Ho Chi Minh City to become an international financial hub

(VOVWORLD) - Recent developments around the world are affecting major world financial hubs like Hong Kong (China) and London. International investors are seeking opportunities in new financial centers which offer new advantages. According to many investors, Ho Chi Minh city is enjoying an exceptional opportunity to become a financial hub in the region and the world.
Ho Chi Minh City to become an international financial hub - ảnh 1

According to experts, Ho Chi Minh city has great potential to become a regional and global financial center. It is situated in a prime location amid two busy economic regions of Southeast Asia and Northeast Asia, while its timezone is different from 21 major world financial centers. The operation of Long Thanh airport, the expansion of Tan Son Nhat airport and the emerging securities market with new products feature among the advantages of Ho Chi Minh city.

Ho Chi Minh city is implementing a number of projects to boost its economic growth, including projects relating to AI development through 2030 and creative urban development. It has potential to become a regional training center with 60 universities providing financial services training. At the recent Ho Chi Minh City Economic Forum, Nguyen Thien Nhan, Secretary of Ho Chi Minh City’s Party Committee, said the city intends to promote financial services focusing on modern technology, AI, and big data: “We will strengthen administrative reform and improve the investment environment, while strengthening smart city development and enhancing research on AI toward its gradual application in technology. We also encourage  Vietnam-born solutions.”

Delegates at the forum agreed that the Ho Chi Minh city financial market enjoys optimal conditions, with the financial sector growing 8.8% on average annually. The city needs to prioritize the development of financial and business services while seeking out a place in niche markets to help distinguish itself. Economist Tran Du Lich added: "In the future, Ho Chi Minh city should develop a concentrated market, implement an integrated legal framework, work out a national financial strategy, open up the economy, devise a roadmap to open the financial market, and liberalize capital assets. These should all be developed as part of government projects.”

A project on developing Ho Chi Minh City into a regional and global financial hub is expected to be submitted to the government in the second quarter of next year.