Swiss expert: Vietnam needs to build a financial center with its own identity
VOV.VN - The development of Vietnam’s first financial center should initially focus on enhancing regional competitiveness before expanding to the global market, has said Philip J. Weights, Co-President of the Swiss FinTech Association (SFTA).
As Vietnam marks the 80th anniversary of National Day (September 2, 1945- September 2, 2025), Weights shared his views with the press on the country’s socio-economic achievements in recent years and its determination to establish financial centers in Ho Chi Minh City and the central city of Da Nang in the time ahead.
The SFTA representative said he was pleased to share his experience with Vietnam, noting his professional background in several Asian countries. He observed that in the first stage of its strategy, Vietnam should prioritize success within the region rather than aiming directly at the global market.
In his view, the key factor for regional success lies not only in competition but also in cooperation. When working with established international financial centers, he considered Singapore to be the regional leader in both technological innovation and regulatory frameworks.
He noted that the city state had long operated a sandbox model for testing FinTech solutions, and said it was encouraging that Vietnam’s recently adopted resolution also referred to such a model, including specific areas like open banking and credit rating promotion.
Weights also pointed out that Vietnam could draw lessons from other regional hubs such as Hong Kong (China) and Singapore. He welcomed the National Assembly’s adoption of Resolution No. 222/2025, which provides for the establishment, operation, management, supervision, and special mechanisms and policies for International Financial Centers in Ho Chi Minh City and Da Nang, designed to attract capital and promote new growth drivers. He stressed that success would likely come through cooperation rather than competition alone.
At a recent seminar themed Building and Operating International Financial Centers- Recommendations for Vietnam, held in Geneva with the participation of National Assembly Chairman Tran Thanh Man and senior Vietnamese officials, the SFTA signed a memorandum of understanding on cooperation with the Ministry of Finance. Weights expressed hope that the association would expand its activities in Vietnam in the future.
He added that that Vietnam’s regional success would serve as a stepping stone to broader achievements. Drawing from his experience in Dubai, he recalled that when the international financial center there was launched, it had only two employees, but now employs more than 25,000 people and plays an important role in the economy.
With the cooperation of relevant stakeholders, he believed that Da Nang and Ho Chi Minh City would also make important contributions, not only to the local economies but to Vietnam as a whole.
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