HCMC, UK exchange experience in building int’l financial center

A discussion on "International experience on the development of an international financial center: development orientations of HCMC" was held in London on October 23 (local time). (Photo: SGGP)

The event was co-hosted by the People’s Committee of HCMC coordinated with the Ministry of Foreign Affairs, the Vietnamese Embassy in the UKv and TheCityUK organization with the participation of Vice Chairman of the HCMC People’s Committee Vo Van Hoan, Ambassador Extraordinary and Plenipotentiary of Vietnam to the United Kingdom and Ireland Nguyen Hoang Long, head of TheCityUK's International Trade and Investment team Nicola Watkinson, more than 30 financial experts and businesses of the UK, and over 20 enterprises of HCMC.

Vice Chairman of HCMC People's Committee Vo Van Hoan said that Vietnam in general and HCMC, in particular, hoped to build an international financial center in the southern metropolis that closely connects with the changes in the global economy.

He affirmed that the establishment of an international financial center in HCMC will help Vietnam take advantage of international capital flows, enhance its position in the international arena, and promote its plan to become a high-income country by 2045 as well as support Vietnam's sustainable development and its goal of becoming a net-zero emissions country by 2050.

The People’s Committee of HCMC has built a project on developing Vietnam’s international financial center in the city and worked with international consulting units, leading financial institutions, and experts to exchange experiences in establishing an international financial center in HCMC.

HCMC hoped to cooperate and exchange experiences in building an international financial center with the UK. In addition, London is a leading and long-standing international financial center in the world, with high-standard legal and policy frameworks, an ecosystem of financial services, and related professional services, which can be shared and support other countries to develop international financial centers.

Vice Chairman of HCMC People's Committee Vo Van Hoan and a delegation of the city's officials attend the event. (Photo: SGGP)

UK financial experts gave a lot of information and shared experiences and requirements to successfully build an International Financial Center for developing countries, specifically HCMC. Specialists emphasized that two important factors for an emerging financial center are specific policy framework and general legal framework.

According to experts, HCMC needs to synchronously implement projects in building a financial center, including the development of Fintech (Financial Technology), digital banking, and digital financial transactions; regional financial integration; development of derivatives markets, well preparation for software technology infrastructures, real-time payments on digital platforms; issuance of management regulations, legal policy frameworks, international arbitration institutions to solve commercial and international disputes, and developing international HR standards.