Speaking at the conclusion of the Workshop on Developing an International Financial Center in Vietnam on the afternoon of January 16 in Da Nang, Permanent Deputy Prime Minister Nguyen Hoa Binh emphasized that the suggestions of the consultants are very valuable for Vietnam.
"It can be said that Ho Chi Minh City and Da Nang have all the current factors and future potentials for the formation of two international financial centers. We also know what our weaknesses and strengths are in choosing the two cities and are determined to build these two cities. We also realize that our biggest weakness is taking the first faltering steps without experience and lacking understanding of the IFC (world financial organization - PV). This is a big challenge.
However, we also see that IFC is very important. We want to promote the rapid development of the country, the sustainable development of the country, want the people to have a happier, more prosperous and comfortable life, there is no other choice and the financial center is one of the strategic decisions for the economy," said Deputy Prime Minister Nguyen Hoa Binh.
According to Deputy Prime Minister Nguyen Hoa Binh, for an international financial center to be successful, it must have infrastructure and laws that are open, transparent, trustworthy, and meet international standards.
Regarding human resources, Deputy Prime Minister Nguyen Hoa Binh suggested that Ho Chi Minh City and Da Nang need to prepare a team of experts to send to international financial centers around the world to learn from experience, ensuring that these two localities can operate international financial centers.
Ho Chi Minh City focuses resources on developing Financial Center
At the workshop, Mr. Phan Van Mai - Deputy Secretary of the City Party Committee, Chairman of the Ho Chi Minh City People's Committee said that Ho Chi Minh City was ranked in the list of Financial Centers in the Global Financial Centers Index (GFCI) for the first time in 2022.
In the latest GFCI report (September 2024), Ho Chi Minh City Financial Center was assessed as one of the centers with outstanding improvements in rankings in the Asia-Pacific region, based on criteria of market concentration and financial institutions as well as development potential.
In terms of financial technology (Fintech), compared to the region, Ho Chi Minh City is ranked above Manila, Bangkok and Kuala Lumpur, according to the GFCI ranking report.
According to Mr. Phan Van Mai, Ho Chi Minh City will focus resources on investing in developing the infrastructure of the Financial Center, building a plan to mobilize resources, including resources from the state budget and private resources to develop infrastructure to serve the Financial Center.
"HCMC will develop and implement a plan to invest in human resource development; coordinate with the Inter-sectoral Steering Committee on the Regional and International Financial Center, the National Assembly's Resolution Drafting Committee on building a Regional and International Financial Center in Vietnam. Coordinate with the Working Group on building the management and operation apparatus of the Financial Center and relevant ministries and branches in the work of developing legal documents and establishing the management and operation apparatus of the Financial Center," said Chairman of the HCMC People's Committee Phan Van Mai.
