Vietnam to become competitive player in global financial market: Minister

A regional financial centre will be set up in Da Nang city. (Photo: VNA)

Developing regional and international financial centres has been identified as a key institutional breakthrough by the Party, State, National Assembly, and Government to bolster growth model transition in tandem with economic restructuring to improve productivity and competitive edge, helping propel the country into a new era – that of the nation’s rise.

While the concept is not new globally, it is unprecedented and challenging for Vietnam, he said, stressing great opportunities will come with formidable challenges.

Dung’s ministry has unveiled plans to establish two financial centers, one at the international level in Ho Chi Minh City and one at the regional level in Da Nang city.

The HCM City centre will be located in District 1 and Thu Thiem New Urban Area, while Da Nang's financial district will comprise a 6-hectare core zone, expandable to a 62-hectare financial quarter within the Da Nang Industrial Park, plus a 9.7-hectare financial technology centre.

Within these designated geographical zones, special mechanisms and policies will be implemented to attract financial institutions, including banks, investment funds, and financial service companies. Trading platforms for securities, currencies, and commodities will be established under the centres, with a priority on developing emerging financial sectors such as fintech in alignment with international practices.

According to the minister, the successful development of the centres will play a crucial role in connecting Vietnam with global financial markets while attracting foreign financial institutions, thus creating new investment resources and leveraging existing ones. Meanwhile, it will provide high-quality financial services to meet the needs of both domestic and international businesses.

The initiative will create a qualitative leap forward in developing Vietnam’s financial market in a healthy and efficient fashion and bolstering economic transformation process, he said, adding it will help Vietnam integrate deeper into global value chains, enhance the country’s role, prestige, and influence in the international arena, and establish its reputation as a dynamic and sustainable economy globally, thus strengthening national defence and security, particularly in the financial sector, early and from afar.

The ministry has proposed developing the centres with a “hybrid” approach, selectively incorporating successful elements from global financial centres while aligning them to Vietnam's specific context.

Outlining key measures for 2025, Dung said that ministries, sectors and agencies should join hands with the Ministry of Planning and Investment and the localities to complete a draft National Assembly resolution on the development of the centres soon.

He called for immediate preparation of infrastructure, human resources, institutional frameworks, and business environment while laying stress on the importance of attracting strategic investors and financial institutions to these centres.

International partners are being sought to provide expertise and support in developing and operating the facilities, including policy recommendations and resources mobilisation, he added.

He expressed his hope that the financial centres in HCM City and Da Nang will not only symbolise Vietnam's prosperity but also contribute positively to the stability and development of the global financial system./.

VNA

Source: https://en.vietnamplus.vn/vietnam-to-become-competitive-player-in-global-financial-market-minister-post308485.vnp