HCMC listens to experts’ opinions on establishing international financial center

Vice Chairwoman of the People's Committee in Ho Chi Minh City Phan Thi Thang said that to realize the strategic vision of becoming an international financial center, there are many challenges for Ho Chi Minh City. However, it can be seen that Ho Chi Minh City has great potential for the construction of an international financial center.
HCMC listens to experts’ opinions on establishing international financial center ảnh 1 Vice Chairwoman of the People's Committee in Ho Chi Minh City Phan Thi Thang speaks at the seminar (Photo: SGGP)
Ms. Thang made the statement at a seminar on the Project to develop Ho Chi Minh City into an international financial center with the participation of more than 200 leading experts, businesses, and related ministries.
First of all, the southern metropolis has the advantage of geographical location, stable political and social conditions, and economic dynamism. With the potential and strong development of Ho Chi Minh City, it will strengthen the growth engine for the southern key economic region, contributing to the country’s overall development internally and internationally.
Also sharing on this issue, Chairman of HCMC Finance and Investment State-Owned Company (HFIC)'s Members' Council Nguyen Ngoc Hoa said that, in fact, although it has not been ranked in the Global Financial Centers Index 30 on September 2021, Ho Chi Minh City is leading the list of 10 potential financial centers to be considered in the official GFCI index ranking list, with 148 out of 150 items having completed the assessment.
Prior, at the meeting with the HCMC Finance and Investment State-Owned Company (HFIC) on activities to be implemented in 2022, the Chairwoman emphasized that from now until the end of 2022, the Ho Chi Minh City Financial Center must be established.
This requires HFIC as well as relevant authorities to follow closely to handle arising problems in a timely manner and report to the City People's Committee for removal.
According to a leader of HFIC, the operation of the company, as well as its member companies, still has many problems that need to be solved by the departments and the City People's Committee. Specifically, it is recommended to increase the charter capital of HFIC. 
Additionally, the City People's Committee should soon approve the list of projects eligible for stimulus loans, and at the same time allow HFIC to act as the focal point for lending capital for projects under the stimulus program instead of businesses borrowing from banks because if HFIC is the focal point for lending, the investment capital flow will return to the city budget.
Regarding the above issues, Ms. Thang said that departments basically advocated HFIC’s proposals and the People's Committee of Ho Chi Minh City will request the Office of the City People's Committee to review and submit to the standing committee for approval.
Regarding the proposal to assign HIFC as a focal point for lending to projects in the list of city stimulus programs, Vice Chairwoman Thang said that it is necessary to have an assessment of the necessity as well as benefits of the city budget cash flow. In addition, HFIC must study new capital mobilization solutions to meet the city's investment needs in the near future.

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