{"id":5587,"date":"2025-04-09T10:34:49","date_gmt":"2025-04-09T03:34:49","guid":{"rendered":"https:\/\/ktgindustrial.com\/?post_type=new&p=5587"},"modified":"2025-04-17T10:39:38","modified_gmt":"2025-04-17T03:39:38","slug":"financial-centres-will-ensure-new-standards","status":"publish","type":"new","link":"https:\/\/ktgindustrial.com\/new\/financial-centres-will-ensure-new-standards\/","title":{"rendered":"Financial centres will ensure new standards"},"content":{"rendered":"
International trade, green finance, and digital assets are key points for Vietnam to increase its competitive advantage on the path to building its first international financial centres.<\/div>\n
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Financial centres will ensure new standards<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

At a conference on building Vietnam\u2019s international financial centre (IFC) by the Ministry of Finance in coordination with Ho Chi Minh City People\u2019s Committee on March 28, domestic and international experts shared ideas to shape different support services, helping Ho Chi Minh City\u2019s IFC carve out its own position and be competitive enough.<\/p>\n

According to Jens Lottner, CEO of Techcombank, the IFC is opening up many new opportunities for the market.<\/p>\n

\u201cFor example, the whole market will have to raise its standards according to international transaction criteria, and businesses can borrow capital in Vietnam without having to go through other bridges like Singapore,\u201d Lottner said.<\/p>\n

Great opportunities also lie in the technology sector. According to Lottner, Asia has countries that provide advanced financial services and develop digital assets such as cryptocurrencies. \u201cTherefore, it is key that Vietnam can look for suitable simulation models, especially blockchain products, cryptocurrencies, and AI applications in commercial products,\u201d he said.<\/p>\n

In addition to digital assets, the second service group that should be focused on is green finance, in which Vietnam has many advantages, such as large renewable energy sources.<\/p>\n

\u201cVietnam needs to quickly build a green finance portfolio according to international standards, establish promotion systems and have clear regulations on carbon emissions to motivate investors,\u201d he said.<\/p>\n

Traditional asset management companies are also facing new opportunities, in the context of a market size that is still very modest compared to international standards.<\/p>\n

According to Nguyen Hoai Thu, chairwoman of VinaCapital Fund Management, if Ho Chi Minh City becomes an IFC, it will help pull in more new investors as well as international capital flows to the Vietnamese market.<\/p>\n

\u201cIn this context, fund businesses that are slow in terms of technology management will also have to change. When there are many new high-tech products such as blockchain, for example, existing systems in the capital market will also need to change accordingly,\u201d Thu said.<\/p>\n

In terms of products, Thu also believes that tokenising traditional financial products will make them easier to trade and more attractive to foreign investors. \u201cSome changes are definitely needed to help the capital market develop more strongly in the future, including tax incentives or removing barriers that are no longer practical,\u201d Thu said.<\/p>\n

Nguyen Thi Bich Ngoc, Deputy Minister of Finance, commented that the construction of an international financial hub in Vietnam must have its own identity, different from any other country, taking advantage of comparative factors in terms of economy, society, and geopolitics.<\/p>\n

\u201cVietnam has strongly integrated into the international economy, and so this is an opportunity for Vietnam to develop special types of finance trade finance. Vietnam also has stronger conditions to build an IFC based on the export of agricultural products and traditional goods. It is also possible to build commodity exchanges based on blockchain,\u201d Ngoc said.<\/p>\n

Andrew Oldland, head of the International Financial Centre Working Group under TheCityUK, said that Vietnam needs to adjust its IFC construction model to suit the context, in which it must create a difference from successful financial centres in the world.<\/p>\n

\u201cWhen building policies, Vietnam needs to have a mechanism for free money flow, clearly identify innovation trends in financial centres such as fintech and green finance,\u201d Oldland said. \u201cModern financial services can only be truly effective when an IFC meets two core conditions: infrastructure and talent human resources.\u201d<\/p>\n

Nguyen Thuy Hanh, CEO of Standard Chartered Bank Vietnam, suggested that financial centre must ensure a stable and safe foreign exchange trading environment, simplify the process of granting work permits and international investment cooperation.<\/p>\n

\u201cOwning this environment will make it easier for international financial institutions to co-finance large projects, especially in the fields of infrastructure and green finance. Good infrastructure is an essential condition to pull in international investment sources,\u201d Hanh said.<\/p>\n

The issue of talent human resource is also a key condition that many businesses mentioned, especially the banking sector and fund management companies, together with the other pillars of legal framework and infrastructure, according to Iain Frew, British Ambassador to Vietnam.<\/p>\n

\u201cIFCs require specific skills and higher standards. The younger generation can do it, but how to engage resources to implement this initiative is an important question that Vietnam must answer,\u201d Frew said.<\/p>\n

Source: VIR<\/p>\n<\/div>\n<\/div>\n","protected":false},"author":1,"featured_media":5588,"template":"","class_list":["post-5587","new","type-new","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\nFinancial centres will ensure new standards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktgindustrial.com\/new\/financial-centres-will-ensure-new-standards\/\" \/>\n<meta property=\"og:locale\" content=\"vi_VN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial centres will ensure new standards\" \/>\n<meta property=\"og:description\" content=\"International trade, green finance, and digital assets are key points for Vietnam to increase its competitive advantage on the path to building its first international financial centres. 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