StanChart invited to join int’l financial centers in Vietnam

Vietnam’s standing Deputy Prime Minister Nguyen Hoa Binh has invited Standard Chartered to become a key player in the country's future international financial centers.

The invitation was made during a Monday meeting with the bank’s CEO Saif Malik as part of Binh's visit to the U.K.

The Deputy PM noted that Vietnam has decided to establish two international financial centers in the southern economic hub of Ho Chi Minh City and the central city of Danang, with an aim to boost the national economy and integrating more deeply into the global value chain.

Therefore, he hoped that Standard Chartered will play a more active and extensive role in the development of such centers in Vietnam. “The bank’s involvement should go beyond providing recommendations and support, becoming an integral part of these financial hubs,” he said.

Standard Chartered, a global leader in banking with a history of over 170 years and operations in more than 50 markets, first opened its office in Vietnam in 1904. It established Standard Chartered Bank Vietnam in 2009 and currently operates four branches in Hanoi and HCMC. The bank is already involved in supporting the development of the financial centers.

Saif Malik affirmed that his bank will continue to support Vietnam in the establishment, operation, and management of these financial centers.

He shared plans to expand the bank’s cooperation and investment in Vietnam, particularly in emerging sectors like green economy and circular economy. In light of this, he called for continued government support to ensure the bank’s stable, efficient, and sustainable operations.

On the same day, after visiting and studying the organizational model and operations of the City of London, Deputy PM Binh held a meeting with its Deputy Mayor Vincent Keaveny to discuss cooperation directions in the development of IFCs in Vietnam.

Vincent Keaveny expressed his willingness to continue supporting Vietnam in the development of these centers. He emphasized five core principles for the successful establishment of a financial hub: an open business environment, a transparent legal framework, an effective dispute resolution mechanism, modern digital infrastructure, and high-quality living standards and human resources.

Vietnam's international financial center project aims to attract international investors, facilitate capital markets and derivatives markets, strengthen the financial infrastructure of HCMC, and test sandbox mechanisms.

According to the Government's plan, the HCMC financial center will be established and put into operation from 2025 and completed within 5 years.