Vietnam consults int’l experts on building financial centers

The decision was assessed as wise and seen as a foundation for Vietnam to integrate into the global economy and accelerate its development.

The deputy prime minister chaired a hybrid conference on drafting a National Assembly resolution regarding the establishment of international financial centers in Vietnam.

It is expected that during the ongoing ninth session, the National Assembly will discuss and approve the draft resolution.

Many opinions suggested that establishing international financial centers is not merely an economic development policy but a strategic institutional breakthrough.

This initiative serves as a solid foundation for mobilizing high-quality financial resources, enhancing public governance capacity, and boosting competitiveness.

Richard McClellan, global ambassador of Terne Holding and former director of the Tony Blair Institute, provided specific recommendations for building a financial center in Da Nang.

His analysis emphasized the city’s unique strengths and advantages, such as its strategic geographical location, technical infrastructure, human resources, and education.

He also highlighted spatial capacity, control potential, and its ability to connect with the central region, especially the complementary and specialized role it can play alongside the international financial center in Ho Chi Minh City.

If Vietnam wants to build an international financial center with global standing, it needs to view the center not as a standalone geographical area, but as an integrated operating system.

In this model, Da Nang does not compete with Ho Chi Minh City and vice versa. 

Vietnam can consider establishing either two international financial centers or one center with dual locations to maximize the advantages of each locality, with mutual support between the two, said McClellan.

Andreas Baumgartner, CEO and founder of the Metis Institute, recommended that Vietnam could develop a single international financial center operating in both Da Nang and Ho Chi Minh City.

This approach is significant for ensuring unified management while also leveraging the distinct advantages and operational independence of the two locations.

Localities ready for financial center development

Secretary of the Da Nang Party Committee Nguyen Van Quang said that whether developing a standalone international financial center or a single center operating in two separate locations, both models are significant.

They diversify the investment environment for financial institutions and investors, while also improving risk control and management.

Nguyen Van Dung, vice-chairman of the Ho Chi Minh City People’s Committee, confirmed that the city is continuing to review and propose mechanisms and policies tailored to its local context.

At the same time, it is rigorously directing preparations for technical infrastructure and human resource training to support the operations of the international financial center once officially launched.

In conclusion, Deputy Prime Minister Binh emphasized that alongside improving mechanisms and policies, both cities are urgently and comprehensively preparing hard and soft infrastructure while developing human resources and attracting investment.

He noted that while developing mechanisms, policies, and a legal framework for international financial centers, Vietnam must absorb and carefully study international laws, practices, and standards.

However, this should not be a mechanical or simplistic copy, but a selective and tailored approach suitable for Vietnam’s specific conditions and characteristics.

The government will finalize the draft resolution for submission to the National Assembly. 

Alongside this, a system of government decrees will be issued, featuring breakthrough, open policies with multiple incentives and support measures, particularly in taxation, infrastructure, immigration, residency, and labor.

In November last year, the Politburo gave the green light for a project to develop a comprehensive international financial hub in Ho Chi Minh City and a regional financial center in Da Nang.