Addressing a seminar on the development and operation of international financial centers in Switzerland on July 28 morning (local time), the top legislator noted that while international financial center is a long-established model in Switzerland, it remains a new concept for Vietnam, so the country needs experience from countries like Switzerland in this field.
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Chairman of the National Assembly Tran Thanh Man addresses a seminar on the development and operation of international financial centers in Switzerland, on July 28, 2025. (Photo: qdnd.vn) |
He emphasized that despite facing numerous challenges from global uncertainties, Vietnam has made notable socio-economic achievements, helping to stabilize the macro-economy and contain inflation.
He highlighted that Vietnam is currently the 34th largest economy in the world and continues to be recognized by international organizations for its growth momentum. In 2024, the country's GDP growth reached 7.09%, with all 15 socio-economic targets fulfilled or surpassed. Its GDP stood at over 470 billion USD, and the average per capita income reached around 4,700 USD.
On June 27, the Vietnamese N.A. passed Resolution No.222 on the establishment, operation, management and supervision of and special mechanisms and policies for an international financial center in Ho Chi Minh City and Da Nang. This move aims to attract capital flows and foster new growth drivers.
Chairman Man also underlined the long-standing traditional relationship between Vietnam and Switzerland, noting that recent years have seen strengthened political and diplomatic ties through high-level visits and bilateral dialogues.
Recognizing the great potential and advantages of both countries, Chairman Man requested the Vietnamese diplomatic missions in Switzerland to strengthen coordination with local authorities and international organizations here to promptly address difficulties emerging during the implementation of the two countries' cooperation agreements, and create favorable conditions to attract more Swiss investors to Vietnam, as well as Vietnamese investors to the Central European country, particularly in the sectors matching the two sides' strengths and needs.
Swiss delegates and experts highly valued Vietnam’s decision to establish an international financial center, considering it a strategic initiative aligned with the global trend of deep financial integration. They also expressed their confidence and emphasized that Vietnam has the necessary conditions to build international financial centers.
Referring to the supporting factors for establishing and operating these centers, Guillaume Hingel from the World Economic Forum (WEF) emphasized that a well-skilled workforce is one of the key elements for setting up such centers.
According to him, with its young population, Vietnam holds a strong advantage in this area. In addition, the country also needs to develop advanced technological infrastructure to support real-time payment systems; ensure transparent governance of public services and data access; and adopt new technologies to protect data privacy.
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National Assembly Chairman Tran Thanh Man witnesses the signing ceremony of a memorandum of understanding on cooperation in developing the international financial center between the Foreign Investment Agency under Vietnam’s Ministry of Finance and the Swiss Fintech Association. |
Guillaume Hingel noted that Vietnam is undergoing significant changes and making progress in these areas. It should strengthen cooperation in financial management and pursue a balanced and well-regulated approach to artificial intelligence (AI) application.
Participants also engaged in discussions on strategies and legal frameworks for the development of an international financial center in Vietnam; as well as on development finance, digital banking, fintech, inclusive finance, and fintech strategies for such centers.
At the event, the top legislator witnessed the signing of a memorandum of understanding (MoU) between the Vietnamese Ministry of Finance and the Swiss-Viet Economic Forum on strengthening cooperation in investing in and developing the international financial center; and another MoU between the Ministry of Finance and the Swiss FinTech Association on cooperation in developing the center.
Source: VNA