Vietnam's commitments to developing an international financial center

(Chinhphu.vn) – Emphasizing that in a volatile world, the role of WAIFC is like a beacon leading cooperation and stability, Permanent Deputy Prime Minister Nguyen Hoa Binh affirmed Vietnam's three strong commitments in developing an international financial center.

Permanent Deputy Prime Minister Nguyen Hoa Binh speaks at the annual conference of the World Alliance of International Financial Centres (WAIFC) - Photo: VGP/Nguyen Hoang

Within the framework of the working visit to the Federal Republic of Germany, on the afternoon of September 29 (local time), Permanent Deputy Prime Minister Nguyen Hoa Binh attended and spoke at the Annual Conference of the World Alliance of International Financial Centers (WAIFC).

The conference was attended by leaders of more than 30 WAIFC member International Financial Centers - an organization that promotes extensive cooperation between global financial centers. This is the first time Vietnam has had a representative attend the WAIFC Annual Conference in the context of the National Assembly 's recent issuance of Resolution No. 222/QH15 on the International Financial Center in Vietnam (June 2025).

This is an important event, where the wisdom and vision of global financial leaders converge. The presence of leaders from all continents at the Conference is not just a meeting but a testament to the will to cooperate, together shaping a prosperous future for the global financial network.

Deputy Prime Minister Nguyen Hoa Binh affirmed: Vietnam not only has potential, but also has its own advantages to build a successful financial center - Photo: VGP/Nguyen Hoang

Quickly turn political will into concrete actions

Expressing his joy at being present in Frankfurt - one of the most important economic and financial centers of Europe and the world to attend the Conference, Permanent Deputy Prime Minister Nguyen Hoa Binh said that after a working trip to exchange and learn experiences in developing financial centers in some European countries, Vietnam has quickly turned political determination into concrete actions, with urgency and a strong spirit of innovation.

The Vietnamese National Assembly has issued a Resolution to establish an International Financial Center, with the goal of creating a comprehensive, modern and globally connected financial ecosystem. This decision aims to attract capital flows to serve strategic breakthroughs: Building a comprehensive and advanced legal corridor, developing synchronous and modern economic infrastructure and attracting high-quality human resources. At the same time, creating a new, flexible policy implementation area and governance model compatible with the requirements of globalization and digital transformation trends.

Permanent Deputy Prime Minister Nguyen Hoa Binh at the annual conference of the World Alliance of International Financial Centres (WAIFC) - Photo: VGP/Nguyen Hoang

The Government has determined to build a comprehensive legal foundation, from financial policies, taxes, foreign exchange management, banking... to dispute resolution mechanisms according to the most advanced international standards to bring absolute peace of mind and trust to investors.

In parallel, two Vietnamese cities, Ho Chi Minh City and Da Nang, have also proactively researched and learned from many international financial centers. Most recently, in the UAE, the two cities signed official memoranda of understanding with the Abu Dhabi International Financial Center, focusing on sharing experiences in building and developing financial centers, perfecting legal instruments, and especially training human resources.

Vietnam has issued preferential policies to invite international experts, send talented personnel for training at prestigious financial centers, and order domestic universities to conduct training programs with the participation of international lecturers.

On this occasion, Permanent Deputy Prime Minister Nguyen Hoa Binh also sent his thanks to professors from Goethe University, Frankfurt for their close cooperation with Vietnam-Germany University to successfully organize specialized training courses on financial centers; and emphasized: "It can be said that, up to today, the management and operation apparatus for the financial centers in Ho Chi Minh City and Da Nang have been carefully prepared and ready to go into operation, welcoming global partners".

The conference was attended by leaders of more than 30 WAIFC member International Financial Centers - an organization that plays a role in promoting extensive cooperation between global financial centers - Photo: VGP/Nguyen Hoang

There are distinct advantages to building a successful Financial Center.

Deputy Prime Minister Nguyen Hoa Binh affirmed: Vietnam not only has potential, but also has its own advantages to build a successful financial center.

These advantages are that Vietnam is proud to be a politically stable country, with a healthy and safe living and investment environment, with a multilateral and open foreign policy, and is always a friend and reliable partner of the international community. This is the solid foundation for all long-term investment decisions.

At the same time, the Vietnamese Government is committed to building a service-oriented administration that always accompanies, listens to and supports the business community. Vietnam is carrying out a comprehensive reform; rearranging administrative boundaries, streamlining the government apparatus, promoting administrative reform, cutting at least 30% of administrative procedures, 30% of compliance costs, creating an open, transparent and friendly investment environment.

Vietnamese people are hard-working, eager to learn, have a strong desire to rise up and do not falter in the face of difficulties. The World Intellectual Property Organization (WIPO) has recognized Vietnam as one of the 9 middle-income countries with the fastest improvement in innovation rankings since 2013. The young generation has the ability to quickly absorb advanced knowledge and experience of humanity, and is willing to work wholeheartedly for development, which is an important human resource for developing high-tech financial services.

