Speaking at the conference announcing the establishment of the international financial center on 21/12, Prime Minister Pham Minh Chinh observed that the world is facing headwinds, with many regions confronting conflict, division, and supply chain disruptions. Despite this global turbulence, Vietnam has emerged as a rare bright spot for economic growth, socio-political stability, and sustainable development.
The Prime Minister noted that Vietnam consistently pursues an independent, self-reliant, diversified, and multilateral foreign policy, acting as a good friend, reliable partner, and responsible member of the international community. Vietnam has established comprehensive strategic partnerships and strategic partnerships with most major global economic powers, including the US, China, EU, UK, Russia, Japan, South Korea, India, and Australia.
"Vietnam's stability, encompassing its macroeconomic foundation and development prospects, represents the 'safest anchor' and the 'most highly valued asset' that global financial investors consistently seek", the Prime Minister stated. He added that the global economic focus is shifting significantly towards the Asia-Pacific. Consequently, Vietnam, with its favorable geoeconomic position, can capitalize on this opportunity to become a natural convergence point for global capital flows, goods, and technology.
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Prime Minister Pham Minh Chinh speaking at the conference on 21/12. *Photo: VGP*. |
The international financial center in Vietnam was established under a National Assembly's Resolution on 27/6. It operates on a "one center, two destinations" model, located in Ho Chi Minh City and Da Nang. Ho Chi Minh City will serve as a large-scale financial hub, focusing on the stock market, bonds, banking, fund management, and listing services. Da Nang will concentrate on developing financial services related to logistics, maritime, free trade, and industrial-agricultural supply chains. The planned area for the center in Ho Chi Minh City is 899 hectares, and 300 hectares for Da Nang.
The Prime Minister emphasized the particular significance of the official announcement of Vietnam's international financial center, marking a milestone in the country's integration and development process after 40 years of Doi Moi (renewal).
According to the Prime Minister, in the digital era and with deep integration, the global flow of capital, technology, and knowledge among nations and regions is accelerating at an unprecedented rate. Therefore, the establishment of Vietnam's international financial center is an urgent necessity, stemming from the country's potential, strengths, and contemporary vision for its strategic goal of rapid, sustainable development. Furthermore, building the international financial center will attract investment resources and new growth drivers, elevating Vietnam to a higher rung on the global value chain. The center's establishment also capitalizes on a favorable opportunity to attract global investment capital, goods, technology, and talent.
"Vietnam cannot miss this opportunity; it must leverage it to create new momentum for rapid, sustainable development and enhance regional and global competitiveness", he affirmed.
Local leaders from Ho Chi Minh City and Da Nang stated that the two cities are committed to making Vietnam a reputable, attractive, and responsible financial destination regionally and globally. Representatives from domestic and international businesses, investors, and financial institutions pledged to connect international capital flows into Vietnam. They plan to implement financial and banking mechanisms, investing significantly in digital transformation, green finance, and inclusive finance.
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Nguyen Phuong Thao, Permanent Vice Chairwoman of HDBank, at the conference on 21/12. *Photo: VGP*. |
Representing businesses, Nguyen Phuong Thao, Permanent Vice Chairwoman of HDBank's Board of Directors, stated that establishing the international financial center affirms Vietnam's commitment to attracting not only capital flows but also intellect, technology, and sustainable values. According to Thao, within the international financial center, Vietnam is developing a fast, digitized, and interconnected procedural system, along with a competitive yet principled tax incentive framework. Furthermore, regulators will implement a sandbox mechanism for financial innovation, an open yet secure foreign exchange environment, and a robust international arbitration mechanism to protect investor confidence.
Sharing this perspective, Tyler Brent McElhaney, Country Director of Apex Vietnam Services IFC Co., Ltd., lauded the international financial center as embodying the strategic vision of Vietnam and its two cities. "This is a testament to a nation confidently asserting its position in the global financial system and digital finance future, creating an open and transparent investment environment", he added.
Phuong Dung
