Deputy Prime Minister Nguyễn Văn Thắng speaks at a meeting with Vietnamese experts in finance and technology in Switzerland. — VNA/VNS Photo Anh Hiển

GENEVA — Deputy Prime Minister Nguyễn Văn Thắng has called on Swiss financial institutions, tech firms and investment funds to participate in developing Vietnam’s international financial centre (IFC) as he met representatives of the canton of Zug, the venture capital fund Crypto Valley and local businesses on July 28 during his working visit to the European country.

The Deputy PM praised Zug’s success in building an innovation-driven technology and financial hub, describing its experience as valuable for Việt Nam as the country is developing a crypto asset market and an IFC.

He also highlighted large room for Việt Nam and Switzerland to expand collaboration in finance, digital assets and innovation.

With a population of 100 million, a young demographic and an increasingly dynamic technology startup ecosystem, coupled with an estimated US$220 billion in crypto asset flows passing through the country each year, Việt Nam boasts favourable conditions to become an attractive destination for investment funds, technology companies and international financial institutions, he noted.

Thang asked Zug and Swiss financial and technology firms, including Crypto Valley, to strengthen cooperation with Việt Nam by promoting expert exchanges, providing policy advice on crypto asset market regulation, supporting the development of digital asset market infrastructure, and fostering business links in the fields of blockchain and innovation.

He called on Crypto Valley to expand its cooperation and investment in Việt Nam, particularly in technology startups.

Alberto Diaz, a representative of Zug's Department of Economic Affairs, said Zug was ready to expand cooperation with Việt Nam in innovation, financial technology, human resources training and startup ecosystem development.

He said the Swiss canton would also share its experience in building a favourable business environment for technology firms to help strengthen bilateral economic, investment and innovation ties.

He highlighted Zug’s competitive tax policies, stable political and legal environment, business-friendly administration, international workforce from over 160 countries and supportive ecosystem for startups and innovation as key factors behind its success.

Meanwhile, Olaf Hannemann, co-founder of Crypto Valley, shared experience in developing the crypto asset ecosystem and highly valued Việt Nam’s efforts to build a regulatory framework for crypto assets and financial technology.

He said Việt Nam has strong potential to become a regional hub for innovation and digital finance, adding that Crypto Valley is keen to expand cooperation in these fields with Vietnamese partners.

Later the same day in Zurich, the Deputy PM chaired a seminar on new business opportunities in the era of financial and high-tech cooperation, with the participation of around 100 representatives from Swiss and European businesses, investment funds, banks and tech firms.

Reaffirming the Vietnamese Government’s commitment to improving the investment climate, developing infrastructure and supporting businesses, Thắng encouraged Swiss enterprises to engage in the IFC development and expand their investment in potential areas, including hi-tech industries, AI, semiconductors, pharmaceuticals, medical equipment, green finance and the circular economy.

Swiss and European investors showed their impression of Việt Nam’s socio-economic achievements and decision to establish the IFC in HCM City and Đà Nẵng.

They also shared experience and expressed interest in foreign ownership regulations, capital market development, AI applications in financial services, securities market reforms, taxation, investment incentives and long-term financing instruments, including real estate investment trusts (REITs).

Deputy Finance Minister Nguyễn Thị Bích Ngọc and Chairwoman of the State Securities Commission Vũ Thị Chân Phương highlighted Việt Nam’s orientations, priorities and policies in developing its IFC, upgrading the stock market and attracting foreign investment.

During his visit, Thang also received Monica Rubiolo, a member of the Board of Directors of the Swiss business federation Economiesuisse, who highlighted the potential for Việt Nam–Switzerland cooperation in digital transformation, AI and innovation.

The Vietnamese official stated that Việt Nam highly values the role and contributions of Economiesuisse to bilateral cooperation, and called on the association to encourage its members to continue investing in Việt Nam while sharing their experience to help the Southeast Asian country further improve its foreign investment attraction policies. — VNA/VNS