Vietnam looks for help to build financial expertise

Prime Minister Phạm Minh Chính, flanked by Minister of Minister of Planning and Investment Nguyen Chí Dung and State Bank Governor Nguyen Thị Hong at the talks on potentials and opportunities for financial investment into Vietnam held in Davos. — VNA/VNS

DAVOS: Prime Minister Pham Minh Chinh is calling on the world’s leading banks and investment funds to more actively help in developing Vietnam’s financial market.

The prime minister said this after chairing a talk with representatives from major financial institutions in Davos, Switzerland, on Wednesday, on the sidelines of the 54th Annual Meeting of the World Economic Forum.

Participants focused on assessing the financial market in Vietnam in 2023, shared models and experiences in building international financial centres and put forth recommendations for Vietnam.

Some financial groups also talked about their plans for investmenting in Vietnam.

They shared the view that Vietnam, as one of the fastest-growing economies in the world, has potential to become a financial hub of the region and the world.

Representatives from Vietnam’s ministries fielded questions about the legal framework on the financial market in general and the operation of financial centres in particular, money laundering laws, infrastructure serving the financial market, and related issues.

At the end of the session, Chinh confirmed setting up a research and advisory group on building financial centres in Vietnam led by former German vice-vhancellor Dr Philipp Rosler, Planning and Investment Minister Nguyen Chi Dung, and chairman of the People’s Committee of HCM City Phan Van Mai.

The prime minister asked experts, banks and financial investment funds to assist Vietnam in policy making, promoting startups and innovation, restructuring banks, building the national brand, developing infrastructure and human resources.

In particular, he urged global groups and funds to share experience and advise Vietnam in selecting suitable models and solutions for financial-centre development.

He also sought help in building institutions, policies and measures to develop a comprehensive financial ecology covering financial technology, digital banks, digital payment, digital transactions, green finance, and exchanges for carbon credits, merchandise and foreign exchange.

The prime minister affirmed that the Vietnamese government always strives to create favourable conditions for foreign investors in general to do business in the country.

Vietnam is committed to protecting the legal rights and the interests of investors, and is always open to recommendations from the business community for mutual development. — Viet Nam News/ANN