Vietnam is positioning itself as a competitive force in the global financial arena by leveraging a “golden opportunity” through progressive legal frameworks and bold initiatives, according to Minister of Planning and Investment Nguyen Chi Dung.
Developing regional and international financial centres has been prioritized as a key institutional breakthrough by Vietnam’s Party, State, National Assembly, and Government to drive economic restructuring, enhance productivity, and boost competitiveness.
Bold Vision for Financial Centres
The Ministry of Planning and Investment has outlined plans to establish two major financial centres: an international-level hub in Ho Chi Minh City and a regional-level hub in Da Nang.
The Ho Chi Minh City centre will span District 1 and the Thu Thiem New Urban Area, while Da Nang’s financial district will feature a 6-hectare core zone expandable to a 62-hectare financial quarter within the Da Nang Industrial Park, complemented by a 9.7-hectare financial technology centre. These hubs will benefit from special mechanisms and policies designed to attract financial institutions, including banks, investment funds, and financial service providers.
The centres aim to foster trading platforms for securities, currencies, and commodities, with a particular focus on emerging financial sectors such as fintech, ensuring alignment with international standards.
Opportunities and Challenges
While the concept of financial centres is not new globally, it presents unique challenges for Vietnam. Minister Dung emphasized that these centres will play a pivotal role in integrating Vietnam into global financial markets, attracting foreign financial institutions, and creating new investment opportunities. They will also provide high-quality financial services to support both domestic and international businesses.
“The development of these centres will drive Vietnam’s economic transformation, enhance its global reputation, and bolster its influence on the international stage,” Dung stated. He added that the initiative will strengthen national defence and security, particularly in the financial sector, through proactive measures.
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A Tailored and Collaborative Approach
Vietnam plans to adopt a “hybrid” model, selectively incorporating successful elements from global financial centres while adapting them to the country’s specific context. Key priorities for 2025 include drafting a National Assembly resolution on the development of these centres, preparing infrastructure and institutional frameworks, and attracting strategic investors and financial institutions.
Minister Dung stressed the importance of collaboration among ministries, sectors, and local agencies to ensure timely and effective implementation. International partners will also be engaged to provide expertise, policy recommendations, and resources for the centres’ development and operations.
Catalyst for Vietnam’s Growth and Global Integration
The financial centres in Ho Chi Minh City and Da Nang are envisioned as symbols of Vietnam’s prosperity, contributing significantly to the global financial system’s stability and development. Minister Dung expressed confidence that these hubs will act as catalysts for Vietnam’s economic growth, enhancing its integration into global value chains and securing its position as a dynamic and sustainable economy on the international stage.
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Source: Vietnam Insider