Ladies and gentlemen,
I am very pleased to be with the working delegation of the Vietnamese Government present in San Francisco and attend the Vietnam – US Financial and Technology Roundtable today. For decades, this place has not only been the leading technology and innovation center of the United States, but also the origin of breakthroughs that have changed the economic structure of the United States in particular and of the global economy in general. It can be said that San Francisco is a symbol of the spirit of daring to think, daring to do, daring to break through and lead the future.
A few days ago in New York, we had an effective seminar when we frankly and openly exchanged with many US financial institutions and large corporations about capital flows to the Financial Center. But today, in San Francisco, we will discuss a fundamental and in-depth topic: Technology and the Future of the Global Financial System. Because, technology is the tool that will orient, lead and amplify the power of financial resources in the next decade.
At today's seminar, we will introduce a strategic direction of Vietnam in the new era of development: Building a modern, transparent and deeply connected international financial center (VIFC) with the global financial system. The presence of leading US businesses, financial and technology institutions at the seminar not only shows your interest in Vietnam, but also opens up opportunities for us to exchange, design together, and participate in the process of forming a new generation financial center in a very dynamic, creative, ambitious and striving country.
Today's event takes place in a very special context, when the Vietnam - US Comprehensive Strategic Partnership is developing strongly and becoming increasingly substantive. The United States is currently one of Vietnam's leading trade and investment partners, but we believe that the space for cooperation between the two countries, especially in the field of high-tech finance, is still very large.
Ladies and gentlemen,
50 years ago, when stepping out of the war, Vietnam was a country devastated fiercely, suffering heavy consequences, people did not have enough to eat, had to wander to find jobs in many countries. Bombs and Agent Orange have created wounds on the ground as well as on the bodies and souls of each person. But Vietnam, a tolerant nation, has overcome the differences of history to look to the future, a resilient nation has stood up from hardship to rebuild the country.
Today, when many countries are facing survival challenges, especially food crises, Vietnam has risen to become the 32nd economy out of 196 countries, the 2nd largest rice exporter in the world, actively contributing to the global food security strategy and supporting humanity. The world assesses that Vietnam has made miracles. But real miracles of prosperity and happiness for the people are still waiting for us ahead.
You have a basis to place your trust in the Vietnamese economy because we are a peaceful, safe country, very suitable for long-term strategic investment decisions; maintaining a stable macroeconomic foundation, high growth and deep international integration. In addition, Vietnam is strong and drastic in transforming its growth model, towards a green economy, digital economy and circular economy. Our large-scale economy with 100 million people, young, dynamic and passionate about technology is the ideal destination for breakthrough initiatives.
To meet practical requirements and serve accelerated development, we are building the Vietnam International Finance Center according to the "One Center - Two Destinations" model. In which, Ho Chi Minh City and Da Nang do not compete with each other, but closely link to create a comprehensive financial ecosystem.
Potential and development history have positioned Ho Chi Minh City as a financial center with the strength of a traditional capital market, while Da Nang is aimed at focusing on financial technology (Fintech), digital assets and innovation.
Because Da Nang has met all the conditions: Strategic geo-economic location conveniently connected to the globe; modern technical infrastructure; having an ideal living environment, meeting international standards; having a suitable economic model to deploy testing mechanisms (sandboxes) and risk control; being a pioneer locality of Vietnam in information technology development and building a smart city, with high-quality human resources ready to meet the strict standards of the digital age.
Ladies and gentlemen,
We are very aware of a common rule of the times. That is, technology always goes faster than the law. And to receive capital and technology from the United States, legal infrastructure must be invested early and professionally based on sound international experience.
In the 21st century, finance cannot be separated from technology. Therefore, the VIFC development strategy is designed to be linked to the technology ecosystem. Vietnam is actively completing the legal framework for core areas such as: (i) Artificial intelligence (AI); (ii) Big Data; (iii) Blockchain technology; (iv) Semiconductors and digital infrastructure.
At the same time, we promote new financial models in the direction of both supporting breakthrough innovation and ensuring risk control by establishing a safe and open legal corridor, creating maximum conditions for technology platforms, investment funds and Fintech businesses to create new generation financial products such as digital assets, Blockchain, artificial intelligence (AI), green finance and carbon credits...
In this process, cooperation with partners from San Francisco and Silicon Valley is very important. We want to build direct bridges between the US innovation ecosystem and the financial center being formed in Vietnam.
VIFC is both a "policy laboratory" and a launching pad for excellent technology ideas. We call on you to invest in VIFC to establish technology investment funds, green funds, and venture capital funds here. From VIFC, your capital flow will be a foundation for potential startup projects not only in Vietnam but also globally.
Ladies and gentlemen,
On behalf of the Government of Vietnam, we are committed to creating the most favorable and globally competitive business environment. We will apply superior preferential policies, create institutional breakthroughs, ensure the transparency of the investment environment, maintain macroeconomic stability and especially protect the legitimate rights and interests of foreign investors.
US businesses coming to Vietnam will not only see a potential market, but also find a reliable partner, willing to share risks with you, and contribute to creating new values for common prosperity.
In San Francisco today, we are together shaping the foundation for financial and technological cooperation between the two countries for decades to come. With the companionship of the US financial and technology community, VIFC will certainly become a dynamic and reliable destination.
I hope that today's dialogue will connect Vietnam's potential and aspirations with US resources and technology to create a common prosperous era for the people and economies of the two countries.
Wishing you good health. Wishing our seminar a brilliant success.
Thank you very much!
