Institutions determine competitiveness
Speaking at the annual Forum on Personal Financial Planning 2026 with the theme "Creating a Vietnam International Financial Center - Developing High-Quality Human Resources" co-organized by the Vietnam Financial Consultants Association (VFCA) and the Banking Academy on the morning of April 11, 2026, Dr. Nguyen Nhu Quynh - Director of the Institute of Economic and Financial Strategy and Policy (Ministry of Finance) said that Vietnam is one of the economies with very large openness. Therefore, the development of a modern financial service center is an inevitable requirement to improve management capacity, competitiveness and form a dynamic, safe and sustainable financial ecosystem.
Vietnam sets a growth target of over 10% in the period 2026–2030, aiming to become a high-middle-income country by 2030 and a high-income country by 2045. To achieve this goal, it requires the synchronous implementation of many solutions, in which attracting global financial resources is a mandatory task.
Mr. Quynh emphasized that in global competition, countries not only compete by market size but also by the quality of legal frameworks, tax policies and financial infrastructure. According to international practice, a financial center is not only a place to gather capital but also an ecosystem with a high level of integration and great transparency.
The decisive factor for the success of the financial center is not the market size but the quality of the institution. A good institution, close to international standards, will ensure investor protection mechanisms and a reasonable level of financial freedom," Mr. Quynh stated clearly.
In Vietnam, the Ministry of Finance is assigned to build the International Financial Center (IFC) with a two-pole model in Ho Chi Minh City and Da Nang. In which, Ho Chi Minh City is positioned as a comprehensive international financial center, while Da Nang is a specialized center, testing new models such as digital assets, fintech and green finance.
According to Mr. Quynh, the IFC legal framework is built with 6 pillars including: organizational operations; finance; land – environment; financial market; legal; and human resources. This system covers the entire life cycle from investment attraction to risk control, towards three core elements: stability, consistency and openness.
Human resources are the core factor
Speaking at the forum, Assoc. Prof. Dr. Pham Thi Hoang Anh - Deputy Director in charge of the Board of Directors of the Banking Academy shared that looking at regional financial crises shows the important role of a modern financial system and the ability to effectively connect with the global market. Financial centers such as London, Tokyo or Singapore are proof of a successful development model when both attracting capital, human resources, and technology, and enhancing the country's position.
To build a successful IFC, many factors are needed such as modern financial infrastructure, transparent legal framework, developed banking system and especially high-quality human resources. In which, the human factor plays a core role.
Financial human resources not only need in-depth knowledge but also interdisciplinary competence, combining finance, technology, data and management. Besides, there are requirements for foreign languages, adaptability in multicultural environments and lifelong learning ability.
Ms. Hoang Anh emphasized the role of education and training in human resource development. The Banking Academy is orienting towards multidisciplinary training, integrating fields such as fintech, digital banking, digital marketing and e-commerce.
Enhancing market confidence
Along with the requirement to improve institutions and develop human resources, the issue of building market confidence and specific operating conditions for international financial centers is also raised.
Mr. Bui Van Huy - Vice Chairman of FIDT Investment Consulting and Asset Management JSC said that to operate IFC effectively, it needs to be based on four pillars including: Transparent legal corridor; modern technology infrastructure; deep capital market development; and standardized human resources.
In which, technology infrastructure with digital data, electronic identification, Open API and network security is an important foundation. The capital market needs to diversify products, improve payment capacity and strengthen international connectivity. He also noted that international capital mobilization needs to be accompanied by risk prevention tools, especially exchange rate risks.
Mr. Huy provided data to compare the scale and quality of financial human resources at major centers. Shanghai (China) has about 500,000 financial personnel, Seoul (South Korea) nearly 293,500, Hong Kong (China) about 269,100, Singapore about 200,000 and London (UK) about 179,000. However, London leads in the number of CFP certificates with more than 12,000 people, showing the role of human resource quality.
Meanwhile, Vietnam does not have a CFP certificate, showing that the starting point is still low and policies are needed to fill this gap.
According to him, the team of financial advisors plays the role of "living cells" of the market, contributing to resource allocation and promoting sustainable development. This force helps build trust through professional ethics standards and transparency, putting customer interests at the center. "Belief is the most important factor of the financial market," Mr. Huy emphasized.
