Ho Chi Minh City and Danang ready to build financial centres

Secretary of Ho Chi Minh City Party Committee Nguyen Van Nen. Photo: VGP

According to Secretary of Ho Chi Minh City Party Committee Nguyen Van Nen, the establishment of an international financial centre in Ho Chi Minh City is a clear demonstration of the central strategic vision and strong commitment and determination of the authorities in building a transparent and effective financial ecosystem.

“We realise that an international financial centre is not only a place where activities on financial, banking, insurance, and securities are implemented, but a place where knowledge and technology converge, attracting capital flow at competitive costs," Nen said. “This is a political commitment to realise the direction of the central government and the prime minister. Ho Chi Minh City will be determined to implement the Politburo's conclusions and the government's plan decisively.”

Currently, Ho Chi Minh City has established a local steering committee to coordinate work with specific tasks and action plans. At the same time, it reserved a space for researching and developing the financial centre.

The initial space for developing a financial centre was fixed in Thu Thiem New Urban Area with a focus on setting up infrastructure connection, preparing human resources, promoting innovation, and scientific and technological research.

The city also focuses on allocating and mobilising resources for development, organising seminars, discussions, and listening to the opinions of domestic and foreign experts.

“This is just the beginning, there are still many challenges ahead. For Vietnam, this is a new, difficult and complicated plan. The Politburo requires agencies to determine high political determination, great efforts, and drastic actions in organising this important project," he said.

Secretary of Danang Party Committee Nguyen Van Quang said Danang had proactively developed an implementation plan, ensuring implementation close to international trends.

Currently, Danang has formed the financial centre's management and operation apparatus and is calling on investors, as well as reviewing and preparing the infrastructure and ecosystem to serve the financial centre in the future.

Secretary of Danang Party Committee Nguyen Van Quang. Photo: VGP

“Now, Danang is calling for strategic investors to build infrastructure connections and a financial centre in a space of more than six ha towards the sea. This area was approved in the general planning and spans ​​nearly 50 hectares in Son Tra district,” Quang said. "Danang is ready in terms of available land and planning for building a financial centre."

The city is preparing public and private resources, especially building plans with domestic and international training facilities and human resources to serve the centre and developing a plan to assign officials to study abroad to have practical experiences to work in the centre.”

Danang has also assigned responsibilities to relevant agencies to advise and build policy mechanisms related to immigration and international arbitration to serve for the incoming centre.

“Financial investment funds and investors will commit and accompany the city to develop the financial centre in Danang in a green, sustainable direction, resonating with the city's geopolitical locations, building infrastructure system, urban and hospitality development in a model regional financial centre,” Quang said.

Investors need guidelines for IFC ambitions Several foreign investors are eager to partner with the Vietnamese government to develop a financial centre in the country, but emphasise the need for more open and innovative mechanisms to make it happen.

IFC ambitions in full swing for Vietnam Vietnam has plans to offer policies and a legal framework to draw in investors to develop international financial centres.