PM calls for assistance in building financial centres in Vietnam
Prime Minister Pham Minh Chinh chaired a talk with representatives from world leading banks and financial investment funds on investment in Vietnam’s financial market in Davos, Switzerland, on January 17 (local time), on the sidelines of the 54th Annual Meeting of the World Economic Forum (WEF-54).
PM Pham Minh Chinh (centre) speaks at the talk on investment in Vietnam’s financial market in Davos, Switzerland, on January 17 (local time), on the sidelines of WEF-54 (Photo: VNA)
Davos, (VNA)🅘 – Prime Minister Pham Minh Chinh chaireda talk with representatives from world leading banks and financial investmentfunds on investment in Vietnam’s financial market in Davos, Switzerland, onJanuary 17 (local time), on the sidelines of the 54thAnnual Meeting of the World Economic Forum (WEF-54).
Participants focused on assessing the financialmarket in Vietnam in 2023, shared models and experiences in building internationalfinancial centres and put forth recommendations for Vietnam. Some financialgroups also talked about their plans on investment in Vietnam. They shared the view that Vietnam, as one ofthe fastest growing economies in the world, has potential to become a financialhub of the region and the world.
Delegates at the talk (Photo: VNA)
Representatives from Vietnam’s ministries andagencies fielded questions about the legal framework on the financial market ingeneral and the operation of financial centres in particular, the law on moneylaundering, infrastructure serving the financial market, and related issues. Concluding the dialogue, PM Chinh confirmedthe consensus in setting up a research and advisory group on building financialcentres in Vietnam led by former German vice chancellor Dr. Philipp Rösler,Minister of Planning and Investment Nguyen Chi Dung and Chairman of the People’sCommittee of Ho Chi Minh City Phan Van Mai. The PM asked experts, banks and financial investment funds toassist Vietnam in policy making, promoting startup and innovation,restructuring banks, building the national brand, developing infrastructure andtraining human resources. In particular, he urged global groups and funds to shareexperience and advise Vietnam in selecting suitable models and solutions in financialcentre development, and in building institutions, policies and measures todevelop a comprehensive financial ecology covering fintech, digital banks,digital payment, digital transaction, green finance, and transaction floors forcarbon credit, merchandise and foreign exchange. Chinh said Vietnam also needs help in improvingthe country’s credit ratings and standards in accounting, auditing andfinancial reporting, thus laying important foundations for the successfuldevelopment of international financial centres in the future. He hoped foreign partners will considerparticipating in the restructuring of weak banks in Vietnam and support thecountry in personnel training in financial services. The Vietnamese Government leader affirmedthat the Vietnamese Government always accompanies and creates all possiblefavourable conditions for foreign investors in general and Swiss investors inparticular to do business in the country. Vietnam is committed to protectingthe legal and legitimate rights and interests of investors in anycircumstances, and is always open to recommendations of the business communityfor mutual development, he said. The PM’s remarks received warm response fromthe event’s participants. Don Lam, the CEO ofVinaCapital, one of the organisers of the talk, said the Young Presidents’Organisation (YPO) has decided to arrange a trip to Vietnam after the talk./.
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PM Pham Minh Chinh (centre) speaks at the talk on investment in Vietnam’s financial market in Davos, Switzerland, on January 17 (local time), on the sidelines of WEF-54 (Photo: VNA) 
Delegates at the talk (Photo: VNA) 
