Prime Minister Phạm Minh Chính chairs a conference on January 4 on the establishment of Việt Nam’s two financial centres in HCM City and Đà Nẵng. – VNA Photo

HCM CITY - Prime Minister Phạm Minh Chính said that Việt Nam has the right conditions to build an international financial centre, which will create a new driving force for the country’s development.

A conference was held in HCM City on Saturday to announce a government decree on an action plan to build two regional and international financial centres in Việt Nam, and was attended by top officials, agencies and international orgnisations.

Last November, the Politburo approved the establishment of a comprehensive international financial centre in HCM City and a regional financial centre in Đà Nẵng City.

Prime Minister Chính said that the establishment of the financial centres is crucial for Việt Nam’s development.

The country is focusing on key national projects and global integration, so it needs to mobilise funding effectively, for which the financial centres can play a role in attracting international investors.

“Việt Nam meets five big conditions for building an international financial centre,” he said.

The country’s GDP in 2024 was around US$470 billion, making it the 33th largest economy in the world, with stable economic growth. It also has an open and integrated economy, 17 free trade agreements with 65 leading economies around the world.

Việt Nam’s stock market has been growing strongly with capitalisation of around VNĐ7.2 quadrillion, equal to more than 70 per cent of the national GDP.

It has also achieved remarkable results in open institutions, connective infrastructure and smart governance.

Lastly, Việt Nam is politically stable, and its social order is maintained, creating a safe environment for development.

The establishment of the financial centres will help Việt Nam connect with the global financial market, and attract foreign financial institutions and international investment to promote socio-economic development.

It will also promote the development of Việt Nam's financial market effectively, following international standards.

The PM instructed relevant agencies and localities to work effectively with the Government to carry out the necessary policies and train a high quality workforce for the financial centres.

HCM City and Đà Nẵng are to quickly propose mechanisms and policies for the financial centres, and build action plans to mobilise resources for them, as well as train a workforce.

This is an important mission not only for the big cities, but for the entire country, and all agencies and organisations need to be clear of their responsibilities and tasks, he said.

The PM hoped that international organisations will continue to offer assistance in the form of sharing experiences and offering financial and manpower support to help Việt Nam build its regional and international financial centres.

At the conference, HCM City and Đà Nẵng shared their preparation and plans for their respective financial centres. Government agencies also proposed solutions to develop the capital market, the monetary and banking sector, the digital infrastructure for the financial centres, and other areas.

Alexandra Smith, British Consul General in HCM City, said that the UK will continue to support Việt Nam so it can successfully establish its financial centres. – VNS