During a March 26 meeting with the mayor as part of his visit to the U.S. city, Binh said the Comprehensive Strategic Partnership between the two countries has continued to develop positively following Party General Secretary To Lam’s trip to the U.S. in February, including cooperation between Ho Chi Minh City and San Francisco, particularly across key pillars such as economy, trade, finance, and science-technology.
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Permanent Deputy Prime Minister Nguyen Hoa Binh (right) and Mayor of San Francisco Daniel Lurie at their meeting on March 26 |
He underscored Vietnam’s ambition to become a developed, high-income economy by 2045 and its target of around 10% average GDP growth in 2026–2030, with the VIFC expected to form a key institutional breakthrough to enhance capital mobilization and allocation, support economic restructuring, and shift the growth model.
Lurie highlighted growing local-level cooperation between the two countries, including the twinning relationship between San Francisco and Ho Chi Minh City. He described the establishment of the VIFC as a practical initiative and affirmed that San Francisco, with its strengths in high technology and finance, stands ready to promote investment cooperation and connectivity for the project.
At a separate meeting with financial and policy consultants, including overseas Vietnamese experts, the Deputy PM briefed them on Vietnam’s socio-economic situation and orientations, including the development of the VIFC in Ho Chi Minh City and Da Nang. He encouraged them to contribute further to the country’s development.
The participants noted that amid shifting global dynamics, Vietnam is well positioned to attract international investment, with the development of the VIFC seen as a timely and strategic move.
To draw global investors, they recommended building a transparent, stable and consistent legal framework, ensuring financial system safety, strengthening anti-money laundering measures, and protecting data, privacy and intellectual property rights. They also emphasized the need for open policies to attract talent, alongside modern logistics and digital infrastructure to support trade, artificial intelligence and digital economy.
Binh welcomed the recommendations, affirming that the VIFC will be developed on principles of transparency, openness and alignment with international standards, while ensuring investor protection.
On this occasion, Binh also met with representatives of several firms and investment funds, who expressed strong interest in expanding operations in Vietnam and highlighted the country’s growth potential and human resources quality. They stressed the importance of a predictable investment environment, capital mobility, effective dispute resolution mechanisms, and long-term visa policies in shaping investor confidence.
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Permanent Deputy Prime Minister Nguyen Hoa Binh (right) holds working session with Protiviti, a wholly owned subsidiary of Robert Half Inc. |
They also pointed to opportunities in emerging areas such as digital and tokenized assets, particularly given Vietnam’s ongoing digital transformation and substantial real asset base. However, they noted that such models require appropriate legal frameworks, market infrastructure, and regulatory mechanisms.
Reaffirming Vietnam’s commitment to safeguarding investors’ rights, Binh invited U.S. enterprises and investors to visit Vietnam to explore cooperation opportunities at the VIFC.
Source: VNA