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HCM City vows utmost efforts to become global financial hub

Becoming a financial hub is key to helping Ho Chi Minh City make economic breakthroughs in the time ahead, and the city pledges to exert every effort to facilitate financial institutions’ investment, a local official said on October 18.
HCM City vows utmost efforts to become global financial hub ảnh 1Chairman of the municipal People’s Committee Nguyen Thanh Phong addresses the HCM City Economic Forum on October 18 (Photo: VNA)

HCM City (VNA) – Becoming a financial hub is keyto helping Ho Chi Minh City make economic breakthroughs in the time ahead, andthe city pledges to exert every effort to facilitate financial institutions’investment, a local official said on October 18.

Chairman of the municipal People’s CommitteeNguyen Thanh Phong made the remark at the HCM City Economic Forum that soughtways to turn the city into a financial hub of Asia and the world.

Deputy Prime Minister Vu Duc Dam stressed HCMCity’s important role as a socio-economic locomotive of Vietnam, noting thatbuilding the city into a regional and global financial hub is not only its ownwish but also a common target of the whole nation.

Phong said the financial market is important tomobilising social resources, a core factor helping boost economic growth in theworld’s big cities.

In New York, financial services account for 46percent of its economy’s added value. The rate is 42 percent in London, 27percent in Shanghai, and 29 percent in Singapore.

This shows that the financial market-basedgrowth model of big cities and the formation of international financial hubsare an inevitable trend and also a compulsory process to become a global city,the official noted.

He added the financial market has been definedas one of the nine main service sectors of HCM City since 2001. However, itwould be an odyssey to become a financial hub as the city has a low startingpoint.

The chairman affirmed that municipal authoritieshave pledged to make all-out efforts to ensure a stable socio-politicalenvironment and investors’ legitimate interests, and create optimal conditionsfor financial organisations and institutions’ stable and long-term operation.

The HCM City People’s Committee is scheduled tosubmit a plan on building the city into a regional and global financial hub tothe Government in June 2020.

Phong expressed his hope that the Governmentwill list this as a key national plan, which he said will be a prerequisite forthe city to successfully carry out this plan./.
VNA
#HCM City Economic Forum #Deputy Prime Minister Vu Duc Dam #financial hub #Chairman of the municipal People’s Committee Nguyen Thanh Phong #financial market #financial services #Vietnamplus #Vietnam News Agency Ho Chi Minh City
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