HCM City, Astana promote cooperation on international financial centre development

HCM City, Astana promote cooperation on international financial centre development

The Astana International Financial Centre is ready to share its experience and expertise with HCM City to help develop its upcoming International Financial Centre into one of the fastest-growing financial hubs in the region, AIFC Governor Renat Bekturov said at a business roundtable on July 15.

Renat Bekturov, Governor of the Astana International Financial Centre, speaks at a business roundtable on July 15. —  Photo courtesy of ITPC

The Astana International Financial Centre in the Kazakhstani capital is ready to share its expertise with HCM City to help develop its own upcoming international financial centre into one of the fastest growing in the region, its governor, Renat Bekturov, offered at a business roundtable on Tuesday.

Bekturov said Việt Nam is among the world’s fastest growing economies.

HCM City, already a major business centre, possesses the conditions needed to become a prominent financial hub in the region, he said.

He highlighted its vibrant business environment, advanced digital infrastructure and rapidly evolving IT sector as strong foundations that could underpin the centre’s development.

For an international financial centre to attract capital flows, its raison d’etre, there must be a well-designed regulatory framework, he said.

Since its establishment in 2018 the AIFC has facilitated over US$16.9 billion worth of investments into the Kazakhstani economy and currently houses more than 4,000 companies from over 80 countries.

Bekturov said three Vietnamese firms, Vietjet Air (which has acquired an airline in Kazakhstan), construction company Coteccons and IT firm Elisoft, have registered to set up offices at the AIFC.

Kazakhstan’s ambassador to Việt Nam, Kanat Tumysh, underscored the uniqueness of the AIFC model.

It comprises multiple key platforms, including the management council chaired by the president of Kazakhstan, the Astana Financial Services Authority, Astana International Exchange, AIFC Court, and International Arbitration Centre. Together, they aim to attract investment and businesses, foster the development of technological and green projects, and offer vocational training opportunities.

In March this year the AIFC was ranked the number one financial centre in Eastern Europe and Central Asia by the Global Financial Centres Index.

Tumysh said both governments are committed to realising the agreements made by their leaders, including expanding cooperation with the AIFC.

“The synergy of our joint actions should bring significant dividends to both economies.

“In order to implement these agreements, work is underway to sign important documents, including a memorandum of cooperation between the AIFC and the People’s Committee of HCM City.”

HCM City’s vision

Renat Bekturov, Governor of the Astana International Financial Centre, speaks at a business roundtable on July 15. —  Photo courtesy of ITPC

Nguyễn Lộc Hà, vice chairman of the HCM City People’s Committee, said the roundtable marked a significant step forward in the city’s growing friendship with the AIFC and Kazakhstan.

It provided an opportunity for the two parties to align their development visions and move towards practical, result-oriented cooperation, he said.

Located in the heart of Southeast Asia, HCM City enjoys excellent connectivity with regional financial centres, enabling international trade and capital flows. Its transport network, ports and international airport support its proposed role as a financial services gateway.

Accounting for nearly 23 per cent of Việt Nam’s GDP, it is already a financial, technological and services hub.

Its rapid digital transformation and low transaction costs make it well positioned to emerge as a regional financial powerhouse.

It is also home to a young, highly educated workforce trained through international academic programmes, providing the talent base required for finance and technology.

A vibrant fintech startup ecosystem further supports innovation and enables the city to quickly adapt to global financial trends.

Hà said the city is now entering an acceleration phase in building the Việt Nam International Financial Centre in the city with a unique focus that builds on the city’s strengths and seeks to elevate Việt Nam’s position in global finance.

It values the opportunity to learn from the AIFC and Kazakhstan’s experience, he added.

Đinh Khắc Huy, deputy director of the city Department of Finance, said the AIFC’s successful model offers many valuable lessons for the city, including its financial and legal mechanisms, transparent and independent governance structure, digital infrastructure, international securities exchange, and robust fintech startup ecosystem.

HCM City is developing the Việt Nam International Financial Centre across Bến Thành and Sài Gòn wards and the Thủ Thiêm New Urban Area, he said.

The centre would focus on banking, insurance, securities, and fintech, and have smart, green infrastructure and inclusive urban planning, he said.

A dedicated legal framework and regulatory sandbox would also be put in place to attract global capital, financial institutions and multinational corporations, he said.

He suggested promoting collaboration between finance and technology companies in the AIFC and HCM City in areas such as fintech, asset management, artificial intelligence, and financial data, called on Kazakhstani businesses to invest in the Thủ Thiêm financial centre project and proposed setting up a regular communication channel between the AIFC and his department to enable effective long-term cooperation.

Hosted by the AIFC and the city People’s Committee, the HCM City - Astana Business Roundtable discussed collaboration for developing an international financial centre in Vietnam’s economic hub.

An AIFC delegation was on a visit to HCM City from July 12 to 16. 

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