Talking with the Vietnam News Agency's reporter based in London ahead of Permanent Deputy Prime Minister Nguyen Hoa Binh’s visit to the U.K. from March 16-20, Tuan explained that financial centers traditionally split two paths: specialization or diversification.
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A corner of Ho Chi Minh City (Photo: VNA) |
A specialized approach could position Vietnam as an ASEAN niche player, like Tel Aviv or Mumbai, focusing on select services, or as a global player akin to Dubai, Hong Kong, or Luxembourg. Alternatively, a diversified model could see Vietnam begin locally, like Lisbon or Atlanta, then grow to rival Bangkok or even London and New York.
Even if Vietnam aims to develop into a comprehensive financial center, it can adopt Dubai’s specialized model to accelerate fintech services, particularly in AI/Machine Learning and digital assets - areas where Vietnam excels in training and application.
He cautioned, however, that Ho Chi Minh City and Da Nang should avoid "stepping on each other's toes" in choosing areas of specialized development, adding that one could lead on fintech, and the other on AI.
Tuan also highlighted the importance of human capital, one of the five important factors to successfully build a financial center, citing the Global Financial Centers Index, which ranks business environment, human capital, infrastructure, market development, and reputation as the key drivers of success.
Source: VNA