HCM Minh City is the nation’s economic and commercial powerhouse. — VNA/VNS Photo

BUENOS AIRES — Argentine media has lauded Vietnam’s landmark decision to establish an international financial centre in HCM City – the nation’s economic and commercial powerhouse, marking a pivotal shift in the Government’s economic development strategy.

Besides, the Government also plans a regional financial centre in the central city of Đà Nẵng.

The cities have been urged to strengthen coordination with competent sides to ensure successful implementation in accordance with the set targets.

Infobae, an international Argentine online newspaper, commended Vietnam’s potential to build the financial centres, citing favourable factors such as the country’s gross domestic product (GDP) reaching some US$470 billion, positioning it as the 33rd or 34th largest economy in the world, as well as ambitious GDP growth target of at least 8 per cent for 2025 and aspirations for double-digit growth in subsequent years.

Meanwhile, the stock market has demonstrated remarkable growth, reaching a total value of over $283 billion in 2024, according to Infobae's analysis. The country's deep integration into the global economy is evidenced by its 17 free trade agreements with 65 countries. Despite global economic challenges, Việt Nam's trade turnover was estimated at $800 billion last year.

Along with highlighting Việt Nam’s stable political environment, social security, and peaceful life, Infobae report emphasised the country's strategic geographical advantage, situated at the heart of Southeast Asia, one of the world's most dynamic and innovative regions. The recent inauguration of HCM City's first metro line was noted as a significant step in improving urban infrastructure to serve the transportation needs of the city's nearly 9 million residents. — VNS