PM calls for assistance in building financial centres in Vietnam

Prime Minister Pham Minh Chinh chaired a talk with representatives from world leading banks and financial investment funds on investment in Vietnam’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 Vietnam in 2023, shared models and experiences in building international financial centres and put forth recommendations for Vietnam. Some financial groups also talked about their plans on investment in Vietnam.

They shared the view that Vietnam, 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 Vietnam’s ministries and agencies fielded questions about the legal framework on thefinancial 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 Chinh confirmed the consensus in setting up a research and advisory group on building financial centres in Vietnam led by former German vice chancellor Dr. Philipp Rösler, Minister of Planning and Investment Nguyen Chi Dung and Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai.

The PM asked experts, banks and financial investment funds to assist Vietnam 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 Vietnam 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.

Chinh said Vietnam 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 Vietnam 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. Vietnam 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 Vietnam after the talk.