US financial investment funds highly value Vietnam’s economic prospects

Representatives of corporations, investment funds, and Vietnamese state management agencies discussed solutions and orientations which seek to further attract financial resources for socio-economic development, especially in the development of a financial centre in Vietnam.

In its development strategy for 2021-2030, Vietnam aims to build an international financial center to attract more resources, promote economic restructuring, and engage Vietnam in global economic value chain.

The executives pointed out that despite international geo-economic and geo-political changes, Vietnam remains a bright spot in attracting foreign direct investment (FDI) with several favourable factors to develop a modern financial market towards forming a financial centre that is able to connect with regional and global financial centers.

The favourable factors, they said, include macroeconomic and political stability, favourable geographical location, and a different time zone compared to the world's largest financial centres, an improved business investment environment, comprehensive international economic integration, digital economic transformation, and a high innovation index.

The executives suggested Vietnam to learn from international experience in building a financial centre, reminding that the overarching principle is to create a playing field for international financial investors to play common rules of the game, and that such a centre must suit the country’s practical conditions.

Prime Minister Pham Minh Chinh for his part underscored the importance of President Joe Biden's recent visit to the nation, as well as the upgrade of mutual ties to that of a comprehensive strategic partnership for peace, cooperation and sustainable development, opening up a new stage in cooperative opportunities in trade and investment.

He stressed that Vietnam will focus on promoting green growth, the digital economy, the circular economy, science and technology development, and innovation to participate more deeply in the global supply chains moving forward.

He assured that the country will continue to open its door to attract high-quality foreign investment and support domestic enterprises as a means of promoting investment in science and technology and production capacity to fully meet the requirements of joining the supply chain of foreign invested enterprises.

Vietnam is anticipated to accelerate investment in strategic infrastructure development projects whilst focusing more deeply on training high-quality human resources in the future, he said

The Government leader emphasised that the implementation of these priority areas requires financial resources and support from international friends, multinational enterprises, and large international investment funds in general, as well as those from the US in particular, highlighting their valuable experience in the development process of financial centre.

The PM requested that global corporations and investment funds share their experiences and offer policy advice regarding the development of a financial hub in Ho Chi Minh City.

Vietnam is continuing to promote the development of the stock market and corporate bond market, said Chinh, adding it is keen to learn from investment funds’ experiences in developing these markets and others.

The country will continue to improve the local business environment, ensure the legal and legitimate rights and interests of investors, whilst creating the optimal conditions possible for them to operate effectively and sustainably, he affirmed.

Prime Minister Pham Minh Chinh was in the US for a working trip and meetings of the 78th UN General Assembly.