At the event, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Vo Tan Thanh said that turning Ho Chi Minh City into an international financial center is not only an inevitable trend but also an demonstration of a dynamic, developed and integrated country.

Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Vo Tan Thanh speaks at the event.

To do that, it is necessary to build specific mechanisms and policies for the city to attract investment, identify a model to develop, and build a financial technology and digital banking ecosystem, he said.

The city also needs to promote the internationality of financial services and activities by connecting, learning and cooperating with regional and world financial centers, Thanh said, adding that the city's financial services now still mainly serve the domestic financial market and economy.

Meanwhile, Hong Kong (China) is not only an Asian cultural and financial symbol, but also one of the largest financial centers in the world, he said, adding that Ho Chi Minh City can learn a lot from Hong Kong’s financial management model.

Hong Kong’s Secretary for Financial Services and the Treasury Christopher Hui said that economic relations between Vietnam and Hong Kong is steadfast and close. In 2022, Vietnam was Hong Kong's seventh-largest trading partner in trade in goods amounting to 32.7 billion USD. The average annual growth rate was 14.5% from 2018 to 2022.

According to the official, Vietnam was Hong Kong's second-largest supplier of rice. Hong Kong's businessmen are active in doing business and investing in Vietnam. Hong Kong is the fifth-largest foreign investor in Vietnam.

He said Hong Kong has the strength and capacity to assist Vietnamese companies in expanding their business in the region.

Being a well-known international financial center, Hong Kong has deep and sophisticated stock and bond markets, as well as a vibrant ecosystem of venture capital, private equity and asset management firms. They are to serve the funding needs of enterprises and governments ranging from business expansion, infrastructure development to green transition, Hui said.

Source: VNA