Detailed visualisation of int’l financial centre model in HCM City needed: experts

The development of an international financial centre in Ho Chi Minh City must be associated with the planning work and socio-economic development of the locality, as well as a political consensus, according to experts.

At a seminar on February 17, Dr. Can Van Luc - an economic and financial expert, stressed the necessity to imagine what this centre will be like first, saying  there are some visualisations of a financial centre but they are yet to be right.

The financial world is changing very quickly as digital transactions, digital and crypto currencies will be a new financial and monetary trend in the next 5-10 years, Luc said, adding that is why main pillars of the centre should be determined and attention paid to developing financial technology companies (Fintech).

According to Dr. Vo Tri Thanh, Director of the Institute of Branding and Competition Strategy, said municipal authorities should choose a new financial centre model rather than the traditional one and immediately approach an integrated financial one associated with urbanisation and high-quality service.

He also underlined the need to issue a legal document in order to immediately deploy a project of building an international financial centre in HCM City in order to realise the idea.          

Recently, the municipal People’s Committee signed a Memorandum of Understanding (MoU) with the Import-Export Pan Pacific Group (IPPG) on research and preparing a project to build an international financial centre in the southern hub.

As scheduled, the project will be completed in April.