benefits to the country, and becomes a magnet for international investment to serve national development in the new era?

- In my opinion, the success of an IFC should be measured by its 5-year or 10-year vision. The core element is investor confidence, built on the synergy of legal, physical, and digital infrastructure, the quality of personnel, and the credibility of the dispute resolution body.

The strategy is "to develop and refine simultaneously," moving towards establishing a comprehensive legal framework for international financial centers. This includes the synchronized development of physical infrastructure (headquarters) and an ecosystem that ensures a comfortable life for investors; ensuring global connectivity through digital infrastructure; and developing a workforce with international standards, especially in the executive and dispute resolution bodies.

It is necessary to proactively disseminate and widely introduce mechanisms and policies to attract strategic investors, while continuing to improve operational processes and administrative reforms. When standards of transparency are established within the center, it will create a ripple effect, promoting innovation and improvement in the external investment and business environment.

It can be affirmed that the political determination to build and develop an international financial center in Vietnam is very strong. Our steps are on the right track, the roadmap is clear, and the actions are very decisive and urgent.

With all these factors in mind, I believe that Vietnam's international financial center will be successful, making a significant contribution to the country's socio-economic development in the new era.

Thank you very much, Mr. Deputy Prime Minister!

Source: https://tuoitre.vn/pho-thu-tuong-nguyen-hoa-binh-trung-tam-tai-chinh-quoc-te-la-dong-luc-tai-co-cau-nen-kinh-te-2026021217332021.htm#content-1