Diversified financial products are factors that promote two financial centers of Vietnam to connect with global capital markets to mobilize capital for economic development.
Vietnam is planning to build two regional and international financial centers in Ho Chi Minh City and Da Nang to mobilize resources for national development in the new era. In developed countries, financial centers are one of the most important channels for mobilizing capital for economic development.
London City, a world-class financial center. Frankfurt, the most important financial center of the Eurozone. Luxembourg, the second in the world in terms of capital from global investment funds. Deputy Prime Minister Nguyen Hoa Binh has just finished a working week in the three largest financial centers in Europe.
Deputy Prime Minister Nguyen Hoa Binh said: To implement the Financial Center, the content of our discussion with relevant partners is to consult on building a legal infrastructure and legal system for the formation and operation of this financial center; Second, training human resources to prepare for the operation of the financial center; Third, consulting on open, friendly mechanisms and policies that are attractive enough for investors, to be able to invite investors to Vietnam; Fourth, consulting on experiences, learning from your experiences on organization, operation and necessary ecosystems for the operation of the financial center.
Leaders of government agencies in the UK, Luxembourg and Germany have all affirmed their readiness to cooperate with the Vietnamese government in the process of creating a financial center.
Deputy Prime Minister Nguyen Hoa Binh added: The partners also committed to accompanying Vietnam in coordinating the construction of the legal system, coordinating in training human resources and coordinating in planning strategies, mechanisms and policies that are open and attractive enough for investors.
In all three countries, groups of young Vietnamese intellectuals expressed their willingness to contribute their efforts and implement a major policy of the country. Many of them work for financial centers in the host country. Leaders of large banks and financial corporations in all three countries also wish to participate in a major policy of the Vietnamese government.
Mr. Jorn Siegle – Vice President of the Frankfurt RheinMain Investment Promotion Agency said: “Looking at the Vietnamese economy in recent years, we see a remarkable growth. Vietnam is also developing into a center in Asia. Therefore, it is reasonable to think about establishing a financial center in Ho Chi Minh City, and promoting it to the world”.
“The next logical step to fully exploit Vietnam’s potential is to establish a financial center. The idea of establishing two financial centers, one in Da Nang, to complement the one already in Ho Chi Minh City, is a very smart idea, because prosperity will spread throughout the country, more investors will be interested, and more people will benefit,” said Mr. Hubertus Vaeth – Director of the Frankfurt Financial Center.
Mr. Jochen Biedermann – Director of the Alliance of International Financial Centers said: “Vietnam has many young talents, we just need to bring them into financial centers, develop new projects, new products for Vietnamese people and for export. Vietnam has the potential to become a leading country in export, and therefore needs a strong financial system to support it”.
Creating a regional and world-class financial center requires political and economic stability, which Vietnam has; and mechanisms that approach global financial standards, which Vietnam has begun to implement. Applying modern technology and diversifying financial products will be factors that promote the two Vietnamese financial centers to connect with the global capital market.