Nguyen Xuan Thanh, a senior lecturer at Fulbright University Vietnam

HCMC is a place of convergence for global service companies and fintech companies. The city is in a convenient time zone for international financial transactions. In the long term, this will promote competitiveness, sustainable growth, fintech community services, and digital financial institutions.

“We can make fintech companies and digital banks, our current advantages, an important component of the ecosystem of HCMC as an international financial center. Our traditional commercial banks and securities companies operate in the capital and monetary markets. In order to combine the two systems, we need to promote the licensing of financial institutions to operate in line with the models of financial groups,” said Thanh.

Economist Tran Ngoc Tho of the University of Economics Ho Chi Minh City

According to economist Tran Ngoc Tho of the University of Economics Ho Chi Minh City, the world’s established financial centers are usually surrounded by satellite financial centers.

As a latecomer, Vietnam needs something different in order to compete. Making the most of its advantages in marine navigation and seaport systems, HCMC should create a financial center specialized in maritime logistics.

Tho said, “Ho Chi Minh City has a port system which can be connected with Cai Mep port and Thi Vai port in Ba Ria-Vung Tau province, as well as ports in Hai Phong city to create an international financial center specialized in shipping, logistics, and derivatives beyond cargo. Bussan city, an effective financial model for South Korea and a twin city of Ho Chi Minh City, is a role model we can learn from.”

The municipal government is speeding up its efforts because too much delay could cause capital flow to move to other financial centers in the region.

Johan Nyvene, Chairman of the Board of Directors and Senior Advisor to the Ho Chi Minh City Securities Corporation, underscored the importance of municipal authorities understanding the needs of international investors and preparing infrastructure in order to attract capital.

“What do investors need? They need an institution that can manage very high risk. If we can’t make investors feel secure with our risk management, they won’t dare to put money in. We need a roadmap to meet the needs of investors while also benefiting the State and people of Vietnam,” said Johan.

The municipal administration is building mechanisms, policies, and a legal foundation to lure investors, and is preparing human resources and technology infrastructure to meet the requirements of international transactions.