Launching the International Maritime Finance Ecosystem

On the morning of May 21st, the Vietnam International Finance Center in Ho Chi Minh City (VIFC-HCMC), in collaboration with Gemadept Group and the Ho Chi Minh City Institute for Development Research, organized a high-level forum to promote the maritime finance ecosystem within VIFC-HCMC.

Vice Chairman of Ho Chi Minh City People's Committee Nguyen Cong Vinh and other delegates participate in the forum. Photo: THANH HUY

On this occasion, the International Maritime Financial Ecosystem initiative, one of the four strategic pillars of VIFC-HCMC, was officially launched.

In his opening remarks, Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Cong Vinh shared that today's forum is not only a professional event in the field of maritime and finance, but also marks the beginning of the formation of an international maritime financial ecosystem.

Vice Chairman of Ho Chi Minh City People's Committee Nguyen Cong Vinh delivered the opening remarks at the forum. Photo: THANH HUY

Ho Chi Minh City People's Committee Vice Chairman Nguyen Cong Vinh emphasized that, over the years, the southern region, especially Ho Chi Minh City and the Cai Mep - Thi Vai port cluster, has emerged as one of the most important logistics and port centers in Southeast Asia. However, Vietnam has only strongly participated in the "flow of goods," while the "flow of finance" is still mainly conducted in international financial centers such as Singapore and Hong Kong (China).

"This shows that in order to develop the maritime economy sustainably and enhance national competitiveness, Vietnam needs to gradually build a complete maritime financial ecosystem. That is also why Ho Chi Minh City is orienting its development towards a model that directly connects port infrastructure, logistics, and the international financial ecosystem," Mr. Nguyen Cong Vinh expressed.

At the forum, Associate Professor Dr. Nguyen Huu Huan, Vice Chairman of the VIFC-HCMC Executive Agency, emphasized that the international maritime financial ecosystem is expected to lead the economic restructuring process of Ho Chi Minh City and Vietnam.

According to a representative from VIFC-HCMC, by 2025, the entire Ho Chi Minh City seaport system will handle over 24 million TEU, linked to import and export turnover of approximately 200 billion USD, accounting for about 20% of the national import and export turnover.

Around the port infrastructure, a chain of operational services has developed strongly, including loading and unloading, warehousing, storage, freight forwarding, customs clearance, supply chain transportation, and import/export support. The total value of trade transactions through the region's seaports, including the value of goods, logistics services, and related financial needs, is estimated to exceed US$1 trillion per year.

However, the majority of high-profit, premium financial services—including import and export trade finance, ship financing, marine insurance and reinsurance, international payments, and logistics risk management—still flow through other maritime hubs.

In this context, the International Maritime Financial Ecosystem initiative was formed and launched as a core component of VIFC-HCMC. Gemadept Corporation plays the leading role in its founding.

The launch ceremony of the International Maritime Financial Ecosystem. Photo: THANH HUY

Mr. Pham Quoc Long, Deputy General Director of Gemadept Group, proposed a three-stage approach to the international maritime financial ecosystem. The first stage (1-2 years) involves building the foundation. The next stage (2-3 years) expands the ecosystem. The third stage (3 years) completes and elevates the ecosystem with the operation of a regional maritime arbitration body and a derivatives exchange.

The long-term goal of the ecosystem is to serve a traffic volume exceeding 25 million TEU and attract an additional $10-15 billion in new investment capital annually.

"In terms of economic contribution, the international maritime financial ecosystem can generate significant cumulative added value for the city's GRDP, while also promoting the formation of tens of thousands of new high-quality jobs in the fields of finance, technology, law, logistics, insurance, and specialized services," Mr. Pham Quoc Long expected.

Gemalink International Port, part of Gemadept Group, is one of the largest and most modern deep-water container ports in Vietnam, strategically located in the Cai Mep - Thi Vai area. Photo: THANH HUY

THANH DUNG - THANH HUY

Source: https://www.sggp.org.vn/ra-mat-he-sinh-thai-tai-chinh-hang-hai-quoc-te-post853745.html