Dual-city international financial centre model oriented to be developed in Viet Nam

Da Nang has developed the infrastructure and ecosystems needed to support the operation of the international financial centre, municipal Party Committee Nguyen Van Quang made a statement at a hybrid conference on Tuesday on the development of the National Assembly’s Resolution on the establishment of the international financial centre in Viet Nam.

He also took the opportunity to express gratitude and acknowledge the opinions of both domestic and international delegates at the conference. While the opinions varied from different perspectives, there was a consensus on the necessity of establishing an international financial centre in Viet Nam. This could take the form of either two separate international financial centres or a single centre operating in two locations. Establishing the centre is crucial as it will help diversify the investment environment for financial institutions and investors, while also limiting and better controlling risks.

Secretary of the Da Nang Party Committee Nguyen Van Quang speaks at the conference. Photo: P.V

Many experiences from international experts

During the event, domestic and international delegates discussed and shared common issues in the process of building and developing international financial centres; management, operation and monitoring mechanisms; and connections between international financial centres of several countries.

Also, the development of an international financial centre model in accordance with international practices and Viet Nam’s conditions, and the training of human resources for international financial centres were among top concerns.

Many delegates unanimously affirmed that the development of the international financial centre is a bold but strategic breakthrough decision for Viet Nam. Although Viet Nam is a latecomer, it possesses all the necessary conditions to develop a modern international financial centre.

This is the right time for the nation to participate more deeply in the global financial network. If the timing is seized effectively, the international financial centre will become a solid foundation for mobilising high-quality financial resources to support national development. It will also contribute to enhancing state governance capacity, fostering national competitiveness, and promoting deeper and more effective integration with the global financial system.

Richard McClellan, Global Ambassador of Terne Holding in Singapore and former Director of the Tony Blair Institute, said that if Viet Nam aims to build an international financial centre with global standing, it must approach the concept not as a separate geographical area, but as a unified operating system. This model allows synergy, not rivalry, between Da Nang and Ho Chi Minh City.

Viet Nam can establish two international financial centres in those cities to optimise their own advantages, he suggested, adding the two centres will support each other and grow together.

Similarly, Mr. Andreas Baumgartner, CEO and Founder of The Metis Institute, said the dual-city international financial centre model is essential to ensuring unified management.

Deputy Prime Minister Nguyen Hoa Binh speaks at the conference

Financial centre will be a “push” for economy

In his conclusion, Deputy Prime Minister Nguyen Hoa Binh said that along with perfecting mechanisms and policies, Da Nang and Ho Chi Minh City have been resolutely preparing very synchronous hard and soft infrastructure.

Along with that, they have concentrated on promoting human resource training, appealing for investment, and ensuring readiness for global connectivity when the international financial centre in Viet Nam officially comes into operation.

According to the Central Government’s direction, an international financial centre will be developed in Viet Nam, but will operate in both Da Nang and Ho Chi Minh City.

The centre will provide a strong boost to the economy, contributing to the country’s growth and development, and helping create a transparent and breakthrough legal framework, said Mr. Binh.

Viet Nam is committed to establishing a breakthrough legal corridor to make the most of its advantages while complying with international law, and encouraging innovative activities, the Deputy PM affirmed.

DA NANG Today