Business

Vietnam’s financial centre should compete regionally before going global: Swiss expert

In the initial phase of the centre development, Vietnam should focus on securing success in the region rather than aiming for the global market, said Co-President of the Swiss FinTech Association (SFTA) Philip J.Weights, noting cooperation is the key to regional success.

Co-President of the Swiss FinTech Association (SFTA) Philip J.Weights (Photo: VNA)
Co-President of the Swiss FinTech Association (SFTA) Philip J.Weights (Photo: VNA)

Hanoi (VNA) – Vietnam’s ambition to develop its first financial centre should begin with strengthening regional competitiveness before going global, according to Co-President of the Swiss FinTech Association (SFTA) Philip J.Weights.

In a recent interview with the Vietnam News Agency on the threshold of the country’s 80th National Day (September 2), J.Weights shared insights on Vietnam's socio-economic achievements over the recent past and its determination to establish a financial centre in Ho Chi Minh City and Da Nang city.

Given his extensive work across Asia, he suggested that in the initial phase of the centre development, Vietnam should focus on securing success in the region rather than aiming for the global market.

Cooperation is the key to regional success, he said, pointing to Singapore as the regional leader in innovation technology and regulatory frameworks, with pioneering sandbox model for testing fintech solutions over many years. J.Weights praised Vietnam’s recent resolution which mentions sandbox models and specifically addresses areas such as open banking and credit rating enhancement.

The country could learn valuable lessons from major regional financial centres like China’s Hong Kong and Singapore, he said, welcoming the Vietnamese National Assembly’s adoption of a resolution on the establishment and operation of the international financial centre as well as related special mechanisms for it.

At a Geneva forum on recommendations for Vietnam to build and operate the international financial centre, the SFTA signed a Memorandum of Understanding with the Ministry of Finance. J.Weights voiced his hope that the association would deepen its engagement in Vietnam.

Drawing from his experience developing Dubai's international financial centre, where he lived for a decade and witnessed growth from two employees to over 25,000, he offered an encouraging perspective, stating HCM City and Da Nang, with stakeholder cooperation, will become important contributors to the national economy.

The above-said resolution, adopted on June 27, aims to create an attractive environment for investment in the financial service sector to promote investment attraction and the free movement of international capital between the international financial centre and the world; develop the stock and insurance markets, banking activities, fintech, digital assets, commodities, and e-commerce in Vietnam and integrate with international markets.

It targets attracting and developing innovation and financial services supporting green and sustainable projects in Vietnam; improving financial services and support services in accordance with international practices; and attracting and developing high-quality human resources capable of providing financial services and related professional services which meet international standards./.

VNA
#international financial centre #regional competitiveness #Co-President of the Swiss FinTech Association
Follow VietnamPlus

Related News

The International Financial Centre to begin operations by end of 2025. (Photo: baochinhphu.vn)

Vietnam committed to building world-class financial centre

With strong policy direction, local political determination, a clear action roadmap, and collaboration with reputable international partners, HCM City and Da Nang are making steady headway toward establishing a world-class financial centre. Although the goal of launching operations by the end of 2025 is a challenge, it is still feasible.

The international financial centre will span 793 hectares in Ho Chi Minh City. (Illustrative photo: VNA)

Vietnam eyes launch of int’l financial centre by year end

The Government also aims to complete a legal framework for the IFC, ensuring harmony, transparency, systematic coordination, and special policies to attract capital, technology, modern management methods, high-quality human resources, financial institutions, and major international investors.

See more

Officials visit a booth at the festival. (Photo: VNA)

Vietnam OCOP Festival 2025 opens in Hanoi

The festival functions as a space to bring together regional OCOP excellence, a forum connecting OCOP stakeholders with distributors, investors, experts and consumers, and a platform to spread pride in indigenous culture, local knowledge, and the aspiration for legitimate prosperity.

Prime Minister Pham Minh Chinh (third from right) and officials launch the Ministry of Construction’s new information technology systems at the conference on December 21. (Photo: VNA)

Modern, comprehensive infrastructure – a need for fast, sustainable development: PM

The Party and State continue to define infrastructure development as one of the three strategic breakthroughs, with priority given to building comprehensive and modern infrastructure, particularly transport facilities, technological infrastructure, and green – digital transition infrastructure, to help realise the national target of double-digit growth, the PM said.

Prime Minister Pham Minh Chinh addresses he third meeting of the National Steering Committee implementing the Politburo’s Resolution 68 in Hanoi on December 20. (Photo: VNA)

PM pushes trust, breakthroughs to accelerate private sector growth

Prime Minister Pham Minh Chinh noted that since the rollout of Resolution 68, alongside supporting resolutions from the National Assembly (NA) and Government, there has been a marked change in understanding the private sector’s critical position and role in Vietnam’s socialist-oriented market economy.

PM Pham Minh Chinh chairs the meeting (Photo: VNA)

Private sector thrives eight months after Resolution 68’s launch: PM

The private sector has shown marked progress eight months after the launch of Resolution 68, registering about 18,000 new enterprises monthly and pushing the nationwide total to nearly 1.1 million, Prime Minister Pham Minh Chinh told the third meeting of the National Steering Committee in Hanoi on December 20.

Phin Ho Tra – a national five-star OCOP product. (Illustrative photo: VNA)

Hanoi to host Vietnam OCOP Festival 2025

The festival is seen a practical activity celebrating the achievements made by the capital and the country in 2025, affirming OCOP’s role in rural economic development, contributing to realising Vietnam’s aspiration for strong economic growth in the context of deep integration.

The expanded Hoa Binh Hydropower Plant (Photo baochinhphu.vn)

EVN launches major power projects

Among the flagship projects inaugurated was the expanded Hoa Binh Hydropower Plant with a total installed capacity of 480MW per year and average annual output of about 488 million kWh.

An ultra-intensive shrimp farming model linked with environmental protection in Ca Mau province. (Photo: VNA)

Fisheries take the lead in the Mekong Delta’s green transition

Across the Mekong Delta, leading aquaculture producers, processors and exporters, along with suppliers of inputs, are transitioning to circular, high-tech and clean production models that cut greenhouse gas emissions and comply with international certification standards.

A perspective view of the Red River Landscape Boulevard project in Hanoi (Photo: VNA)

Works starts on Hanoi’s Red River Landscape Boulevard Axis project

The project is among the 234 key works and projects being launched, inaugurated or technically opened simultaneously across 34 cities and provinces nationwide to mark the 14th National Party Congress. Its launch contributes to implementing the country’s strategic development orientations while concretising Hanoi’s development goals in the new period.