An international financial centre is not only an economic development project, but also an affirmation of Vietnam's position on the financial map; a strategic step to connect more deeply with the world's financial flow, attract resources, and promote and improve the quality of growth.
Recognising the favourable context and seizing the "golden opportunity" for emerging financial centres like Vietnam, on November 15, 2024, the Politburo issued Notice No. 47-TB/TW on building a regional and international financial centre in Vietnam. Accordingly, the Politburo agreed to establish a comprehensive international financial centre in Ho Chi Minh City and a regional financial centre in Da Nang.
Then, on December 31, 2024, the Government issued Resolution No. 259/NQ-CP on the action plan to implement Notice No. 47-TB/TW. In which, the Government assigned 49 groups of tasks and specific solutions to 12 ministries, branches and localities to take the lead in implementing, linked with output products to form a legal framework.
The tasks focus on five key areas, including: Developing infrastructure, attracting international talent, promoting financial innovation and international integration, and protecting financial security.
The question now is how to implement this policy? In fact, the implementation of building an international financial centre is a difficult, complicated and unprecedented issue in Vietnam.
Recently, Ho Chi Minh City received joy and great motivation when Prime Minister Pham Minh Chinh chaired a conference to announce the Government's resolution on the action plan to implement the construction of a regional and international financial centre in Vietnam. The event marked an important step forward in the country's development strategy.
Affirming that Vietnam meets all five conditions to build an international financial centre, Prime Minister Pham Minh Chinh expressed his determination in implementing action plans with the viewpoint: "The Party has directed, the Government has agreed, the National Assembly has agreed, the people support, the Fatherland expects, then only discuss and do, not retreat" and the spirit of "Do not say no, do not say difficult, do not say yes but then not do."
According to the Prime Minister, building a regional and international financial centre in Vietnam is an urgent requirement, 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 together; working together, enjoying together, winning together and developing together”, the prime minister believes that Vietnam will achieve success in building and developing a regional and international financial centre, contributing to the development and common prosperity of the region and the world.
To soon realise the aspiration of establishing the Ho Chi Minh City International Financial Centre, experts say that the city needs to research and choose a model suitable to the economic and social context and geostrategic location.
In particular, the city must have solutions to improve the legal framework and financial risk management policies; improve the quality of financial infrastructure and information technology; enhance transparency, fight corruption and promote an open, favourable, transparent, fair and healthy competitive business environment.
Expecting the determined participation of ministries, branches and localities, the success of the financial centre depends not only on policies but also on the consensus of businesses, investors and the people in the Southern Key Economic Region and Ho Chi Minh City.
