In a resolution approved by the Government on March 5, the MoF was assigned to work alongside relevant ministries, agencies and the administrations of Ho Chi Minh City and Da Nang City to formulate the National Assembly resolution.

According to the MoF, there are currently 121 financial centres worldwide, and there is intense competition to become leading financial centres both regionally and globally. It is increasingly urgent to form a new and distinctive financial centre that is different from existing ones in order to attract financial resources shifting from major international financial hubs, provide new financial services, access new markets, and embrace emerging development trends.

In this context, the potential for forming a new financial centre in the Asia-Pacific region, which is considered the most dynamic economic hub in the world today, is becoming increasingly evident.

Vietnam is emerging as a bright spot in terms of economic development and growth, macroeconomic stability, and investment attraction. It is gradually converging the necessary factors to develop a modern financial market and move towards the formation of a financial centre that is able to connect with financial centres in the region and globally.

Ho Chi Minh City made a list of global financial centres in the Global Financial Centres Index (GFCI 31) report released in 2022, ranking 102nd out of 120. The city ranked 108th out of 121 in the GFCI 35 report in March 2024, and 105th out of 121 in the GFCI report 36 in September 2024.

In 2023, Vietnam was ranked by the World Intellectual Property Organization (WIPO) as one of the top three leading creative economies among lower-middle-income countries; and one of the seven countries making the most progress in innovation over the past decade.

In 2024, WIPO recognized Vietnam as one of the eight middle-income countries with the most improved rankings since 2013, and one of the three countries with exceptional performance exceeding development levels for 14 consecutive years.

It is apparent that building, strengthening, and leveraging competitive advantages to form a regional financial centre, aiming for an international financial centre, presents numerous challenges for Vietnam.

However, if successful, the MoF said, it will help Vietnam connect with the global financial market; attract foreign financial institutions create new investment resources; capitalize on the opportunity of shifting international investment flows; and promote the effective development of Vietnam’s financial market to meet international standards.

In addition, it can help contribute to the country’s sustainable economic development, and enhance its role, status, prestige, and influence on the global stage.

The establishment, operation, and development of a competitive regional and international financial centre in Vietnam will help propel the country into a new era of national advancement, said the MoF.

Vietnam seeks UK support in developing financial centres

Deputy Prime Minister Nguyen Hoa Binh has called on the UK to support Vietnam in training personnel for its planned regional and international financial centres in Ho Chi Minh City and Da Nang.