Brian Jeffrey
Prime Minister Pham Minh Chinh has stressed the significance of creating regional and international financial hubs in Ho Chi Minh City and Da Nang to reach Vietnam’s ambitious economic growth targets.
This assertion was made during a conference held in Ho Chi Minh City on January 3, where the government presented its strategy aimed at implementing the Politburo’s directive on establishing financial centers in the country.
A cornerstone for national development
Nguyen Chi Dung, the Minister of Planning and Investment, pointed out that these financial centers are crucial for driving growth in not only the two cities but also nationwide.
They are expected to facilitate Vietnam’s integration into global finance, attract foreign financial players, innovate investment opportunities, enhance existing services, and provide high-value financial offerings.
The government’s strategy outlines 49 tasks divided among 12 ministries and localities, prioritizing five key areas: modern financial infrastructure development, attracting global talent, promoting financial innovation, broadening international collaboration, and ensuring financial safety.
Ho Chi Minh City and Da Nang will be responsible for optimizing their resources and creating suitable conditions, especially in terms of infrastructure, skilled personnel, regulations, and the overall business climate to successfully establish and manage these financial centers.
Boosting investment and resources
Nguyen Van Nen, Secretary of the Ho Chi Minh City Party Committee, mentioned that the city’s financial hub will connect with the Thu Thiem New Urban Area in Thu Duc City.
A steering committee led by the Party Secretary has been set up to guide development efforts, focusing on attracting highly qualified personnel, financial specialists, and global investors from various financial sectors.
In Da Nang, Party Secretary Nguyen Van Quang reported that a similar steering committee has been initiated, alongside strategies for training talent and establishing a management framework for the financial center.
These financial centers are expected to be instrumental in promoting both regional and national economic advancement, playing a role in achieving Vietnam’s extensive socio-economic objectives.
A national priority for growth
Prime Minister Pham Minh Chinh reiterated the focus on achieving economic growth of at least 8% by 2025, with aspirations for even higher rates.
He indicated that such financial hubs would be critical for capital mobilization, a necessary component for fulfilling these growth ambitions.
Vietnam is well-positioned to develop these centers due to consistent economic growth (averaging over 7% in recent years), a strong financial market worth about 7.2 quadrillion VND (roughly 304 billion USD), and active integration into the global economy.
While acknowledging the challenges that lie ahead, the Prime Minister emphasized the importance of resolve, effective collaboration, and prompt policy execution.
The government intends to present detailed frameworks to the National Assembly in May to facilitate the establishment of these centers.
Prime Minister Chinh urged local governments and international collaborators to engage cohesively, emphasizing clearly defined responsibilities, deadlines, and measurable goals.
“These financial centers will boost international financial integration, attract foreign investments, and build new pathways for Vietnam’s growth,” he proclaimed.
An inter-agency committee has been set up to oversee the financial centers’ development, led by Prime Minister Pham Minh Chinh himself.
This committee consists of key officials, including Deputy Prime Minister Nguyen Hoa Binh, along with leaders from Ho Chi Minh City, Da Nang, and other vital ministries to guarantee coordinated efforts at all levels.
Ho Van
