Việt Nam is seeking assistance from Standard Chartered Bank to establish international financial hubs in the Southeast Asian nation.
In a meeting on Monday with CEO Saif Malik during his official UK visit, Deputy Prime Minister Nguyễn Hòa Bình emphasised the country’s commitment to developing two international financial centres (IFCs) in HCM City and Đà Nẵng.
Deputy Prime Minister Nguyễn Hòa Bình
He expressed hope that Standard Chartered would actively participate and offer recommendations for these initiatives.
CEO Saif Malik assured the Deputy Prime Minister of Standard Chartered’s commitment to supporting Việt Nam’s IFCs and expanding investment in emerging sectors such as the green and circular economies.
He also urged the Vietnamese government to continue fostering a supportive environment for the bank's operations.
With over 170 years of history and presence in more than 50 markets, Standard Chartered opened its first office in Việt Nam in 1904 and established its local bank in 2009, currently operating four branches in Hà Nội and HCM City.
The Vietnamese government plans to launch the two IFCs over the next five years.
They are finalising the necessary framework and policies to support these centres, which aim to mobilise resources for national development.
The IFC initiative, a priority for the government, will offer various financial services, boosting local economies and attracting foreign investment.
Recently, HCM City established a steering committee to oversee the development of the IFC, which consists of 29 members and is chaired by Party Secretary Nguyễn Văn Nên.
HCM City is a major economic hub with a Gross Regional Domestic Product (GRDP) exceeding US$73.8 billion, accounting for 15.5 per cent of national GDP, and is home to over 50 per cent of the country’s fintech start-ups.
As the location of Việt Nam’s first stock exchange, HCM City is one of the major economic centres of the nation, alongside Hà Nội and Đà Nẵng.
Its distinct time zone advantage relative to most major global financial hubs enhances its attractiveness for investment, particularly when other markets are closed.
The city is strategically located within a three-hour flight from significant regional hubs including Singapore, Malaysia, Thailand, India, and China.
Việt Nam’s stable political environment, secure society, and skilled workforce provide ideal conditions for the establishment of these centres.
Special policies will be implemented to attract banks, investment funds, and financial service companies, while trading platforms for securities, currencies, and commodities will be developed, with a particular emphasis on fintech.
These centres are poised to connect Việt Nam with global financial markets, attract foreign institutions, and enhance investment opportunities.
While the concept of an IFC is well-established in various countries worldwide, it remains relatively novel in Việt Nam.
The Deputy PM’s business trip aims to promote cooperation for the establishment and growth of these financial centres, particularly as the UK is a well-established financial market with extensive experience in managing international financial centres.
