Ho Chi Minh City and Da Nang to launch international financial centers
Prime Minister Pham Minh Chinh signed Decision No. 114 promulgating the action plan to implement the construction of an international financial center in Vietnam.
The plan’s goal is to establish and put into operation an international financial center in Ho Chi Minh City and Da Nang City by the end of this year. This is a breakthrough in attracting medium and long-term financial resources, creating a foundation for Vietnam’s economic and social growth in the new period. The Steering Committee aims to build a modern financial ecosystem, promote new markets (commodity exchanges, carbon…), high-tech financial services (financial technology, digital banking) and high-quality human resources to serve the international financial center. From the above objectives, the implementation plan sets out major groups of tasks to be implemented from July to December this year. One of the task groups is to perfect the legal framework and specific institutions for the international financial center; to perfect the management and operation apparatus of the international financial center.
Regarding space development, Ho Chi Minh City will speed up the preparation of facilities and infrastructure to develop a financial center in the area of Sai Gon Ward, Ben Thanh Ward and Thu Thiem area with a total area of about 793 hectares. Regarding the soft infrastructure component, Ho Chi Minh City will complete telecommunications infrastructure in Sai Gon and Ben Thanh Wards to ensure technical conditions for digital transactions; accelerate the deployment of 5G mobile network coverage in the international financial center area and the city center, etc.
In addition, Da Nang invested in a server system, monitoring infrastructure, and smart operations at Software Park No. 2; deployed 5G coverage in the area where the international financial center was built and in Da Nang City; invested in building a blockchain network to serve the testing of digital asset products.
