The Conference on Building Financial Centers in Vietnam, organized by the Ministry of Finance in coordination with the Ho Chi Minh City People's Committee on the afternoon of March 28, took place as a frank policy dialogue session between experts and managers on issues related to building financial centers in Vietnam.
Attending the conference were Vice Chairman of the National Assembly Nguyen Duc Hai, Minister of Finance Nguyen Van Thang, Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc along with leaders of ministries, Ho Chi Minh City departments, experts, domestic and foreign investors.
Ho Chi Minh City's top official, Chairman Nguyen Van Duoc, affirmed that the central government's selection of the city to build an international financial center is a great honor and heavy responsibility that the city will work tirelessly to fulfill.
According to Chairman Nguyen Van Duoc, the financial center is not only a place where large capital flows converge, but also a strategic driving force to promote innovation, develop high technology, improve governance capacity, increase national competitiveness and integration. This is also an opportunity to improve the efficiency of resource allocation, expand access to capital for businesses, develop infrastructure, and affirm Vietnam's position in the global financial and trade network.
Dozens of opinions from experts all affirmed that Vietnam is completely capable of successfully building a financial center and this is a golden opportunity for Vietnam to do this. However, participants were wondering whether Vietnam should learn from which models as there are many successful financial centers in the world.
Listening to the experiences of financial centers in Dubai, Hong Kong, Shanghai, London, Deputy Governor of the State Bank Pham Tien Dung said that Vietnam is different, if the country learns a model that was successful 10 years ago, or a technology that was successful 5 years ago, it will not be successful anymore.
In his inaugural address, Minister of Finance Nguyen Van Thang emphasized that Vietnam is encountering a "golden opportunity" to engage with and establish its role within the global financial center network. While the concept of a financial center is not novel globally, it is a first for Vietnam. The country intends to draw on lessons learned throughout the process, proceeding with caution rather than haste, and avoiding perfectionism to ensure that it does not forfeit this opportunity.
The Minister emphasized that the consistent orientation in building a financial center in Vietnam is to continue to strongly open up the financial sector, creating the most favorable conditions for international financial institutions to operate effectively, transparently, fairly, and in accordance with international practices.
He also affirmed Vietnam plans to establish a financial center by 2035, aiming to create a linked global financial network without direct competition. The roadmap for this initiative will closely connect and support major international financial hubs in the region and worldwide.
Deputy Minister of Finance Nguyen Thi Bich Ngoc affirmed that Vietnam's financial center must have its own identity, taking advantage of economic and social advantages, especially its geopolitical position.
An independent agency, staffed by international experts and jurists versed in global standards, is proposed. Nevertheless, the implementation of this model in Vietnam is recognized as a complex undertaking.
Lawyer Tran Anh Duc proposed that parties can choose domestic or international arbitration, but the legal venue must be a financial hub. According to Director Truong Minh Huy Vu of the Ho Chi Minh City Institute for Development Studies, the city is prioritizing improvements to its institutions, infrastructure, and human capital.
In particular, the legal framework is being actively built. The policy to attract human resources is moving towards a superior policy that is enough to attract talented people. Regarding infrastructure, Ho Chi Minh City agencies have also proposed a space plan to build the financial center in the Thu Thiem New Urban Area and District 1.
Regarding the regional financial market in Da Nang City, Vice Chairman Ho Ky Minh of the Da Nang People's Committee said that based on its inherent advantages, the locality is focusing on two main groups. The first is related to international financial services, direct import-export payments serving free trade zones in Da Nang, in high-tech zones, economic zones, and industrial parks. The second is service groups related to green finance, related to fintech, related to innovation in banking and finance, and especially those that are testing setups for some new models such as digital assets, virtual assets.
Deputy Minister Nguyen Thi Bich Ngoc acknowledged that Vietnam daring to set the goal of building a world-class financial market is a breakthrough. Vietnam can test new models, issues such as capital accounts, foreign exchange, dispute resolution mechanisms according to international practices.
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