IFC to help position Việt Nam in global financial network: PM

IFC to help position Việt Nam in global financial network: PM

The building of an IFC aims to not only attract investment or connect with the world but also develop new and efficient governance mechanisms, policies, and models, PM Phạm Minh Chính has said.

Participants in the conference on November 1. VNA/VNS Photo

A conference discussing the building of an international financial centre (IFC) in Việt Nam was held under the chair of Prime Minister Phạm Minh Chính on November 1.

The event, connected with participants in the UK, the Czech Republic, Hong Kong (China), and Indonesia via teleconferencing, was also attended by representatives of Vietnamese and international financial institutions, enterprises, banks, investment funds, and law and auditing companies.

In his remarks, PM Chính underscored the particularly important role of IFCs in the era of digitisation and extensive integration, when the flows of capital, technology, and knowledge among countries, regions, and around the world are being promoted at an unprecedented speed. IFCs are the places where markets are connected, innovation fostered, and governance and transparency standards applied.

To Việt Nam, he said, the building of an IFC aims to not only attract investment or connect with the world but also develop new and efficient governance mechanisms, policies, and models, helping create momentum for socio-economic development, especially economic growth of at least 8 per cent in 2025 and double-digit rates from 2026 onwards, in efforts to realise the two centenary goals.

Given this, with its accelerated building and early operation, the IFC will help clearly position and connect Việt Nam with the global financial network; promote future financial models such as crypto asset, carbon credit, derivative commodities, green finance, and sustainable finance; and contribute to the successfully implementation of the strategic breakthroughs in terms of institutional perfection, human resources, and infrastructure, as well as the recent policies of the Politburo, the PM added.

The Ministry of Finance reported that the Government is working to establish the IFC in HCM City and Đà Nẵng City.

The IFC in HCM City is expected to feature a diverse and modern financial ecosystem, supplying specialised financial services, and leveraging the ripple and complementary effects of different financial and support services. It will develop a capital market linked with financial products, financial derivatives, asset management services, fund management, insurance, and green financial products and services; nurture a banking system and products of the monetary market; and offer fintech and innovation services.

Meanwhile, the branch in Đà Nẵng will focus on innovation ecosystem development and application of strategic technologies. It will develop basing on technological infrastructure and innovation while operating stably and transparently in line with international practices and development trends. It is set to create a friendly and identity-rich living and working environment with high-quality services, security, safety, and transparent governance to attract international capital sources, large investors, developers, startups, and technology experts with global-level mindset, along with financial talents.

The IFC in HCM City is set to cover about 899ha while the establishment in Đà Nẵng about 300ha. The centre is scheduled become operational this year, according to the Ministry of Finance. 

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