On the morning of January 4, in Ho Chi Minh City, Prime Minister Pham Minh Chinh attended the Conference to announce the Government's resolution on implementing the action plan to build a regional and international financial center in Vietnam.
According to announcement No. 47-TB/TW concluding the construction of a regional and international financial center in Vietnam, the Politburo has agreed to establish a comprehensive international financial center in Ho Chi Minh City and a regional financial center in Da Nang city.
Speaking at the conference, Prime Minister Pham Minh Chinh emphasized that the establishment of a regional and international financial center is an objective requirement in the country's development process, especially in the context of Vietnam promoting key national projects and deeply integrating with the global economy.
To achieve this goal, the Prime Minister said that it is necessary to mobilize capital sources effectively, in which the Financial Center plays an important role in attracting international investors.
Prime Minister Pham Minh Chinh affirmed that Vietnam has enough conditions to establish an international financial center based on five main factors.
Firstly, the total GDP in 2024 is about 470 billion USD, the economic scale ranks 33-34 in the world, the average GDP per capita is about 4,600 - 4,700 USD and the economic growth rate is stable.
Second, Vietnam has made important achievements in building open institutions, seamless connectivity infrastructure and smart governance.
Third, the Vietnamese stock market has grown strongly with a capitalization of about 7.2 million billion VND, accounting for more than 70% of the national GDP.
Fourth, Vietnam has an integrated economy with great openness, having signed 17 Free Trade Agreements (FTAs) with over 65 leading economies in the world; the import-export scale is about 800 billion USD, about 1.7 times the GDP.
Finally, the political situation is stable and social order is guaranteed, creating a safe and favorable environment for development.
The Prime Minister assessed that the early development of a regional and international financial center has five meanings and positive impacts: Helping Vietnam connect to the global financial market; attracting foreign financial institutions, creating new resources, promoting existing resources; taking advantage of opportunities to shift international investment capital flows for socio-economic development; promoting the development of Vietnam's financial market effectively, according to international standards; creating new momentum, creating a breakthrough in development.
The biggest problem now is determination and implementation methods. The Prime Minister directed ministries, branches and localities to quickly coordinate with the Government to implement necessary policies and mechanisms, perfect institutions and promote training of high-quality human resources to serve the Financial Center.
The Prime Minister emphasized the spirit of "running while lining up", not being perfectionist but working resolutely, implementing step by step and ensuring efficiency.
In particular, the Prime Minister requested Ho Chi Minh City and Da Nang to quickly propose specific policy mechanisms to form a financial center, while developing plans to mobilize resources and train high-quality human resources.
This is an important task not only for large cities but also for the entire country. All agencies, organizations and individuals must clearly define responsibilities, progress and specific products to achieve this goal.
Prime Minister Pham Minh Chinh also hopes that international organizations will continue to accompany Vietnam, share experiences and support financial and human resources to help Vietnam succeed in building a regional and international financial center.
