Illustrative image (Photo: VNA) HCM City (VNS/VNA) - PrimeMinister Nguyen Xuan Phuc has asked the Government Advisory Group to submit a documentby April 30 outlining necessary steps to turn Ho Chi Minh City intoan international financial centre.
Tran Du Lịch, member of theGovernment Advisory Group, said that HCM City was a gateway to major financialcentres and capitals of ASEAN countries.The idea to turn the city into aregional and international financial centre is not new, but would be anessential part of the National Economic Strategy to 2030, he added.
The growth of the financialmarket, particularly in HCM City, has not been consistent and thedependence on the banking system for capital has been significantlydistorting the financial market, he said.
Key characteristics ofinternational financial centres include deep, liquid and sophisticated capitalmarket, as well as competitive tax and regulatory regimes designed toattract foreign investment in financial services.
Le Hong Giang, director ofInvestment Strategy Fund Tactical Global Management, said the legal frameworkfor financial centres must be clear.
Financial serviceshave become more reliant on technology, so the nature of a financialcentre will shift to a hi-tech centre, he said. “This will prove tobe a challenge for existing centres but an opportunity for new financialcentres.”
Deputy PM Vu Duc Damhighlighted the city’s achievements in socio-economic development, which hasmade the city a destination for many firms across the world.
“HCM City will continue to aimfor sustainable growth by improving its competitiveness and growth qualitythrough healthy economic restructuring,” he said. “The city will also ensure afavourable business environment for enterprises, and encourage start-ups,innovation and smart-city measures.”
Though HCM City accounts foronly 9.36 percent of the national population, it contributes 14 percent to thecountry’s export value and 27 percent to State revenue./.
Tran Du Lịch, member of theGovernment Advisory Group, said that HCM City was a gateway to major financialcentres and capitals of ASEAN countries.The idea to turn the city into aregional and international financial centre is not new, but would be anessential part of the National Economic Strategy to 2030, he added.
The growth of the financialmarket, particularly in HCM City, has not been consistent and thedependence on the banking system for capital has been significantlydistorting the financial market, he said.
Key characteristics ofinternational financial centres include deep, liquid and sophisticated capitalmarket, as well as competitive tax and regulatory regimes designed toattract foreign investment in financial services.
Le Hong Giang, director ofInvestment Strategy Fund Tactical Global Management, said the legal frameworkfor financial centres must be clear.
Financial serviceshave become more reliant on technology, so the nature of a financialcentre will shift to a hi-tech centre, he said. “This will prove tobe a challenge for existing centres but an opportunity for new financialcentres.”
Deputy PM Vu Duc Damhighlighted the city’s achievements in socio-economic development, which hasmade the city a destination for many firms across the world.
“HCM City will continue to aimfor sustainable growth by improving its competitiveness and growth qualitythrough healthy economic restructuring,” he said. “The city will also ensure afavourable business environment for enterprises, and encourage start-ups,innovation and smart-city measures.”
Though HCM City accounts foronly 9.36 percent of the national population, it contributes 14 percent to thecountry’s export value and 27 percent to State revenue./.
VNA
