Speaking at the seminar ‘Developing international financial centres (IFCs) in Viet Nam’ held in Da Nang on Thursday, Da Nang People's Committee Chairman Le Trung Chinh said that the purpose of the event aimed to introduce the policy and orientation for developing IFCs in Viet Nam, including one in Da Nang.

Chairman of the Da Nang People's Committee Le Trung Chinh (right) and representative of Makara Capital Investment Fund (Singapore) exchanged the Memorandum of Understanding. Photo: M.QUE

Therefore, the city wanted to listen to the opinions of state management agencies, strategic investors, financial organisations and institutions, investment funds, consulting companies, training institutions, and domestic and foreign experts and scientists, on specific policy mechanisms for the early formation and development of IFCs in Viet Nam.

He informed, on November 15, 2024, the Politburo issued Conclusion No. 47-TB/TW on building regional and international financial centres in Viet Nam. This is a big challenge, a new field but a breakthrough strategy in economic and financial development, contributing to enhancing the role, position, prestige and influence of the country in the international arena, and preparing for a new era - the era of our nation's advancement.

In order to thoroughly grasp and ensure the drastic, effective and synchronous implementation of the Politburo's guiding viewpoints and policies in Conclusion No. 47-TB/TW, in a short time, the Government and the Prime Minister issued Resolution No. 259/NQ-CP dated December 31, 2024 on the Action Plan to implement Conclusion No. 47-TB/TW and Decision No. 1718/QD-TTg dated December 31, 2024 on the establishment of the Steering Committee on the construction of regional and international financial centres in Viet Nam.

Chairman of the Da Nang People's Committee Le Trung Chinh delivered the opening speech. Photo: M.QUE

As for Da Nang, the municipal Party Committee issued Decision No. 13111-QD/TU dated January 3, 2025 on the establishment of the Steering Committee for the construction and development of the Da Nang Financial Centre, with the Secretary of the municipal Party Committee as the Head of the Steering Committee who is responsible for developing a work programme and assigning specific tasks to each member, and issuing an implementation plan to ensure unity and achieve high results in the process of implementing the conclusions of the Politburo.

Chairman Chinh added the seminar will clarify the potentials and favourable conditions for the formation and development of IFCs in Viet Nam, including the Da Nang Financial Centre, along with ideas and recommendations for the early formation and development of IFCs in the country. Therefore, this was an important event contributing to raising awareness and creating a foundation and driving force for the city's breakthrough and long-term development in the coming time.

The city leader took the opportunity to request relevant agencies to uphold their sense of responsibility for fully absorbing the opinions and instructions given at the event. The purpose was to reach a high level of consensus on awareness and action; promptly study and develop draft mechanisms and policies to report to the Ministry of Planning and Investment for consideration and synthesis into the draft resolution of the National Assembly; and resolutely and effectively implement the goals and tasks set forth in Resolution No. 259/NQ-CP of the Government and the Plan of the Standing Committee of the City Party Committee on the implementation of Notice No. 47-TB/TW.

Also delivering his speech at the event, Chairman of the Ho Chi Minh City People's Committee Phan Van Mai said that the goal of developing regional and international financial centres in Ho Chi Minh City and Da Nang is based on the common foundation conditions of the whole country with a stable political situation, a high growth rate of the country's economy, and large openness and integration with the world economy.

From the advantages of the country as the foundation conditions, Ho Chi Minh City and Da Nang will continue to promote the strengths of each locality to cooperate and support each other, aiming to build and develop IFCs.

Ho Chi Minh City was ranked in the list of Financial Centres in the Global Financial Centers Index (GFCI) for the first time in 2022. In the latest GFCI report (September 2024), Ho Chi Minh City Financial Centre was assessed as one of the financial centres with outstanding improvements in rankings in the Asia-Pacific region.

Chairman of Ho Chi Minh City People's Committee Phan Van Mai spoke at the event. Photo: M.QUE

Ho Chi Minh City is also the digital financial services centre of Viet Nam, the leading market in the rate of applying financial technologies with a financial ecosystem that concentrates more than 50% of financial technology startups (Fintech), along with a workforce of highly qualified and skilled programmers with very competitive costs compared to other countries in the region, which can create advantages and form specific products for the Viet Nam International Financial Centre in the city.

In the coming time, Ho Chi Minh City will mobilise resources, including resources from the State budget and private resources, to develop infrastructure; as well as develop human resources; to serve the financial centre.

The city will coordinate with the Inter-sectoral Steering Committee on Regional and International Financial Centres, the National Assembly's Resolution Drafting Committee on building a Regional and International Financial Centre in Viet Nam, and the Working Group on building a management and operation apparatus for the financial centre and relevant ministries and branches, to build legal documents and establish a management and operation apparatus for the financial centre.

Importance will be attached to building, consolidating and promoting competitive advantages for the financial centre in Viet Nam to catch up with international standards and practices, realising the goal of effectively promoting the development of the Vietnamese financial market, contributing to supporting the economic development of the country.

In the future, IFCs in Viet Nam will play an important role as financial centres in the Southeast Asian region, with enough capacity to take advantage of opportunities to shift international investment flows, connect financial markets and become a comprehensive financial center recognized internationally.

The seminar ‘Developing international financial centres in Viet Nam’ was attended by 350 delegates who are leaders of the Government and localities, plus representatives of ministries, departments, branches, foreign diplomatic missions in Viet Nam, international organizations, strategic investors, financial institutions, investment funds, experts, major international and domestic media agencies.

Reporting by MAI QUE - Translating by M.DUNG