PM calls for assistance in building financial centres in Việt Nam

Prime Minister Phạm Minh Chính, flanked by Minister of Minister of Planning and Investment Nguyễn Chí Dũng and State Bank Governor Nguyễn Thị Hồng at the talks on potentials and opportunities for financial investment into Việt Nam held in Davos. — VNA/VNS Photo Dương Giang

DAVOS — Prime Minister Phạm Minh Chính chaired a talk with representatives from world leading banks and financial investment funds on investment in Việt Nam’s financial market in Davos, Switzerland, on January 17 (local time), on the sidelines of the 54th Annual Meeting of the World Economic Forum (WEF-54).

Participants focused on assessing the financial market in Việt Nam in 2023, shared models and experiences in building international financial centres and put forth recommendations for Việt Nam. Some financial groups also talked about their plans on investment in Việt Nam.

They shared the view that Việt Nam, as one of the fastest growing economies in the world, has potential to become a financial hub of the region and the world.

Representatives from Việt Nam’s ministries and agencies fielded questions about the legal framework on the financial market in general and the operation of financial centres in particular, the law on money laundering, infrastructure serving the financial market, and related issues.

Concluding the dialogue, PM Chính confirmed the consensus in setting up a research and advisory group on building financial centres in Việt Nam led by former German Vice Chancellor Dr. Philipp Rösler, Minister of Planning and Investment Nguyễn Chí Dũng, and Chairman of the People’s Committee of HCM City Phan Văn Mãi.

The PM asked experts, banks and financial investment funds to assist Việt Nam in policy making, promoting startup and innovation, restructuring banks, building the national brand, developing infrastructure and training human resources.

In particular, he urged global groups and funds to share experience and advise Việt Nam in selecting suitable models and solutions in financial centre development, and in building institutions, policies and measures to develop a comprehensive financial ecology covering fintech, digital banks, digital payment, digital transaction, green finance, and transaction floors for carbon credit, merchandise and foreign exchange.

Participants include Government and ministries’ leaders along with representatives from world leading banks and financial investment funds.

Chính said Việt Nam also needs help in improving the country’s credit ratings and standards in accounting, auditing and financial reporting, thus laying important foundations for the successful development of international financial centres in the future.

He hoped foreign partners will consider participating in the restructuring of weak banks in Việt Nam and support the country in personnel training in financial services.

The Vietnamese Government leader affirmed that the Vietnamese Government always accompanies and creates all possible favourable conditions for foreign investors in general and Swiss investors in particular to do business in the country. Việt Nam is committed to protecting the legal and legitimate rights and interests of investors in any circumstances, and is always open to recommendations of the business community for mutual development, he said.

The PM’s remarks received warm response from the event’s participants. Don Lam, the CEO of VinaCapital, one of the organisers of the talk, said the Young Presidents’ Organisation (YPO) has decided to arrange a trip to Việt Nam after the talk. — VNS