Vietnam to develop first financial centres
Vietnam to develop first financial centres
Vietnam has the necessary elements and conditions to develop an international and regional financial centre, Prime Minister Pham Minh Chinh said on January 4.
Prime Minister Pham Minh Chinh at the announcement ceremony of the government resolution on the action plan to develop regional and international financial centres. Photo: Ho Chi Minh City Media Centre |
At the announcement ceremony of the government resolution on developing regional and international financial centres, held ịn Ho Chi Minh City, Chinh pointed out that, the nation remained a bright spot in terms of growth, with an annual GDP growth rate of roughly 7 per cent, bringing the nation’s economy to about $470 billion in 2024.
Vietnam's total import-export turnover hit a record of $810 billion, with a trade surplus of $24 billion. State budget revenue in 2024 reached a record of more than VND2 quadrillion (approximately $79.2 billion), marking an increase of 19.1 per cent compared to the 2023, according to the Ministry of Finance.
FDI inflows amounted to around $40 billion, bringing the nation into the group of 15 developing countries attracting the largest amounts of foreign investment capital globally.
Meanwhile, the country’s stock market capitalisation reached nearly VND7.2 quadrillion, an increase of 21.2 per cent compared to the end of 2023.
Vietnam has an integrated, highly open economy, having signed 17 free trade agreements (FTAs) with over 65 of the world's leading economies. In 2024, it has achieved $800 billion of import-export revenue, about 1.7 times greater than GDP.
PM Chinh said Vietnam continued implementation of strategic breakthroughs, restructuring the economy with innovating growth models and improving productivity and competitiveness of the economy, while exploiting new development spaces such as outer, underground, and marine space.
Vietnam is renewing the three traditional growth drivers of investment, consumption, and export, and strongly working on new growth drivers such as the digital, green, circular, sharing, knowledge and night economies.
The PM pointed out a number of goals in 2025 including completing at least 3,000km of expressways, finishing expressways from Cao Bang to Ca Mau province, starting construction of the Lao Cai - Hanoi - Haiphong railway, and preparing for the North-South high-speed railway.
“We need large capital resources for all of this development, and it must be mobilised both from direct and indirect investment,” PM Chinh said.
Minister of Planning and Investment Nguyen Chi Dung said that recently the world had seen had turbulent and unpredictable developments.
“The world needs developing new financial centres which can provide specific financial products and services for the niche markets, different from traditional financial centres, while also supporting and creating synergistic benefits, contributing to the overall development of the global financial market,” Dung said. “Emerging financial centres like Vietnam’s have a golden opportunity to participate in this through establishing an open legal corridor and ensuring outstanding preferential policies with international practices for leading financial investors.”
Dung added that Ho Chi Minh City and Danang have converged factors to develop a regional financial centre. The determination to set up financial centre in Ho Chi Minh City and Danang reflects Vietnam's aspirations and meets the requirements for deep integration with the global economy.
In Notice 47-TB/TW in November 2024, the Politburo agreed to the policy of establishing a comprehensive international financial centre in Ho Chi Minh City and a regional financial centre in Danang.
49 groups of specific tasks and solutions have been assigned to 12 ministries, branches, and localities to form a legal framework and prepare conditions for developing financial centres in the country.