Permanent Deputy Prime Minister Nguyen Hoa Binh and delegates attend the annual conference of the World Alliance of International Financial Centres (WAIFC) - Photo: VGP/Nguyen Hoang

Vietnam has a solid macroeconomic foundation, which is the foundation for the success of the International Financial Center. Despite facing many global challenges, Vietnam has still controlled inflation, GDP growth in the first 6 months of 2025 reached 7.52%, the highest in the past 15 years; the size of the economy is expected to exceed 510 billion USD this year and high-quality FDI capital flows are continuously increasing.

Entering a new era, with the goal of rapid and sustainable growth, the need for investment in economic infrastructure such as airports, seaports, high-speed railways, renewable energy, digital infrastructure, etc. requires large financial resources. Therefore, building an international financial center is considered a breakthrough step today.

In addition, although it has only developed naturally and has not been invested in a systematic strategy, Ho Chi Minh City has been recognized as a financial center, ranking 98th out of 119 cities in the Global Financial Centers Index (GFCI) in March 2025, up 7 places. This is the initial basis for Vietnam to continue developing a financial center.

Permanent Deputy Prime Minister Nguyen Hoa Binh visits the Exhibition of the International Finance Conference 2025 (SIBOS 2025) - Photo: VGP/Nguyen Hoang

Vietnam has taken steps to catch up with the digital financial trend. According to Chainanalysis (September 2025), Vietnam is among the top four countries in terms of crypto adoption, with a popularity rate 3 to 4 times higher than the global average; more than 17 million Vietnamese people participate in cryptocurrency transactions, with a total annual transaction value of over 100 billion USD. Vietnam aims for the international financial center in Vietnam to be an advanced "sandbox", a place to converge and develop future financial products.

Vietnam's commitment to developing an international financial center

Deputy Prime Minister Nguyen Hoa Binh emphasized that in a volatile world, the role of WAIFC is like a beacon of cooperation and stability. The alliance is not only a connector, but also a center of knowledge, a strategic architect and guardian of global financial connectivity.

The Alliance plays an important role in ensuring healthy competition among financial centers, promoting the spread of best financial practices, encouraging innovation, responsible and ethical financial development, and contributing to building a sustainable, inclusive and secure global economic system.

For a new financial center like Vietnam, the Alliance is an indispensable guide, a source of profound knowledge and a gateway to integrate into the international community.

At this important Forum, Permanent Deputy Prime Minister Nguyen Hoa Binh affirmed Vietnam's three strong commitments in developing an international financial center.

Specifically, first, Vietnam commits to building a transparent, modern legal system that is compatible with the best international standards and practices; the safety and trust of investors is Vietnam's top priority. At the same time, it will actively coordinate and connect with international financial centers and leading stock exchanges to enhance the attractiveness and liquidity of financial products and services in Vietnam.

Second, Vietnam will develop and implement specific, outstanding and highly competitive incentive policies, including tax, fee, administrative procedure and flexible management mechanisms, etc., to turn the International Financial Center in Vietnam into an attractive and unique destination.

Third, Vietnam aims to create a safe, healthy, world-class living and working environment with a high quality of life and modern social infrastructure to attract and retain the financial elite.

"With the cooperation philosophy of 'Work together - Win together - Enjoy together', we not only invite you to invest, but also hope that you will become strategic partners in the journey of prosperous development. We also hope that the Financial Centers in Ho Chi Minh City and Da Nang will be welcomed and soon become official members to make important, dynamic and positive contributions to the common goals and development of the WAIFC family", said Deputy Prime Minister Nguyen Hoa Binh.

Permanent Deputy Prime Minister Nguyen Hoa Binh and delegates at the Exhibition of the International Finance Conference 2025 (SIBOS 2025) - Photo: VGP/Nguyen Hoang

Opportunity to introduce the image of Vietnam's banking industry to the world

On the same morning, Permanent Deputy Prime Minister Nguyen Hoa Binh visited the Exhibition of the International Financial Conference 2025 (SIBOS 2025) organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), including visiting the booth of the State Bank of Vietnam at the Exhibition.

SIBOS is an annual conference, exhibition and networking event organized by the Society Worldwide Interbank Financial Telecommunication (SWIFT) for the financial industry.

The SIBOS 2025 Conference was held from September 29 to October 2 at Messe Frankfurt with the theme "The next frontiers of global finance" with the participation of more than 10,000 delegates who are leaders, policymakers, experts from central banks, commercial banks, financial service providers and market infrastructures around the world.

Permanent Deputy Prime Minister Nguyen Hoa Binh at the exhibition booth of the State Bank of Vietnam - Photo: VGP/Nguyen Hoang

This year's SIBOS brings together more than 120 exhibition booths from around the world, more than 500 speakers and more than 250 discussion sessions.

Vietnam's participation at SIBOS 2025 with the presence of the State Bank and commercial banks such as Vietcombank, Vietinbank and Agribank at the common booth is not only an opportunity to introduce the image of the Vietnamese banking industry to the world but also an opportunity to learn and exchange experiences with international partners in the global financial industry.

This is also an opportunity for the Vietnamese banking industry to promote business activities, foster cooperative relationships, update international standards and advanced technology in implementing modern banking products./.

Nguyen Hoang

Source: https://baochinhphu.vn/cac-cam-ket-cua-viet-nam-trong-phat-trien-trung-tam-tai-chinh-quoc-te-102251001102415605.htm