Prime Minister leads steering committee for developing regional financial centers in Vietnam

Prime Minister Pham Minh Chinh is head of the steering committee for formulating a project to develop international and regional financial centers in Vietnam, under a government decision issued on Sunday.

Minister of Planning and Investment Nguyen Chi Dung is deputy head of the committee.

Other members include Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc, Deputy Minister of Finance Nguyen Duc Chi, Deputy Minister of Industry and Trade Phan Thi Thang, Deputy Minister of National Defence Vu Hai San, Deputy Minister of Public Security Pham The Tung, Deputy Minister of Information and Communications Pham Duc Long, Deputy Minister of Natural Resources and Environment Tran Quy Kien, Deputy Minister of Justice Dang Hoang Oanh, Deputy Governor of the State Bank of Viet Nam Pham Tien Dung, and Vice Chairman of the Government Office Mai Thi Thu Van.

Chairman of Ho Chi Minh City Phan Van Mai and standing Vice Chairman of Danang are also members as the project aims to develop financial centers at these two localities.

The steering committee, established on October 6, 2023, is responsible for researching and proposing to the Prime Minister strategies and solutions for developing the project.

It is also tasked with cooperating with and consulting domestic and international institutions on the development of financial centers, in order to fully leverage the potential and advantages of Vietnam in general, and Ho Chi Minh City and Danang in particular.

Under the project, Vietnam strives to turn the southern economic hub HCMC and the central city of Danang into financial centers in Asia and the world by 2045 in a bid to create distinct institutional areas for attraction of international financial investors.

HCMC is the only one locality in Vietnam to be ranked in the Global Financial Centres Index (GFCI) by Z/Yen Partners (UK) and the China Development Institute. This year, the city is ranked 108th, up 12 places from 2023.

The economic locomotive proactively developed its own financial center project in 2019 and submitted it to the Ministry of Planning and Investment in November 2022.

After the establishment of the steering committee, HCMC has actively researched and proposed mechanisms and policies for the development of an international financial center in the locality.