Referring to the general perception of the International Financial Center (IFC), Deputy Prime Minister Nguyen Hoa Binh emphasized that the IFC is a diverse ecosystem of financial services, concentrated in a certain area. This is where financial institutions such as banks, investment funds, financial service companies, stock exchanges, currencies, commodities and specialized support service systems gather, to create a synchronous and specialized financial environment.
Deputy Prime Minister Nguyen Hoa Binh introduced the role and significance of international financial markets.
According to the Deputy Prime Minister, the establishment of a financial market is not only aimed at expanding the domestic financial market, but also aims to form an area with its own policies and legal framework, superior and unique, capable of competing with international financial markets. Thereby attracting global investors to provide both financial products and related non-financial services.
Currently, the level of development and competitiveness of a financial center is internationally assessed based on the Global Financial Centers Index (GFCI) with five basic pillars: business environment; financial ecosystem; infrastructure; human resources and reputation and brand of the city where the financial center is located.
In terms of conditions, the Deputy Prime Minister said that to form a financial market, both necessary and sufficient conditions must be met. Necessary conditions include: political determination from the highest level; prestige and attractiveness to the international community; stable political and macroeconomic environment; transparent institutions; financial market potential; favorable business environment; large enough economic scale and stable growth; open legal framework, in line with international standards; and high connectivity with the region and the world.
In addition, sufficient conditions for TTTC to operate effectively include: high-quality human resources; synchronous infrastructure; a developed and highly competitive financial ecosystem, accompanied by a full and professional support service system.
"These are the conditions that make the financial market attractive and we have all these conditions to build and develop the financial market," Deputy Prime Minister Nguyen Hoa Binh emphasized.
The components of a financial market are very diverse, including commercial banks, securities companies, insurance and reinsurance enterprises, investment funds, asset management companies; market infrastructure operating organizations such as stock exchanges, payment centers; financial technology organizations (fintech), digital asset trading enterprises; financial consulting companies and innovation support organizations such as research centers, startup incubators, and many other entities as prescribed.
The portfolio of products and services provided at TTTC is also very diverse, including: stocks, bonds (government, corporate, construction), investment fund certificates; derivative instruments such as forward contracts, futures, options, swaps; alternative investment instruments such as hedge funds, venture capital, private investment; fund management services, insurance, reinsurance; banking and foreign exchange; green financial products, carbon credits; financial technology platforms and digital assets, and many other products to meet market needs.
There are currently 119 financial centers in the world and Ho Chi Minh City is considered one of the 119 financial centers in the world. In 2025, Ho Chi Minh City will rank 98/119 according to the GFCI 37 rankings, up 7 places compared to the previous year. The Fintech index will rank 88/115, up 11 places compared to 2024.
Further clarifying the importance of building a financial market in Vietnam, Deputy Prime Minister Nguyen Hoa Binh emphasized that this is a strategic solution to strongly attract international capital flows, contributing to the national economy's breakthrough, aiming for double-digit growth in a new era of development - an era of prosperity, civilization and wealth.
Not only having financial significance, the development of the financial market also creates the driving force to make strategic breakthroughs in building a synchronous and modern infrastructure system, especially transport infrastructure, energy and digital economy. At the same time, the financial market will promote the development of science and technology, innovation and national digital transformation; pave the way for digital asset management solutions, develop new and modern financial technology models, suitable for market needs in the digital age.
An international financial center also plays a role in connecting Vietnam with the global financial market, enhancing the country's position, prestige and competitiveness. This is also the foundation to support ensuring national defense and security "early, from afar", making Vietnam a strategic financial gateway, welcoming international capital flows and effectively taking advantage of opportunities from the wave of global supply chain shifts.
Along with that, TTTC also contributes to improving social security by creating more jobs, attracting high-quality human resources at home and abroad, forming a network of international experts, investors and financial intellectuals to work in Vietnam. The accompanying utility services will also contribute to improving the quality of life in localities, gradually forming a modern and civilized urban ecosystem.
Finally, the development of the financial market will create a driving force to improve the legal framework in accordance with international standards in the financial and monetary sector, thereby creating a transparent, open and trustworthy investment environment to attract high-quality capital flows.
Source: https://doanhnghiepvn.vn/kinh-te/viet-nam-hoi-tu-du-cac-dieu-kien-de-xay-trung-tam-tai-chinh-quoc-te/20250611045237586
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