New York pledges to help HCMC become regional financial hub

New York city is committed to helping Ho Chi Minh City turn itself into a strong regional and international financial hub as ties between Vietnam and the U.S. deepen following a double upgrade earlier this month.

The commitment was made by NYC Mayor Eric Adams at a Friday ceremony that saw the two cities establish a sisterhood, in the presence of Vietnamese Prime Minister Pham Minh Chinh, who was attending an annual United Nations summit.

NYC stands ready to contribute to further developing relations between the U.S. and Vietnam and those with HCMC, particularly in innovation, environmental protection, and youth exchanges, Adams stated.

Speaking at the event, HCMC Chairman Phan Van Mai expected the two major cities to cooperate in a wide range of fields, from the economy and finance, to culture, environmental protection, science and technology, innovation and education.

“In the first place, I propose [the two cities] promoting cooperation in high-quality workforce training and science-technology towards building an innovation center and a financial hub in HCMC,” Mai added.

Mai also hoped the newly-established sisterhood between the two cities would funnel NYC investment into HCMC and open wider access to the former’s investment funds and banks for the latter’s businesses.

Vietnam’s Politburo, the country’s highest leadership, in December last year approved a scheme to transform HCMC into a world class metropolis and a financial hub in Asia.

HCMC has set up sisterhood relations with over 50 cities across the world, including with San Francisco in 1995.