Speech by Permanent Deputy Prime Minister Nguyen Hoa Binh at the Annual Conference of the World Alliance of International Financial Centers

(Chinhphu.vn) - On the afternoon of September 29 (local time), Deputy Prime Minister Nguyen Hoa Binh attended and delivered a speech at the Annual Conference of the World Alliance of International Financial Centers (WAIFC). The Government Portal respectfully introduces the full text of the speech of Deputy Prime Minister Nguyen Hoa Binh at the Conference.

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

Dear Leaders of the World Alliance of International Financial Centers, Leaders of member international financial centers, and distinguished delegates,

1. On behalf of the Government of Vietnam, I am very pleased to be in Frankfurt - one of the most important economic and financial centers of Europe and the world to attend the Annual Conference of the World Alliance of International Financial Centers (WAIFC).

I would like to thank the Alliance for inviting Vietnam to attend and allowing me to speak at the Summit - a significant event where the wisdom and vision of global financial leaders converge.

The presence of leaders from across continents today is not just a meeting, but a demonstration of the will to cooperate, together shaping a prosperous future for the global financial network.

Ladies and Gentlemen,

2. After a working trip to exchange and learn experiences in developing financial centers in some European countries, Vietnam 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 three strategic breakthroughs: building a comprehensive and advanced legal corridor, developing a 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.

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

In parallel, our two cities (Ho Chi Minh 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.

We have issued preferential policies to invite international experts, send talented personnel to study at prestigious financial centers, and order domestic universities to conduct training programs with the participation of international lecturers. I would also like to thank the professors from Goethe University (Gü-tơ), Frankfurt for their close cooperation with the Vietnam-Germany University to successfully organize specialized training courses on financial centers.

It can be said that, up to today, the management and operation apparatus for the Financial Center in Ho Chi Minh City and Da Nang has been carefully prepared and ready to go into operation, welcoming global partners.

Ladies and Gentlemen,

3. Vietnam not only has potential, we have our own advantages to build a successful Financial Center. Those advantages are:

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

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

Third, Vietnamese people are industrious, 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 them 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.

Fourth, we have 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, ranked 98th out of 119 cities in the Global Financial Centers Index (GFCI) in March 2025, up 7 places. This is the initial basis for us to continue developing the financial center.

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

Ladies and Gentlemen,

4. In a turbulent world, the role of WAIFC is like a beacon of cooperation and stability. The Alliance is not only a connector, but also a knowledge center, 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, 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.

5. At this important Forum, I affirm Vietnam's three strong commitments in developing an international financial center:

Firstly, we are committed to building a transparent, modern legal system that is compatible with the best international standards and practices; the safety and trust of investors is our top priority. At the same time, we 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, we 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 distinctive destination.

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

6. 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.

I wish you health, happiness and success.

Thank you very much!

Source: https://baochinhphu.vn/phat-bieu-cua-de-thu-tuong-thuong-truc-chinh-phu-nguyen-hoa-binh-tai-hoi-nghi-thuong-nien-cua-lien-minh-cac-trung-tam-tai-chinh-quoc-te-the-gioi-102251003094042083.htm