Previously, on August 1, the Prime Minister signed Decision No. 1646, establishing a Steering Committee on International financial markets in Vietnam headed by Prime Minister Pham Minh Chinh. The Steering Committee includes Deputy Prime Ministers and Secretaries of the City Party Committee of Ho Chi Minh City and Da Nang. This shows the consistent unity between the central and local governments in both the will and the organization.
To successfully build an international financial center, experts have pointed out the following challenges: A young financial ecosystem, lacking major institutions; market confidence and information transparency that do not meet international standards. Especially the gap in high-quality human resources.
Clearly recognizing those challenges, the Government and the two localities are responding with drastic actions, showing careful preparation.
In terms of infrastructure and institutions, Vietnam has chosen to combine the strengths of each locality: Ho Chi Minh City will be a comprehensive center, focusing on the capital and banking markets. Da Nang will be a specialized center, focusing on potential areas such as green finance, financial technology (fintech), and digital asset testing... This approach takes advantage of its own strengths, both creating a mutually complementary ecosystem, avoiding domestic competition. The urgent completion of key infrastructure projects in both cities is the step to "clear the way to welcome the big guys".
Human resources are also being actively addressed. Ho Chi Minh City cooperates with Viet Duc University to provide in-depth training and send personnel for internships abroad. Da Nang has also directly and online training for more than 300 civil servants, public employees and personnel; signed with international partners to send staff to Singapore to learn from experience. This is a practical solution, because people are the deciding factor of success or failure.
The Government is determined to build a specific legal framework, with a controlled testing mechanism and a desire to apply international best practices as the strongest answer to building trust.
The construction of the TTTC has only just begun and there are many difficulties, but as the Prime Minister said, "if it is difficult to start, it will never reach the finish line". With the iron and steel political will and specific, drastic actions being implemented, Vietnam is demonstrating its determination to turn challenges into opportunities, gradually realizing its aspiration to reach the global economic stage.
