Scene of the meeting announcing the Government's resolution on issuing an action plan to implement the Politburo's conclusion on establishing a regional and international financial center in Vietnam. Photo: Vu Khuyen/VOV

Addressing the meeting in Ho Chi Minh City, the Prime Minister said that Vietnam has identified economic growth as a priority. To do so, it is necessary to have many ways to mobilize capital, including promoting the role of regional and international financial centers.

Vietnam has determined that GDP growth in the coming years will range from 8% to double digits, so total social investment capital must increase 45-50% per year. Each year, Vietnam needs about 160-200 billion USD for general development, especially for technical infrastructure investment. To achieve this goal, Vietnam must propose new growth drivers, including the formation of a regional and international financial center, along with the initiation and completion of key national projects, said PM Chinh.

Prime Minister Pham Minh Chinh speaking at the meeting. Photo: Vu Khuyen/VOV

According to the Prime Minister, Vietnam meets five conditions for establishing an international financial center. First, Vietnam has the world’s 33rd largest economy. Second, its economic growth rate is high and stable. Third, Vietnam is carrying out three strategic breakthroughs in institutional improvement, human resource development, and a coordinated and modern infrastructure system. Fourth, Vietnam's stock market development pace is the highest in the region with the market capitalization reaching 290 billion USD. Fifth, Vietnam has the advantage of political stability and a peaceful environment.

The Prime Minister emphasized that the establishment of a regional and international financial center is inevitable and an objective requirement for national development. He requested that a mechanism for the international financial center be in place and submitted to the National Assembly for consideration. Efforts should be made to Vietnamize the world's best practices in this field, the Prime Minister said.

Prime Minister Pham Minh Chinh on Saturday presented the title of Hero of the People's Armed Forces to the Ho Chi Minh City Armed Forces for their outstanding achievements in preventing and fighting the COVID-19 pandemic, building the People's Army and strengthening national defense.