France’s Ambassador Highlights Three Key Factors Positioning Vietnam as Southeast Asia’s Emerging Financial Hub

At a seminar on building a legal framework for an international financial center in Vietnam, organized by the French Embassy in Vietnam on September 18th, experts shared insights on the country’s financial ambitions.

A Strategic Breakthrough

Ms. Dao Thanh Huong, Deputy Director of the Foreign Investment Agency (Ministry of Finance), emphasized that Vietnam views the establishment of international financial centers as a pivotal strategic breakthrough to mobilize resources for socio-economic development.

Building these financial hubs is uncharted territory for Vietnam, but the National Assembly demonstrated forward-thinking by issuing Resolution No. 222 on international financial centers on June 27th, Ms. Huong noted.

The goal is to foster economic growth intertwined with the global financial market, creating a hub for capital, talent, technology, and legal frameworks. This center will operate on market principles and international competition while ensuring national governance and financial security.

Ms. Huong expressed Vietnam’s desire for France’s collaboration in developing, operating, and growing these financial centers, focusing on policy mechanisms and management. She also sought support in connecting with major investors, attracting capital, and promoting activities within Vietnam’s international financial centers, positioning Vietnam as a gateway for French and European financial services and capital.

Keys to Vietnam’s Success

French Ambassador to Vietnam, Olivier Brochet, highlighted Vietnam’s unique opportunity to establish competitive, attractive, and secure international financial centers in Ho Chi Minh City and Da Nang, given its dynamic economy.

Ambassador Brochet emphasized that international cooperation is crucial for the success of these financial centers, and Vietnam possesses the necessary elements to thrive. “Economic growth, strategic location, and the momentum of reforms make Vietnam a prime candidate to become a major financial hub in Southeast Asia,” he stated.

Drawing from France’s experience, Ambassador Brochet identified several challenges Vietnam may face, including establishing a robust and attractive legal framework, ensuring effective dispute resolution mechanisms, and developing a skilled workforce.

Legally, the two nations share a 30-year history of cooperation. This long-standing relationship is a valuable asset for exchanges and collaboration, particularly in finance. Additionally, through university partnerships and specialized training programs, Vietnam can cultivate a new generation of experts to meet the demand.

Mr. Olivier Vigna, Deputy CEO of Paris Europlace, the organization responsible for developing and promoting the Paris financial market and French finance globally, remarked on Vietnam’s status as a large and dynamic economy. He predicted that within a few years, Vietnam will rank among the world’s top 20 economies, a remarkable economic achievement. Vietnam’s large population further enhances its market appeal.

Sustained economic growth is essential for a financial center to attract and retain investors. Vietnam’s impressive growth rate must be maintained to instill confidence in capital flows.