HCM City and Đà Nẵng should avoid stepping on each other's toes in choosing areas of specialised development. — VNA/VNS Photo

HÀ NỘI — Việt Nam does not need to choose between a specialised or a comprehensive regional financial centre but can instead adopt a flexible approach to seize opportunities, said Dr. Hồ Quốc Tuấn, Senior Lecturer in Finance and Accounting at the UK’s University of Bristol.

Talking with the Vietnam News Agency's reporter based in London ahead of Permanent Deputy Prime Minister Nguyễn Hoà Bình’s visit to the UK from March 16-20, Tuấn explained that financial centres traditionally split two paths: specialisation or diversification.

A specialised approach could position Việt Nam as an ASEAN niche player, like Tel Aviv or Mumbai, focusing on select services, or as a global player akin to Dubai, Hong Kong, or Luxembourg. Alternatively, a diversified model could see Việt Nam begin locally, like Lisbon or Atlanta, then grow to rival Bangkok or even London and New York.

Even if Việt Nam aims to develop into a comprehensive financial centre, it can adopt Dubai’s specialised model to accelerate fintech services, particularly in AI/Machine Learning and digital assets, areas where Vietnam excels in training and application.

He cautioned, however, that HCM City and Đà Nẵng should avoid "stepping on each other's toes" in choosing areas of specialised development, adding that one could lead on fintech and the other on AI.

Tuấn also highlighted the importance of human capital, one of the five important factors to successfully build a financial centre, citing the Global Financial Centres Index, which ranks business environment, human capital, infrastructure, market development and reputation as the key drivers of success. — VNS