Vietnam should build distinct financial hubs, not compete with Singapore or Dubai: global experts

The comments were made at the Vietnam Financial Forum 2026 in the central Vietnamese city of Da Nang, where hundreds of international financial experts gathered through Friday to discuss the development of international financial centers in Ho Chi Minh City and Da Nang.

Jochen Biedermann, managing director of the World Alliance of International Financial Centers (WAIFC), said there is no single model for building a successful international financial center.

He added that modern financial hubs are increasingly defined by institutional quality, innovation, sustainability, and their ability to attract skilled professionals.

He said the foundations of any financial center remain a strong institutional framework, macroeconomic stability, and open markets, while future competitiveness will depend on talent and the ability to adapt to emerging technologies.

Biedermann identified artificial intelligence, digital assets and alternative payment systems, and open finance as three major trends reshaping financial centers, citing Dubai's efforts to integrate AI across financial services as an example.

He also said the growing number of financial centers across Asia means Ho Chi Minh City and Da Nang will face intense competition and should develop distinct identities instead of replicating models adopted elsewhere.

Rich McClellan, chief executive of the United Kingdom's project supporting Vietnam's international financial center initiative, said Vietnam's objective should be to build a model suited to its own stage of development while serving as a bridge for international capital flows.

He said a modern financial center requires internationally recognized governance standards, independent management, transparent supervision, and a credible dispute resolution system. 

In his opinion, Vietnam should adopt competitive tax policies, regulatory sandboxes for fintech and digital assets, and stronger legal frameworks for capital markets and fund management.

Jeffrey Swiger, director of a Dubai-based investment fund advisory and project management firm, said sustainable capital inflows depend on transparent governance and a stable legal system. 

Techcombank chief executive officer Jens Lottner said Vietnam's financing needs for green transition, digital transformation, and infrastructure will exceed the capacity of traditional funding channels, making an international financial center an important link between global capital and domestic investment opportunities.

Deputy chairman of the Da Nang People's Committee Ho Ky Minh said the city plans to develop its international financial center around three pillars: innovation, financial technology, and sustainable finance. 

He said the initial focus will be on tokenized real-world assets, carbon credits and carbon markets, investment funds and fund management companies, commodity exchanges, and bonds and other medium- and long-term financing instruments.