Permanent Deputy Prime Minister Nguyễn Hòa Bình and representatives of German businesses witnessed the signing of a Memorandum of Understanding (MoU) between the Vietnam Young Entrepreneurs Association in Europe and the German Association of Small and Medium-sized Enterprises. — VNA/VNS Photo

BERLIN — Permanent Deputy Prime Minister Nguyễn Hòa Bình has met with representatives of the European Central Bank (ECB) to discuss plans for the establishment of financial centres in Việt Nam, as part of his working visit to Germany – the final stop in his European tour.

At the meeting, the Deputy PM commended the ECB’s role in controlling inflation, maintaining economic stability and promoting sustainable growth. He stressed that Việt Nam viewed the institution as a model to learn from in its efforts to refine the financial market, enhance monetary oversight and improve macroeconomic management.

With the country’s National Assembly expected to issue a resolution this year on the establishment of international financial centres, Bình said the Vietnamese Government hoped to obtain the ECB’s advice in shaping policies for financial regulation, investment attraction, risk management and anti-money laundering efforts.

ECB President Christine Lagarde lauded Việt Nam’s financial centre development orientation. She pledged to help the bank’s legal department, assisting Việt Nam to develop an appropriate regulatory framework.

Commenting on the Southeast Asian nation’s policy allowing investors to freely transfer capital via capital accounts, she noted that this reflected the country’s solid economic foundation.

Highlighting Việt Nam's readiness to receive international recommendations, Deputy PM Bình proposed specific areas of cooperation, including sending Vietnamese personnel serving the financial centres to intern at the ECB for one year, with the bank determining the number of placements and selection criteria. He suggested sending experienced ECB experts to Việt Nam to train banking staff and financial centre operators.

The official also extended an invitation to the ECB President to visit Việt Nam to sign a memorandum of understanding (MoU) on cooperation.

Permanent Deputy Prime Minister Nguyễn Hòa Bình (right) and ECB President Christine Lagarde. — VNA/VNS Photo

Lagarde agreed with the proposals and confirmed that the ECB’s technical assistance would cover legal framework development, training, and supervision. She requested Việt Nam identify priority fields.

The ECB would accept two to three Vietnamese interns and would discuss further details as preparations for the MoU progresses, she said.

On the same day, March 24, Bình attended a roundtable on the building of financial centres in Việt Nam.

Jointly organised by the Vietnamese Ministry of Finance, the Vietnamese Embassy in Germany and the Vietnamese Consulate General in Frankfurt, it drew the participation of leaders of several Vietnamese ministries, sectors and localities, along with representatives from the German Asian-Pacific Business Association and the German federal trade and investment organisation, along with leaders of 35 banks, financial and investment funds, associations and companies operating in the international financial sector in Germany.

Bình told participants that Việt Nam was studying various measures to promote growth, including the establishment and operation of financial centres, creating a favourable, transparent, attractive and reputable environment for foreign investors.

It also planned various solutions such as significantly reducing administrative procedures, especially those related to businesses, perfecting the legal system to create a transparent, clear legal framework that meets international standards and improving infrastructure, including transportation, energy and digital infrastructure, he said.

He urged German experts and businesses to come to Việt Nam to participate in building the financial centres, as well as to recruit high-quality personnel from Việt Nam to train on how to operate such centres. The Deputy PM also called on them to join Việt Nam and become the first foreign investors to establish a presence at Việt Nam's international financial centre.

Deputy PM Bình (right) attends a roundtable on the building of financial centres in Việt Nam. — VNA/VNS Photo

Vietnamese Deputy Minister of Finance Nguyễn Thị Bích Ngọc affirmed that Việt Nam was determined to build a financial centre that meets international standards with transparency, efficiency, a solid legal foundation, high-quality human resources, advanced technology applications and a safe, sustainable investment environment.

This centre aims to contribute to connecting the Association of Southeast Asian Nations (ASEAN) with the world's financial centres.

With this spirit, Việt Nam hoped to receive valuable experiences from global financial corporations and businesses, from those in Germany in particular, to help it succeed in establishing and operating its international financial centre, she affirmed.

At the end of the roundtable, Bình witnessed the signing of two Memoranda of Understanding (MoUs) between the Việt Nam Youth Business Association in Europe (VYBE) and Germany’s Association of Small- and Medium-Sized Businesses, as well as between VYBE and the Việt Nam Posts and Telecommunications Institute of Technology. Earlier, Deputy PM Bình held working sessions with the World Alliance of International Financial Centres (WAIFC) and several leading German enterprises in the financial sector, including DZ Bank, Brosnan Norden, Mountain Alliance AG and DAS Investment.

At the sessions, he affirmed that the Việt Nam – Germany relationship was developing extensively. Việt Nam placed great importance on its relationship with Germany and believed there was significant potential for further development, especially in economy and trade.

He appreciated the interest and commitment shown by German experts and major enterprises in promoting the establishment and development of international financial centres in HCM City and Đà Nẵng City.

Building international financial centres is a crucial solution for further promoting Việt Nam's economic growth, according to Bình. He called on businesses to share their experiences and provide practical advice for the establishment of the financial centres.

He also asked the business leaders to help convey Việt Nam's message to German companies to explore business and investment opportunities in Việt Nam and to participate in developing financial centres in the Southeast Asian nation.

Meanwhile, WAIFC and business leaders appreciated Việt Nam's efforts in national development. They noted that Việt Nam was experiencing remarkably fast growth and its market held vast potential.

Saying that the establishment of international financial centres was an important and clear-sighted move to ensure a financially strong future for Việt Nam, they affirmed their readiness to share knowledge and experience, support the country in accessing necessary capital sources, and train and provide high-quality human resources so that the international financial centres' development would be sped up effectively.

They also pledged to help attract German and international businesses to this project.

Assessing the outcomes of his working visits to three European countries – England, Luxembourg and Germany, Deputy PM Bình told the Việt Nam News Agency that the most significant outcome was that all partners he met hailed Việt Nam’s decision to open the financial centres, which they perceived would not only enhance resources for Việt Nam's economy but also position the country as a link in the global economic chain.

Besides advantages such as Việt Nam's strong political determination and readiness of basic conditions, this is also a big ambition facing many challenges as Việt Nam lacks experience. To overcome these difficulties, there is no other choice but to learn experiences of the countries with successful financial centres such as those in London and Frankfurt, according to the Deputy PM. — VNS