PM Pham Minh Chinh chaired the first meeting of the Steering Committee for International Financial Centers in Vietnam at Government Headquarters on January 16 to review progress on implementing Politburo conclusions and plans to build and operate international financial centers in Ho Chi Minh City and Da Nang.

He said that amid rapid and unpredictable global economic shifts, Vietnam needs to proactively define a new role within the international financial network, moving beyond participation to actively shaping its position.

Vietnam may be a latecomer in developing international financial centers, he said, but must selectively inherit and apply global best practices in line with domestic conditions and international standards, while avoiding mechanical replication. Competitive, transparent and stable institutions with a high degree of predictability are essential to building credibility and market confidence, he stressed.

The country is poised to develop modern and efficient international financial centers, with the goal of ranking among the world’s top 75 financial centers and the top 25 in the Asia-Pacific region by 2035.

He also pointed to key challenges, including intense competition among regional and global financial centers, shortages of high-quality human resources, mechanisms to attract international experts, gaps in digital infrastructure and international-standard urban services, as well as the need for a coherent framework for risk management, supervision and compliance.

To ensure effective implementation, he emphasized institutions as the core competitive factor, people as the central element, and infrastructure, particularly digital infrastructure, data systems and cybersecurity as the foundation. International financial centers must clearly define the institutions they seek to attract, the products and markets they target, and the value they deliver to economic growth, job creation and spillover effects across other sectors.

PM Chinh called on ministries, agencies and the two cities to coordinate closely, clearly define roles and avoid overlap or internal competition, while accelerating efforts to complete institutional frameworks, infrastructure and human resources to welcome major financial institutions and investors. Under the plan, the international financial center in Ho Chi Minh City is scheduled to be launched and begin operations in 2026.

Expressing confidence in Vietnam’s prospects, the Government chief said the country would make steady progress in building and developing international financial centers, contributing to regional and global growth and common prosperity.

Vietnam meets criteria for establishing international financial centers: PM Chinh

VOV.VN - Prime Minister Pham Minh Chinh has underscored that the construction and development of regional and international financial centers in Ho Chi Minh City and Da Nang will create a premise and a solid foundation for Vietnam to enter a new era, an era of the nation’s rise.