Mr. Phil Wright, Senior Director, Banking, HSBC Vietnam, said that the Government 's ambition to build such a financial center is not only to strengthen the capital market but also to create an ecosystem that promotes innovation, competitiveness and long-term growth. Experience from global financial centers shows that financial centers can act as a catalyst for innovation.
These hubs provide a safe testing ground for new technologies, attract investment, and connect talent across a range of sectors. But success doesn’t come naturally. It requires a clear legal foundation, stable long-term policies, and an ecosystem where the public and private sectors work closely together. The lessons learned from other markets are that three principles stand out: transparency, consistency, and collaboration.
Building trust, ecosystems instead of “oases”
According to Phil Wright, the UK is one of the best examples of transparency in action. In 2016, the UK Financial Conduct Authority (FCA) launched the world’s first regulated sandbox, a safe space for FinTech companies to test new products with real customers under regulatory supervision.
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| Vietnam International Financial Center can unleash a wave of innovation. |
The results were immediate. Start-ups understood the rules, regulators gained insight into new technologies, and investors became more confident in investing in unproven ideas. Since then, more than 1,000 companies have joined the scheme.
Research from the European Finance Association shows that companies that participate in pilot schemes are 50% more likely to raise capital and attract an average of 15% more capital than other companies. The UK model has now been replicated around the world, demonstrating that the pace of innovation increases when clear regulations are in place.
“ If Vietnam were to adopt a similar experimental approach, it would send a strong message to the innovation community and investors: experimentation is encouraged, but within a safe and stable legal framework. At the same time, consistency in regulation and policy will be key to ensuring that innovation is not just a temporary spark, but a sustainable growth driver,” said Phil Wright.
Innovation can only thrive in an ecosystem. Hong Kong has demonstrated this through its Cyberports and science and technology parks, which bring together start-ups, global tech companies, investors and banks in a shared space.
These centers provide funding, expert advice, and incubator programs that allow ideas to be quickly deployed on a large scale. The lesson here is clear: innovation does not happen in isolation. It requires collaboration between regulators, industries, and education.
Vietnam has a unique opportunity to create similar clusters, connecting FinTech companies, banks, investors, telecom providers and universities. In doing so, Vietnam can create a pool of ideas, talent and investment that will enable international financial centres to operate for decades to come.
The challenge, however, is to find the right balance. A financial center with “high innovation, low stability” risks speculative bubbles, weak supervision, and a loss of investor confidence. By contrast, an environment with “high innovation, high stability” means clear direction, credible experimentation, and strong measures on issues such as data privacy and cybersecurity.
“This is the balance that Vietnam needs to strike: a financial hub that encourages experimentation while ensuring strong standards. The right legal system, including clear entry rules, streamlined and flexible management mechanisms, and adherence to international standards, will create an environment where investors understand their position and the innovation community knows how to grow businesses,” said Senior Director, Banking, HSBC Vietnam .
The importance of international standards
According to Mr. Phil Wright, compliance with international standards is especially important. This sends a message to global investors that Vietnam's international financial center is built on best practices, while creating cross-border compatibility in areas such as payments, capital markets and digital assets. International standards also make it easier to attract global talent, as experts and organizations can operate according to familiar rules.
For Vietnam, adopting a globally recognized legal framework in areas such as anti-money laundering, cyber security and data protection is essential. This will also help attract multinational companies, investors and those seeking trust and stability. In particular, an international financial center cannot thrive without human resources.
Vietnam needs to invest in education, training and career development to build skills in areas such as data analytics, cybersecurity, risk management and financial engineering. Collaboration with universities, professional bodies and incubators will help develop the next generation of fintech leaders.
At the same time, attracting international experts is also important. International financial centers such as Dubai have successfully applied new visa types to attract skilled workers, they rank high in global talent competitiveness indexes. Mr. Phil Wright said that Vietnam could consider similar steps to ensure that the international financial center is not only a financial base, but also a place to attract international talent.
Vietnam is at a turning point , experts say . By integrating transparency, consistency and cooperation into the foundation of an international financial center, Vietnam can create not only a financial base, but also an innovation and creativity center connecting Asia to the world.
The benefits of building a financial center are not only investment capital flows, but also a vibrant international financial center that can create jobs, nurture start-ups, attract talent and help Vietnam become an important piece in global finance.
"This journey will require vision, patience and strong public-private partnership. However, the outcome is within reach: an environment with a 'highly innovative and stable' spirit that will bring prosperity, resilience and enhance the international standing of Vietnam's economy in the coming decades," Mr. Phil Wright emphasized.
Source: https://baodautu.vn/trung-tam-tai-chinh-quoc-te-viet-nam-co-the-khai-phong-lan-song-doi-moi-sang-tao-d413279.html
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