Việt Nam seeks San Francisco support for international financial centre

Việt Nam seeks San Francisco support for international financial centre

Mayor Daniel Lurie affirmed that San Francisco, with its strengths in high technology and finance, stands ready to promote investment cooperation and connectivity for the development of the Vietnam International Financial Centre.

Permanent Deputy Prime Minister Nguyễn Hòa Bình (right) and Mayor of San Francisco Daniel Lurie at their meeting on March 26. — VNA/VNS Photo

Permanent Deputy Prime Minister Nguyễn Hòa Bình has called on Mayor of San Francisco Daniel Lurie to continue supporting the development of the Vietnam International Financial Centre (VIFC), while encouraging local investors, businesses and financial institutions to participate in the project.

During a March 26 meeting with the mayor as part of his visit to the US city, Bình said the Comprehensive Strategic Partnership between the two countries has continued to develop positively following Party General Secretary Tô Lâm’s trip to the US in February, including cooperation between HCM City and San Francisco, particularly across key pillars such as economy, trade, finance, and science-technology.

He underscored Việt Nam’s ambition to become a developed, high-income economy by 2045 and its target of around 10 per cent average GDP growth in 2026–2030, with the VIFC expected to form a key institutional breakthrough to enhance capital mobilisation and allocation, support economic restructuring, and shift the growth model.

Lurie highlighted growing local-level cooperation between the two countries, including the twinning relationship between San Francisco and HCM City. He described the establishment of the VIFC as a practical initiative and affirmed that San Francisco, with its strengths in high technology and finance, stands ready to promote investment cooperation and connectivity for the project.

At a separate meeting with financial and policy consultants, including overseas Vietnamese experts, the Deputy PM briefed them on Việt Nam’s socio-economic situation and orientations, including the development of the VIFC in HCM City and Đà Nẵng. He encouraged them to contribute further to the country’s development.

The participants noted that amid shifting global dynamics, Việt Nam is well positioned to attract international investment, with the development of the VIFC seen as a timely and strategic move.

To draw global investors, they recommended building a transparent, stable and consistent legal framework, ensuring financial system safety, strengthening anti-money laundering measures, and protecting data, privacy and intellectual property rights. They also emphasised the need for open policies to attract talent, alongside modern logistics and digital infrastructure to support trade, artificial intelligence and digital economy.

Bình welcomed the recommendations, affirming that the VIFC will be developed on principles of transparency, openness and alignment with international standards, while ensuring investor protection.

On this occasion, Bình also met with representatives of several firms and investment funds, who expressed strong interest in expanding operations in Việt Nam and highlighted the country’s growth potential and human resources quality. They stressed the importance of a predictable investment environment, capital mobility, effective dispute resolution mechanisms, and long-term visa policies in shaping investor confidence.

They also pointed to opportunities in emerging areas such as digital and tokenised assets, particularly given Việt Nam’s ongoing digital transformation and substantial real asset base. However, they noted that such models require appropriate legal frameworks, market infrastructure, and regulatory mechanisms.

Reaffirming Việt Nam’s commitment to safeguarding investors’ rights, Bình invited US enterprises and investors to visit Vietnam to explore cooperation opportunities at the VIFC.

Bizhub