A golden opportunity to reposition Vietnam's position in global financial centers
The country is entering a new stage of development, the determination of the entire political system is that growth in 2025 must reach at least 8%, the 2026-2030 period will have double-digit growth, fully preparing the country to enter a new era - the era of national growth. A series of solutions have been proposed to achieve the above growth target, including solutions to attract investment capital to serve the growth target.
One of the major decisions that has been made by the Party, National Assembly, and Government is to implement the International Financial Center in Ho Chi Minh City and the regional Financial Center in Da Nang City. The establishment of these financial markets will help Vietnam connect with the global financial market; attract foreign financial institutions, mobilize new resources in addition to promoting existing resources; take advantage of opportunities to shift international investment capital flows for socio-economic development.
As the presiding agency, the Ministry of Finance has proactively researched, coordinated, and promoted the consultation process on the development of regional and international financial markets in accordance with the orientation and direction of the Politburo, the Government, and the Prime Minister. Currently, the Ministry of Finance has been urgently coordinating with relevant ministries, branches and localities to develop and complete the National Assembly Resolution on TTTC in Vietnam to submit at the 9th Session.
At the TTTC Building Conference in Vietnam on the afternoon of March 28, in Ho Chi Minh City, assessing the potential of TTTC development in Vietnam, Minister of Finance Nguyen Van Thang said: Vietnam is located in the Asia region.
This is considered the most dynamic development area in the world today, and is also the place where new TTTCs such as Mumbai, Kuala Lumpur, Jakarta appeared and formed. With an important geopolitical position, a stable macro economy and an increasingly improved investment environment, we are facing a "golden opportunity" to participate and position our role and position in the global TTTC chain.
In particular, in recent times, especially in 2024, Vietnam has been recorded as a bright spot in growth in the region and the world with proud figures: GDP reached 7.09%, among the highest in the region and the world; stable macro economy, inflation controlled below 4%; import and export reached a record of 786.29 billion USD; attracting FDI of more than 38 billion USD - in the top 15 most attractive countries for FDI globally.
In addition, Vietnam has some specific advantages to form a TTTC, which is an international strategic location between the shipping routes from North to South, from East to West, the focus of Southeast Asia. If formed, this is a time zone that is different from the 21 largest TTTCs globally, which creates great advantages in attracting idle capital flows during the trading break. In particular, this is also one of the leading markets in terms of the rate of application of financial technology for the future.
As for Ho Chi Minh City, in recent years, this dynamic city has been included in the official list of emerging global financial markets; Meanwhile, Da Nang City is also emerging as a potential regional technology - financial center.
The Minister also said that 2025 is considered the pivotal year of the Socio-Economic Development Strategy, the final year of the Plan 2021-2025, and at the same time a strategic stepping stone for the acceleration period of 2026-2030, aiming to become a country with modern industry, high average income by 2030 and become a developed country by 2045.
There will be special and outstanding incentive policies for financial centers
Discussing Vietnam's TTTC development orientation, Minister Nguyen Van Thang said that Vietnam is drafting a National Assembly Resolution on TTTC with the aim of establishing an open, transparent legal framework with specific and outstanding incentive policies in line with international practices; and at the same time preparing foundational conditions for TTTC development in Vietnam.
The Minister's speech is notable for the major orientations throughout the development of the TTTC. In particular, continuing to strongly open the financial sector, creating the most favorable conditions for international financial institutions to operate effectively, transparently, fairly, and in accordance with international practices.
Second, clearly implement the roadmap for forming a financial center in Vietnam by 2035, closely connect with major international financial centers in the region and the world, towards forming a financial network of linkages, without direct competition.
Third, promote testing of advanced financial mechanisms, promote investment in financial technology, especially fintech, blockchain, and artificial intelligence applications; strongly develop green finance, encourage sustainable products and investment funds according to standards to promote responsible business practices, environmental - social - governance (ESG) standards.
Fourth, strengthen connections with financial institutions to develop high-quality human resources, cooperate in training and improve financial management according to international standards.
Fifth, ensure financial market stability, manage risks and protect investors' rights. This is a top priority of Vietnam to build a safe and sustainable investment environment in financial centers.
Building a TTTC is not a new content in the world, but for Vietnam this is a new and unprecedented issue. Vietnam will do and learn from experience, not be hasty but not be perfectionist, and miss opportunities, Minister Nguyen Van Thang affirmed.
