In terms of infrastructure, in addition to real estate preparation, Ho Chi Minh City prioritizes investing in building a Tier IV standard data center, developing cloud computing, artificial intelligence (AI), blockchain, along with Open Data and Open Banking policies - to create a transparent, connected and safe technology environment. In particular, human resources are being carefully prepared through financial - technology training programs at many universities and research institutes.
Meanwhile, Da Nang has also launched specific steps. This city has a policy of building a financial center associated with a smart city, developing digital infrastructure and high-tech financial services.
Da Nang does not hide its ambition to become a destination for financial institutions, technology startups and global investors. This is a serious and proactive preparation in the context of a global financial transformation that is opening up many new opportunities for emerging financial centers.
Building a shopping mall is a step in the right direction, but it is not easy. One of the major bottlenecks is the complicated foreign exchange procedures, lack of an official sandbox mechanism and data infrastructure that does not meet international standards - which is hindering Fintech startups and venture capital funds. In addition to political decisions and technical infrastructure investments, the quick removal of institutional barriers and the implementation of a supervised pilot model and innovative financial ideas will help the TTTCQT soon realize. Along with that, the lack of high-quality human resources and the lack of a policy of " streaking the red carpet" for global experts is also a problem that needs to be solved soon.
For the World Bank to soon become a reality, the core is to have practical and flexible action. Ho Chi Minh City and Da Nang need to be given the right to experiment with institutions, especially in the fields of foreign exchange, tax and data. At the same time, the sandbox model must be practical, not simply a " replay area on paper". Another important thing is to keep commitments and create trust for investors of the government.
Finally, digital infrastructure needs to take a step forward. It is impossible to mention financial centers without an open data platform, a cloud computing ecosystem, and international cybersecurity standards. Localities have paid great attention to training and preparing human resources, but also need to encourage international training linkage programs, and at the same time issue "Experist visa" policies and start-up support funds with proceeds from the budget to attract quality Fintech founders.
The TTTCQT is not only an economic project, but also a commitment of Vietnam to global financial integration. If done correctly and sufficiently, the two centers in Ho Chi Minh City and Da Nang will not only contribute to economic growth but also enhance the country's position on the world financial map.
