Simulated image of Vietnam International Financial Center in Ho Chi Minh City - Photo: HUU HANH
Also attending were Permanent Deputy Prime Minister Nguyen Hoa Binh , leaders of ministries, departments and localities.
At the conference, Chairman of the National Assembly's Economic and Financial Committee Phan Van Mai explained the basic contents of Resolution 222. The National Assembly's Resolution on the International Financial Center in Vietnam took effect from September 1, an important legal step to build an International Financial Center located in Ho Chi Minh City and Da Nang.
Outstanding incentive policy
Prime Minister Pham Minh Chinh and delegates survey the International Financial Center in Ho Chi Minh City - Photo: H.HANH
Speaking at the conference, Prime Minister Pham Minh Chinh pointed out the strategic benefits of building an international financial center in Vietnam.
According to the Prime Minister, the National Assembly's issuance of Resolution 222 has created the first legal framework and is an important and solid foundation for the construction, operation and development of the International Financial Center in Vietnam.
He believes that the development and implementation of the policy to develop an international financial center is a breakthrough, maximizing the potential differences, outstanding opportunities, and competitive advantages of Vietnam.
Developing an international financial center applies specific and outstanding incentive mechanisms and policies, setting clear criteria to select qualified financial organizations and enterprises to participate.
Ensure a balance of interests between the State, investors and people in the spirit of harmonizing interests and sharing risks. At the same time, it is necessary to proactively have appropriate risk monitoring and management mechanisms from the beginning to protect the safety of the system.
The Prime Minister also requested selective reference to international practices and experiences in new fields to build breakthrough and specific incentive policies suitable to Vietnam's conditions to develop an international financial center quickly and sustainably.
Ho Chi Minh City, Da Nang make efforts
According to Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc, the city is focusing on building institutions and policies to implement Resolution 222. In particular, Ho Chi Minh City has planned about 10 hectares of land in the urban center to develop infrastructure for the financial center. In the immediate future, the building at 8 Nguyen Hue will be used as headquarters during the construction of the financial center.
Mr. Duoc said that Ho Chi Minh City aims to develop all types of financial services, with special attention to the commodity trading market, green finance, and digital finance. High-quality human resources are considered the core factor to manage and operate the financial ecosystem.
Ho Chi Minh City has established an organizational framework and is recruiting personnel with expertise and practical experience in the financial sector and related industries. This August, Ho Chi Minh City will send staff to study at international financial centers and cooperate with educational institutions to train human resources.
Secretary of Da Nang City Party Committee Nguyen Van Quang - Photo: H.HANH
Secretary of the Da Nang City Party Committee Nguyen Van Quang said that the locality has also proactively planned and allocated strategic land funds, conveniently located in the developing urban space, connecting to the international airport within a 5km radius. These are clean land funds with legal conditions to attract investment.
In the immediate future, Da Nang City has arranged a 22-storey building in Software Park No. 2 with an area of 27,000m2, which can be put into operation by the end of 2025.
According to Mr. Quang, from now until 2027, Da Nang City will focus on attracting infrastructure investment and developing a financial center ecosystem on clean land plots that have been planned close to the sea with an area of over 60 hectares meeting international standards. Currently, there are many investors interested in infrastructure development in this area.
In addition, Da Nang City has prepared land to form a digital financial center with more than 11 hectares and is actively implementing projects to form a national dynamic urban area in Da Nang Bay with five artificial islands, with a scale of 1,500 hectares. Of which, nearly 300 hectares are expected to be allocated to develop commercial financial services, digital finance connecting with high-tech zones and free trade zones.
An international financial centre is a place where laws are “designed for the future”, to allow new models to operate within a controlled framework.
Prime Minister Pham Minh Chinh
Business is excited
Mr. Johan Nyvene - Chairman of the Board of Directors of Ho Chi Minh City Securities Corporation - Photo: H.HANH
Speaking at the conference, Mr. Johan Nyvene - Chairman of the Board of Directors of Ho Chi Minh City Securities Corporation - commented that while the world is facing issues such as global trade, trade wars, and tariffs, Vietnam has shaped its direction. Vietnam not only focuses on manufacturing but also follows the direction of developing the digital economy and high-tech economy.
