PM calls on StanChart to assist Vietnam’s int’l financial center development

Vietnamese PM Pham Minh Chinh asked Standard Chartered to support Vietnam in establishing international financial centers at a reception for the bank’s chief executive Bill Winters in Hanoi on Wednesday.

The government leader made the suggestion as Vietnam is implementing plans for building two financial centers in the southern economic hub of Ho Chi Minh City and the central city of Danang.

Highlighting that Standard Chartered has been present in Vietnam for over 120 years, Chinh encouraged the group to continue sharing its experience and consultations on the selection of models and solutions for the development of Vietnamese international financial centres

He stressed elements like institutional frameworks, policies, human resources training, management science, and solutions for comprehensive financial ecosystem development.

"To achieve a GDP growth target of at least 8% in 2025 and double-digit rates in the following years, Vietnam has identified the development of international financial centers, climate change response and sustainable development as key priorities," he noted.

The PM thanked Standard Chartered for its active role as an advisor for the Vietnamese government since 2012 on improving the nation’s credit rating. He praised the bank for supporting Vietnamese ministries and agencies in implementing the Just Energy Transition Partnership (JETP) in Vietnam, as well as for working with the Glasgow Financial Alliance for Net Zero (GFANZ) to help the country achieve its sustainable development goals.

The cabinet leader called on the bank to increase assistance for Vietnam’s implementation of JETP, provide green development credit, and support businesses in projects involving wind energy, green hydrogen, and sustainable trade.

He suggested the bank help the country develop its private sector and attract more FDI, while assisting Vietnamese companies in both domestic growth and global expansion.

Chinh also asked for Standard Chartered's continued advice in raising the national credit rating to “investment” grade and policy reform recommendations for the nation to attract high-quality investment in key sectors like high-tech manufacturing, green agriculture, and clean and renewable energy.

For his part, Winters spoke highly of Vietnam's commitments to climate change response, as well as its development potential, particularly the country's strategy for green and sustainable development.

He said that Standard Chartered is working closely with local authorities to further support Vietnam in green development, particularly in the establishment of international financial centres as suggested by his host.

Earlier, during his working trip to the U.K., on March 17, Vietnamese standing Deputy Prime Minister Nguyen Hoa Binh met with Saif Malik, CEO of Standard Chartered UK. He praised the group’s effective cooperation and support in the process of developing the plan for establishing international financial centers in HCMC and Danang.

The Deputy PM expressed his hope that Standard Chartered would continue to engage more actively and extensively in the development of international financial centers in Vietnam, not only by providing recommendations, advice, and support, but by becoming an important part of these centers.

Standard Chartered has a history of over 170 years and a presence in more than 50 markets worldwide. The group opened its first office in Vietnam in 1904. It established Standard Chartered Bank Vietnam in 2009 and is operating four branches in Hanoi and HCMC. The bank has provided over $8 billion in financing to Vietnamese businesses and partners.