Vietnam boasts essential conditions to develop financial centers

Vietnam has necessary factors and conditions to develop a modern financial market, towards the development of regional and international financial centers, according to Deputy Minister of Planning and Investment Do Thanh Trung.

Addressing a conference held in central Da Nang city on January 16 on the development of international financial centers in Vietnam, Mr. Trung noted that with high economic growth rate in recent years, stable macro economy, controlled inflation, and ensured major balances, Vietnam aims for a GDP growth of at least 8% or double digits in 2025. In 2024, the country’s GDP is estimated at $470 billion.

Vietnam has well-integrated economy with the signing of Free Trade Agreements with 65 global economies. Its export-import scale is estimated at $800 billion.

The country’s stable politics and favorable environment for peace, cooperation and development are also essential conditions for the development of financial centers.

Speaking at the conference, Permanent Deputy Prime Minister Nguyen Hoa Binh demanded ministries, sectors, and localities to concentrate on five key tasks to make it easier for developing international financial centers in Vietnam.

The most important task is to finalize the legal system and preferential policies which are transparent, open, and conformable with international standards, he said, adding that this will create favorable conditions for developing a comprehensive international financial center in Ho Chi Minh City, and a regional financial center in Da Nang.