Politburo member, Permanent Deputy Prime Minister Nguyen Hoa Binh underlined  5 tasks and solutions to build financial centers at namesake workshop that was recently organised by the Da Nang People's Committee in coordination with the Ministry of Planning and Investment.

Permanent Deputy Prime Minister Nguyen Hoa Binh delivers a speech at the workshop. Photo: M.QUE

In his speech at the workshop, Politburo member, Permanent Deputy Prime Minister Nguyen Hoa Binh assessed that this was a quality workshop, attracting many domestic and foreign investors and scientists. A financial center is a new issue, playing an important role as a leverage for Viet Nam’s economy.

At the event, many experts and financial institutions all assessed a fact that the central coastal city of Da Nang and the southern metropolis of Ho Chi Minh City converge enough current and potential factors in the future to develop financial centers.

The speakers all had accurate comments on the expected orientations and policies and had many suggestions for the Vietnamese government, as well as expectations that these two financial centers will become an increasingly important part of the world economy.

Da Nang Party Committee Secretary Nguyen Van Quang delivers a closing speech at the workshop. Photo: M.QUE

If the country wants to develop sustainably, developing financial centers is a strategic decision. Therefore, leaders of ministries, departments, branches and localities need to carefully study the opinions at the workshop; at the same time, it is hope that the speakers will continue to accompany Viet Nam to develop financial centers.

The Deputy Prime Minister noted that the two cities and ministries and branches should closely follow directions pointed out by the national government and experts. In particular, they should focus on learning from valuable experiences in building financial centers that have been sustainably developed.

The strengths of the two cities, in addition to infrastructure, are growing high-quality human resources, especially the determination of the entire local political system.

In addition, the two cities should focus on 5 tasks and solutions.

Firstly, it is a must-do to ensure good legal infrastructure and attractive incentive policies. Accordingly, the national government is researching and learning more about policy mechanisms in financial centers around the world to continue building appropriate, open and trustworthy policies, and it is hoped that international partners will support Viet Nam in reaching this goal.

Secondly, it is high time for the two cities to focus on training human resources, contacting other financial centers worldwide to gain experience, and preparing suitable human resources.

Thirdly, the cities need to prepare infrastructure, specifically information technology (IT), living and working environment infrastructure systems, and ecosystems around financial centers such as new Free Trade Zones, ports and wharves. The two cities must build an attractive living environment to attract more talent from all over the world.

Fourthly, it is essential to choose the direction of building financial centers that is suitable and specific to Viet Nam’s conditions.

Finally, it is also important to boost connection with suitable organisations and partners for further spreading.

Central and local leaders and delegates congratulate the workshop on its success. Photo: M.QUE

Outstandingly, Da Nang has allocated two clean land plots with a total area of nearly 16 ha, in favourable locations with top-tier infrastructure connectivity in Vietnam, for setting up a mixed-use complex, high-end offices and resorts, and fintech service areas, he said.

In his closing speech at the workshop, Da Nang Party Committee Secretary Nguyen Van Quang said that Da Nang would continue to study the opinions and proposals before, during and after the workshop.

The city hopes to continue to receive close attention and direction from the national government leaders so that Da Nang and Ho Chi Minh City can successfully build financial centers, in addition to receiving the support of partners to develop two independent yet mutually supportive financial centers.

This is a big challenge, a new field but a breakthrough strategy in economic and financial development, contributing to enhancing the role, position, prestige of Viet Nam in the international arena, preparing for a new era of rising up of the Vietnamese people.

On this occasion, representatives of Da Nang and international partners presented memoranda of understanding (MoUs) for cooperation, specifically, between the Da Nang People’s Committee and partners Makara Capital (Singapore), Terne Holdings (Singapore); the Da Nang People’s Committee and the Viet Nam Blockchain Association; The University of Economics under the University of Da Nang (UD) and partners TMC Academy (Singapore), Yuan Ze University (Taiwan, China), The Institute of Chartered Accountants in England and Wales (ICAEW).

Chairman of the Da Nang People's Committee Le Trung Chinh (right) and representative of Makara Capital (Singapore) exchange a MoU. Photo: M.QUE

Chairman of the Da Nang People's Committee Le Trung Chinh (right) and representative of Terne Holdings (Singapore) exchange a MoU. Photo: M.QUE

Chairman of the Da Nang People's Committee Le Trung Chinh (right) and representatives of the Viet Nam Blockchain Association exchange a MoU. Photo: M.QUE

Reporting by MAI QUE - Translating by A.THU