Bank of China to help Vietnam build international financial centers
State-owned Bank of China (BOC) is willing to help Vietnam build international financial centers in Ho Chi Minh City and Danang city, said Sun Yu, vice chairman and chief executive of BOC Hong Kong branch.
The executive made the statement at a Wednesday meeting with Vietnamese Deputy Minister of Finance Tran Quoc Phuong (formerly Deputy Minister of Planning and Investment).
They agreed to soon sign an MoU to facilitate the cooperation.
Deputy Minister of Finance Tran Quoc Phuong (right) and Sun Yu, vice chairman and chief executive of BOC Hong Kong branch, at a meeting in Hanoi on March 19, 2025. Photo courtesy of Tai Chinh (Finance) magazine.
Building international financial centers is a key goal of Vietnam. The Government is drafting a resolution on developing international financial centers and the National Assembly, Vietnam’s highest legislative body, is set to approve the resolution in May, Phuong noted.
The draft resolution focuses on mechanisms and policies to attract international financial organizations and investors and developing the capital market and products, he said.
Vietnam seeks to learn from the BOC regarding incentives, policies, and legal frameworks to attract investments and operate the centers, Phuong added.
In November 2024, the Politburo, Vietnam’s highest decision-making body, greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang. HCMC has proposed to expand its future international financial center into District 1, apart from the Thu Thiem new urban area.
Many countries, such as the UAE, Bahrain, the UK, have expressed their willingness to help Vietnam build such financial centers.
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