Mr. Johan Nyvene assessed that the International Financial Center will be a place to attract many talents in the fields of high technology, crypto asset management and digital asset management. At the same time, this will be a place to attract more foreign investors through direct investment in the International Financial Center and indirect investment through financial markets in Vietnam.
Meanwhile, Mr. Pham Hong Hai - General Director of Orient Commercial Bank - said that the establishment of an international financial center is inevitable when there is foreign investment capital flowing in, a financial system will be needed to support these investments. In addition, with free trade agreements and the relocation of the world's manufacturing factories to Vietnam, the financial center will provide the entire financial supply chain.
According to Mr. Hai, the establishment of the International Financial Center is the beginning of a period of many opportunities but also many challenges, because many financial centers in the world have been established. However, Vietnam's outstanding competitive points may be digitalization, green financial solutions and finance for small and medium enterprises (SMEs), these are new points that Vietnam can completely surpass other financial centers. In addition, Mr. Hai expects there will be more "goods" in the Vietnamese financial market to meet the needs of investors.
Ho Chi Minh City: 5 "leaders"
On the same day, the Prime Minister chaired the 4th meeting of the Steering Committee for the implementation of Resolution 98 on piloting a number of specific mechanisms and policies for the development of Ho Chi Minh City. To date, Ho Chi Minh City has implemented 36/44 mechanisms. The Resolution has created a mechanism to remove obstacles that have been pending for many years, ensuring social security and sustainable poverty reduction. At the same time, Ho Chi Minh City has proactively mobilized resources from the Ho Chi Minh City budget to implement inter-regional projects, expressways, etc.
Regarding Ho Chi Minh City, the Prime Minister requested to continue reviewing and concretizing Resolution 98. Ho Chi Minh City must be more determined, make greater efforts, take more drastic actions, and promote specific mechanisms and policies more effectively with the spirit of 5 "leading".
Specifically, taking the lead in digital transformation, developing and applying science and technology, promoting startups, innovation and developing smart cities.
Leading in attracting investment in high-tech industries and green technology associated with sustainable development.
Leading in developing high value-added financial, service, tourism sectors and developing marine economy.
Leading in developing high quality human resources, leading experts in key areas.
Finally, take the lead in implementing social policies and social security.
Promoting infrastructure in the Southeast region
Also on August 2, Prime Minister Pham Minh Chinh chaired the 6th meeting of the Southeast Regional Coordination Council. After the arrangement of provincial administrative boundaries, the Southeast region has three provinces and cities: Ho Chi Minh City, Dong Nai and Tay Ninh.
In the first six months of 2025, the GRDP of the Southeast region is estimated to reach 7%. The scale of GRDP is the highest among economic regions. The total state budget revenue is 431,000 billion VND. The region also leads the country in the number of projects and total foreign direct investment capital with 24,000 projects and over 210 billion USD.
According to Minister of Construction Tran Hong Minh, units are urgently implementing many key projects, aiming to create a smooth and connected transportation network in the region. In particular, Mr. Minh said that the Ministry of Construction has coordinated with Ho Chi Minh City to study and report to the Prime Minister about the metro and elevated railway connecting Tan Son Nhat airport and Long Thanh.
Concluding the conference, Prime Minister Pham Minh Chinh requested the Ministry of Finance to preside over and work with localities to review and update planning in accordance with the rearrangement of provincial-level administrative units and new socio-economic zoning orientations.
The Southeast region needs to study, develop and submit to the Politburo for promulgation a new resolution or conclusion on the development of the Southeast region in the era of national development. At the same time, review, update and propose mechanisms and policies for the Southeast region. The Prime Minister also has many instructions related to many key transport infrastructures in the region.
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