As of October 17 (local time), Member of the Party Central Committee, Deputy Secretary of the Ho Chi Minh City Party Committee and Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc witnessed the official signing ceremony of a Memorandum of Understanding (MoU) on cooperation between the University of Economics Ho Chi Minh City (UEH) and the New York Institute of Finance (NYIF).
Under the cooperation agreement, the two institutions will jointly implement an international-standard practical training program in finance and investment, aiming to develop a high-quality workforce of financial experts, advisors and executives to serve the upcoming Ho Chi Minh City International Financial Center.
This collaboration marks a strategic first step in Ho Chi Minh City’s ongoing efforts to connect academic, policy and global practical expertise in its journey toward becoming a regional and international financial hub.
Mr. Lee Tian, Chief Executive Officer of the New York Institute of Finance, noted that Ho Chi Minh City is one of the fastest-growing and most dynamic cities in Southeast Asia. He emphasized that to build an effective International Financial Center, the process must begin with human resources. Therefore, the city should prioritize education and training of future talent.
Affirming that people are the core foundation for the International Financial Center, Ho Chi Minh City Chairman Nguyen Van Duoc stressed the need for the city to develop a financial workforce that meets international standards as well as professionals who possess a deep understanding of the domestic market while being fully capable of operating effectively in a global environment.
He stressed that the collaboration between the University of Economics Ho Chi Minh City and the New York Institute of Finance is of great strategic importance, marking the first foundational step in building Ho Chi Minh City International Financial Center.
On the same day, Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc attended a working session with Mr. Jake Siewert, Head of Global Public Policy and Political Risk at Warburg Pincus.
Mr. Jake Siewert informed that Warburg Pincus began investing in Vietnam in 2013 and has since become the largest and most active global private equity investor in the country, with a total investment of around US$2 billion.
He emphasized three key factors that give the group confidence in investing in Vietnam. These include stable policies, a dynamic business culture and an open and responsive government that meets the needs of investors.
Warburg Pincus is now focusing on the next phase of data center development, a sector that its Vietnamese partner, Becamex Group, is also very interested in. In addition, the group expressed its desire to contribute to the development of Ho Chi Minh City International Financial Center.
Highly appreciating the strong investment outcomes of Warburg Pincus in both Ho Chi Minh City and Vietnam as a whole, HCMC Chairman Nguyen Van Duoc encouraged the group to further strengthen its long-standing partnership with Becamex in the industrial park development sector.
He noted that Ho Chi Minh City is restructuring its economy with a strong focus on digital transformation. Ho Chi Minh City Hi-Tech Park has been attracting several data center projects, reflecting the city’s orientation toward innovation and technology.
In addition, railway infrastructure is emerging as a promising sector for investment, especially the routes connecting Bau Bang to Cai Mep – Thi Vai ports, which have already been assigned to Becamex for development.
Chairman Nguyen Van Duoc invited Warburg Pincus to explore investment opportunities in these sectors, build connections with other investors, and contribute to the development of Ho Chi Minh City as a modern megacity.
HCMC, Nasdaq sign cooperation agreement on International Financial Center development
Also on October 17 (local time) in New York, Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Duoc, together with his working delegation, had another working session with Mr. Chuck Mack, Senior Vice President of Nasdaq, and witnessed the signing of a Memorandum of Understanding (MOU) between Nasdaq and the Ho Chi Minh City Department of Finance to promote cooperation in developing Vietnam’s International Financial Center in Ho Chi Minh City.
Under the agreement, Nasdaq and the Ho Chi Minh City Department of Finance will collaborate in five key areas, as follows as promoting strategic cooperation in governance, capacity building, cross-listing and product development; exchanging practical experience in building legal frameworks, operational mechanisms, risk management, product development and attracting international investment; providing technological support, technical services and other services to assist the establishment and operation of the International Financial Center in Ho Chi Minh City; training human resources for the center, particularly in securities, bonds, derivatives, digital assets and the carbon credit market; strengthening connections between the financial communities of Vietnam, the United States and the global market.
Mr. Chuck Mack congratulated the Vietnam’s stock market on being upgraded to “Emerging Market” status by FTSE Russell.
On this occasion, the Ho Chi Minh City delegation also toured the Nasdaq Stock Exchange and attended the official listing ceremony of a company. Nasdaq is home to some of the world’s leading technology corporations, including Apple, Microsoft, Google, Amazon, Meta, Tesla, PayPal and Intel.
