This is the opinion of experts participating in the discussion “International Experience on Developing an International Financial Centre: Orientation for Ho Chi Minh City” in London-England on October 23.
The event was organized by the People’s Committee of Ho Chi Minh City in collaboration with the Ministry of Foreign Affairs of Vietnam, the Vietnamese Embassy in the UK and the organization TheCityUK, with the participation of Vietnamese Ambassador to the UK Nguyen Hoang Long and more than 30 people. Financial expert. , a British business…
Vo Van Hoan, vice chairman of the Ho Chi Minh City People’s Committee, spoke at the opening of the event. Photo: Ho Chi Minh City Foreign Department
Speaking at the opening of the event, Vo Van Hoan, vice chairman of the Ho Chi Minh City People’s Committee, said Vietnam and Ho Chi Minh City aspire to build an international financial center with close connection with the ongoing global economic changes. Place.
British experts assess that Ho Chi Minh City has many opportunities to create a regional financial centre. Photo: Ho Chi Minh City Foreign Department
The establishment of an international financial center will help Vietnam take advantage of international capital flows, enhance its position in the international arena and promote its plan to become a high-income country by 2045, as well as support Vietnam’s sustainable development and becoming Will help in supporting the goal. A country with net zero emissions by 2050.
More than 30 British financial and business experts participated in the event. Photo: Ho Chi Minh City Foreign Department
According to Mr. Vo Van Hoan, the Ho Chi Minh City People’s Committee is conducting research to develop a project to develop the Vietnam International Financial Center in Ho Chi Minh City. When developing the project, Ho Chi Minh City is aware of the need to actively research and work with international consulting units, corporations, reputable leading financial institutions and experts to cooperate, exchange experiences .
London is a world leading and long-standing international financial centre, with a wealth of experience, a high standard legal and policy framework as well as an ecosystem of financial services and specialized services. Related topics that can be shared and supported by other countries to develop international financial centres.
Mr Vo Van Hoan said Ho Chi Minh City is keen to cooperate and exchange with the UK regarding experience in building an international financial centre.
Photo: Ho Chi Minh City Foreign Department
According to information from the Department of Foreign Affairs of Ho Chi Minh City, within the framework of the discussion, British financial experts gave a lot of information, discussed experiences and requirements for successfully creating an international financial center for foreign investors. With developing countries, especially Ho Chi Minh City; Which emphasizes two important factors for an emerging financial centre: a specific policy framework and a common legal framework.
To gradually create a financial center in Ho Chi Minh City, experts propose to synchronously deploy the following plans: fintech development, digital banking and digital financial transactions, regional integration for the center. Finance, development of commodity derivatives market, careful preparation of technical infrastructure, promulgating software, real-time payments on digital platforms, management rules, legal policy framework and other regulations. Rules on commercial arbitration, resolving commercial disputes, international disputes, ensuring immediate implementation of judgments and decisions, guarantees for investors, training of internationally qualified human resources to serve the financial center,…
The experts promised to provide maximum support and hold meetings with the Government, the Ministry of Planning and Investment, Ho Chi Minh City People’s Committee and relevant Vietnamese agencies to exchange in-depth experience in each area. The name aims to soon form Vietnam’s international financial center located in Ho Chi Minh City.