Earlier, the Politburo had agreed to establish a comprehensive international financial centre in the southern largest economic hub of Ho Chi Minh City and a regional financial centre in the central city of Da Nang.
At the conference, Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen and Secretary of the Da Nang City Party Committee Nguyen Van Quang presented the preparations to develop the financial centres; solutions to implement the action plan, and decisions to establish the steering committees for the financial centres.
Alexandra Smith, Consul General of the United Kingdom in Ho Chi Minh City, said that Vietnam is at an important moment, entering an era of the nation’s rise. The building of the regional and international financial centres in Vietnam is one of the proofs to ensure this goal.
The UK has been and is committed to continuing to cooperate and support Vietnam to successfully build the regional and international financial centres, she stressed.
Speaking at the conference, PM Pham Minh Chinh expressed his joy at the strong participation of ministries, branches and localities as well as the support and sharing of international friends, which have helped to strengthen confidence in the effective development of the regional and international financial centres in Vietnam.
He said that after nearly 40 years of renewal, Vietnam has never had the fortune, potential, position and international reputation as it does today. In 2024, Vietnam's socio-economic situation continued to recover very positively as the next month’s achievements were higher than the previous month and the next quarter was better than the previous quarter, achieving many outstanding results in all fields and better than 2023.
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An overview of the conference (Photo: VNA)
According to the PM, Vietnam remained a bright spot in terms of growth and belonged to the group of countries with high growth in the region and the world with a yearly GDP growth rate of about 7%, bringing the country’s economic scale to about 470 billion USD. Vietnam’s total import-export turnover reached a record of 810 billion USD, with a trade surplus of 24 billion USD. State budget revenue reached a record of over 2 quadrillion VND, exceeding 19% of the estimate. FDI inflows reached about 40 billion USD, bringing Vietnam into the group of 15 developing countries attracting the largest amounts of foreign investment capital in the world. Vietnam has signed 17 FTAs, and has set up comprehensive strategic partnerships, strategic partnerships and comprehensive partnerships with 33 nations, including comprehensive strategic partnerships with nine countries.
Clearly stating the main goals, tasks and solutions in Vietnam's socio-economic development in 2025 and the coming time, PM Chinh emphasised that building and developing the regional and international financial centres in Ho Chi Minh City and Da Nang will create a premise and a solid foundation for the country to enter a new era - the era of the nation’s rise, becoming a rich, strong and prosperous nation where the people are increasingly happy and well-off.
Recently, Vietnam's total social investment reached 33-35% of its GDP, but in the coming time this number must reach 45-50% of total GDP, equivalent to 4-5 quadrillion VND, he said, adding that Vietnam's capital market is growing rapidly and its stock market continues to be an important capital transmission channel in the market, maintaining growth momentum compared to 2023.
According to the government leader, Vietnam meets five requirements to build an international financial centre. Among them, Vietnam has the 33rd largest economy in the world; economic growth rate is high and stable; Vietnam is implementing three strategic breakthroughs and achieving positive results; it is leading in terms of stock market development in the region, with stock market capitalisation reaching 7.2 quadrillion VND; deep international economic integration, with its openness 1.7 times greater than total GDP; political stability, social order and safety, maintaining a peaceful environment, cooperation, development and a favorable location.
PM Chinh said that building the international financial centres will help Vietnam connect the global financial market; attract foreign financial institutions, create new resources, and promote existing resources; take advantage of opportunities to shift international investment capital flows for socio-economic development; promote the development of Vietnam's financial market effectively, according to international standards; and creating new motivation, creating a breakthrough in development.
He requested ministries, branches and localities to advise the Government to develop and submit to the National Assembly for consideration mechanisms and policies for the international financial centres; focus on training and attracting human resources; develop and ensure synchronous, modern, high-quality infrastructure; apply advanced science and technology to management; create consensus and unity of the entire political system and all people and businesses in building and developing international financial centres in Vietnam, in the spirit of learning while doing and gradually expanding.
PM Chinh requested Ho Chi Minh City and Da Nang to urgently review, research and propose effective and feasible tasks and solutions in accordance with the policy groups set out in the project, ensuring synchronisation, comprehensiveness, consistency in goals and requirements; continue to maintain and expand cooperation with domestic and international partners in the financial sector in the process of building and developing new financial services and products, and building outstanding mechanisms, policies and incentives; proactively allocate budget and mobilise domestic and foreign resources to invest in developing infrastructure to serve the operations of the financial centres.
The government leader asked the Ministry of Planning and Investment, ministries, branches and central agencies to seriously and drastically implement assigned tasks according to the Action Plan issued by the Government; and research, deploy, build and perfect institutions and policies on the financial centres as assigned in the Action Plan.
PM Chinh hoped that domestic and international partners will continue to accompany the Government of Vietnam in the process of building and developing the financial centres; propose policies and consultancy based on the experience of established international financial centres in the world, especially centres with similar conditions; and assist in attracting resources and connecting large, potential investors to participate in the financial centres in Vietnam.
Building the regional and international financial centres in Vietnam is an urgent requirement, receiving great attention from the Party, State and Government’s leaders, he said, adding that is the work of the entire Party, the entire political system, the entire people, and businesses with the cooperation and support of international friends.
With the motto of listening and understanding together; sharing vision and action; working together, enjoying together, winning together and developing together, PM Chinh believed that Vietnam will achieve successes in building and developing the regional and international financial centres, contributing to development and common prosperity of the region and the world.
