Vietnam is positioning itself as a future international financial center, leveraging its openness to digital assets and innovative financial strategies, according to Mr. Roger Leitner, President and General Director of the ASEAN-Swiss Chamber of Commerce.
Discussions in Davos on Vietnam’s Financial Aspirations
On January 21, at the 55th Annual World Economic Forum (WEF) in Davos, Switzerland, more than 30 global corporate representatives and senior Vietnamese leaders convened to discuss high-tech investment opportunities in Vietnam. Among the key topics was the establishment of financial centers in Vietnam, with plans to operationalize such hubs in Ho Chi Minh City and Da Nang by 2025.
The Vietnamese government envisions these financial centers as critical steps toward transforming the country into a significant regional and global financial destination.
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Insights from Global and Domestic Leaders
Mr. Leitner expressed confidence in Vietnam’s ability to attract leading financial institutions and foster digital asset development by collaborating with private banks.
“Vietnam has all the ingredients to become a global financial center, comparable to Switzerland, Singapore, and the UAE,” he said.
Vietnam’s Minister of Planning and Investment, Nguyen Chi Dung, emphasized the country’s commitment to creating a globally competitive financial ecosystem. “We aim to deliver what global investors need, not just what Vietnam already offers,” Mr. Dung stated, inviting foreign enterprises to contribute their expertise and share best practices.
The government has also proposed a controlled trial of fintech initiatives, including cryptocurrency and digital asset exchanges, in financial hubs like Ho Chi Minh City and Da Nang.
Science and Technology as Catalysts for Growth
Beyond financial services, Vietnam is placing significant emphasis on science and technology as a driving force for its economic growth. Truong Gia Binh, Chairman of FPT, highlighted Vietnam’s aspirations in artificial intelligence (AI), digital transformation, semiconductor development, and education, all of which are integral to achieving double-digit economic growth.
“Vietnam has favorable conditions to become a leader in AI and technology,” he noted.
Global technology giants are already taking notice. Nvidia recently acquired VinBrain, Vingroup’s AI subsidiary, and plans to establish an AI Research and Development Center and a Data Center in Vietnam. Schneider Electric has also expressed interest in collaborating with Nvidia to further data center development in the country.
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The West Lake in Hanoi. Credit: Olivier OchanineInfrastructure and Investment Opportunities
Infrastructure development remains a cornerstone of Vietnam’s strategy to attract foreign investment. Mr. Kim Fejer, CEO of A.P. Moller Capital, called for increased foreign ownership limits in critical sectors like airports and seaports.
“Vietnam’s strategic position offers unique potential for development, but greater connectivity and access to AI data infrastructure are essential,” said Mr. Fejer, whose firm manages a $2 billion investment portfolio, including the world’s leading shipping company, Maersk.
Sanjay Gupta, President of Google Asia Pacific, echoed the sentiment, urging Vietnam to enhance infrastructure connectivity to capitalize on its geographic and economic potential.
The Path Forward
As Vietnam continues to attract international attention, leaders from corporations like Schneider Electric and A.P. Moller Capital emphasize the need for policy reform and stronger infrastructure development to sustain growth.
With the strategic vision of becoming a financial hub, coupled with advancements in technology and infrastructure, Vietnam is well on its way to joining the ranks of global financial and technological powerhouses.
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Source: Vietnam Insider