Marc Knapper, former US Ambassador to Vietnam and Chairman of Knapper Global Advisors, said financial institutions exploring opportunities in Vietnam are looking for substantive financial products and specific projects, rather than simply establishing a physical presence at the Vietnam International Financial Centre.
“What will induce institutions to come here will be pioneers, and each one will signal to many others that Vietnam is ready. So I'll close by noting that every great financial center begins as an act of confidence,” said Mr. Knapper, who is alo an adviser to the Vietnam International Financial Center in Ho Chi Minh City.
“A city making the decision that it wants and can play a greater role in the world. Ho Chi Minh City and Vietnam have made that decision. The legal foundation has been built with remarkable speed. The next chapter is who decides to come through the door,” he added.
Economist Can Van Luc said Vietnam should boost its trade surplus to attract additional foreign currency inflows.
“Vietnam needs to mobilize financial resources beyond bank credit. Our financial system and institutions still require substantial improvements, particularly the institutional framework and legal sandbox mechanisms for new business models, which have been slow to materialize,” said Mr. Luc.
“Our capital market has yet to fulfill its role over nearly three decades and needs to be further developed in the years ahead,” he noted.
