HANOI: Vietnam, an emerging financial centre, is seizing a “golden opportunity” to become a competitive player in the international financial arena with progressive legal frameworks and standout initiatives, according to Planning and Investment Minister Nguyen Chi Dung.
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 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 centres, one at the international level in Ho Chi Minh City and one at the regional level in Da Nang City.
The Ho Chi Minh City centre will be located in District 1 and Thu Thiem New Urban Area, while Da Nang’s financial district will comprise a six ha core zone, expandable to a 62ha financial quarter within the Da Nang Industrial Park, plus a 9.7ha 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.
At the same time, it will provide high-quality financial services to meet the needs of both domestic and international businesses.
The initiative would create a qualitative leap forward in developing Vietnam’s financial market in a healthy and efficient way and bolstering the economic transformation, he said.
Dung noted that the project would 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.
The ministry had proposed a hybrid approach to developing the centres, 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 Planning and Investment Ministry and localities to complete a draft National Assembly resolution on the development of the centres quickly. — Viet Nam News/ANN
