Speech by Permanent Deputy Prime Minister Nguyen Hoa Binh at the Investment Promotion Conference of the Vietnam-Frankfurt International Financial Center

(Chinhphu.vn) - On the morning of September 30 (local time), in Frankfurt, the Federal Republic of Germany, Permanent Deputy Prime Minister Nguyen Hoa Binh attended and spoke at the Vietnam International Financial Center Investment Promotion Conference organized by the Ministry of Finance in coordination with the Vietnamese Embassy in Germany, the Vietnamese Consulate General in Frankfurt and the People's Committee of Da Nang City. The Government Portal respectfully introduces the full text of the speech of Permanent Deputy Prime Minister Nguyen Hoa Binh at the Conference.

Permanent Deputy Prime Minister Nguyen Hoa Binh attends the Vietnam International Financial Center Investment Promotion Conference - Photo: VGP/Nguyen Hoang

Dear delegates, dear guests !

1. First of all, I appreciate the Ministry of Finance for coordinating with the Vietnamese Embassy in Germany, the Vietnamese Consulate General in Frankfurt and the People's Committee of Da Nang City to take the initiative in organizing the Vietnam - Frankfurt Financial Center Conference, an important event today.

The presence of many leaders of organizations, financial institutions, corporations, businesses, investors and leading financial experts of Germany today not only shows deep interest, but is also a vivid proof of the Vietnam - Germany Strategic Partnership, a relationship that has been nurtured over 50 years and is increasingly deepening, substantive and effective. On behalf of the Government of Vietnam, I sincerely thank you for your companionship, frank comments and extremely valuable experience sharing during the process of our research and policy development for the International Financial Center in Vietnam. I would also like to inform you more about the process of personnel preparation, professors from Frankfurt University have also come to Vietnam to teach our personnel in training courses to prepare for the financial center in 2 cities of Vietnam.

Frankfurt is not only the financial heart of Germany and Europe, but also a global symbol of dynamism, discipline and innovation. With hundreds of years of development history, from legal infrastructure, governance model to comprehensive financial ecosystem, Frankfurt is a valuable model that Vietnam is actively learning and aiming for. We believe that today's Conference will be an open forum where we have substantive and in-depth exchanges to together shape and create a successful, effective and sustainable financial center in Vietnam.

Ladies and Gentlemen,

2. In the context of a global economy with many fluctuations and challenges, Vietnam has demonstrated its strong internal strength and flexible adaptability. We have been steadfast in our goal of stabilizing the macro economy, controlling inflation, ensuring major balances, and achieving extremely positive results. GDP growth in the first 6 months of 2025 reached 7.52 %, a high level in many years, a figure that speaks to the resilience of the economy. Foreign direct investment (FDI) continues to be a bright spot, with realized capital in the first 8 months reaching 15.4 billion USD, affirming Vietnam's position in the group of 15 developing countries attracting the largest FDI in the world and being a safe and attractive destination for international investors.

These achievements are not accidental. They are the result of a persistent innovation process, with extremely important contributions from international friends, including the Federal Republic of Germany, a strategic and trustworthy partner of Vietnam. Economic, trade and investment cooperation is a solid pillar and a bright spot in the relationship between the two countries.

In terms of investment, with 505 projects and 2.9 billion USD in registered capital, Germany ranked 3rd out of 24 countries in the EU and 17th out of 149 countries globally investing in Vietnam. Currently, 350 German enterprises have expanded their operations in Vietnam, including famous multinational corporations such as Siemens, B. Braun, Messer, Mercedes-Benz, Bilfinger, Bosch, Deutsche Bank, Allianz... In the opposite direction, Vietnamese investors have also invested in 44 projects in Germany.

Regarding trade, by the end of August 2025, the two-way trade turnover between Vietnam and Germany will reach over 8.8 billion USD, an increase of 13.8 % over the same period in 2024. Of which, Vietnam's exports to Germany will reach 6.2 billion USD and imports will reach 2.6 billion USD. Germany is currently Vietnam's second largest trading partner in the EU and an important transit gateway for Vietnamese goods to other markets in Europe.

It can be said that this strong, time-tested relationship is the solid foundation for us to confidently enter a new phase of deeper and more comprehensive cooperation.

Ladies and Gentlemen,

3. Vietnam is building a socio-economic development plan to enter a new development phase, with the aspiration to become a developed, high-income country by 2045. To realize this aspiration, the urgent requirement is to innovate the growth model, improve national competitiveness, develop a green economy, digital economy and knowledge economy as a global trend. In that context, the formation of an international financial center is not only the goal of the financial sector, but has become an inevitable trend, an important task, an indispensable part of our overall strategy of institutional reform and international integration.

Last June, as you know, the Vietnamese National Assembly 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.

4. As shared at the World Alliance of International Financial Centers (WAIFC) Conference yesterday, our vision for developing a Financial Center is built on solid foundations and unique advantages of Vietnam. It is the convergence of a stable political foundation , a proactive Government that always acts decisively for businesses , abundant human resources , eager to learn , with a strong desire to rise , a solid macro economy , and especially the readiness to take the lead in the digital financial revolution with the position of one of the top 4 countries in the world in accepting crypto .

To turn that vision and great potential into reality, Vietnam is in dire need of the participation of global businesses and financial institutions, including German businesses - a country with advanced science and technology, strong financial potential, and goodwill to cooperate that has proven to be very successful in investing in Vietnam.

On behalf of the Government of Vietnam, I would like to affirm that we are not only calling for investment, we are calling for strategic cooperation. The Government of Vietnam is committed to accompanying, listening and creating the most favorable conditions for investors so that in the spirit of " harmonious benefits, shared risks ", we will work together, win together, and enjoy the results together. The specific commitments that the two cities made today are the concretization of the Government's commitments and we also welcome the two cities after the National Assembly's Resolution to have done a lot to deploy the Financial Center located in these two cities. Today, you guys introduced, time is limited so I have not said everything, but I know the two cities have done much more than that.

Yesterday, I also made 3 commitments at WAIFC, today I reaffirm :

Firstly, building a transparent, modern legal system, compatible with the best international standards and practices; the safety and trust of investors is our top priority. All activities will be operated in a fair playing field, where the law is strictly enforced, the legitimate rights and interests of investors are always protected to the highest level. 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. This is also your advice through the three statements just now. Reporting to businesses, we have also visited many places, from the Financial Center of Frankfurt, Luxembourg, UAE, London... Singapore, Shanghai... In each place, we have received outstanding policies and we integrate those outstanding policies to plan our policies. Because we also know that we are a latecomer, if we do not have a special openness, it will be difficult to succeed. This is a challenge and we also understand this and your advice is very useful for us in implementing our IFC.

Second, promulgate and implement unique, outstanding and highly competitive policy mechanisms. It is not just tax and fee incentives, but a comprehensive ecosystem with maximally streamlined administrative procedures, a flexible governance model, ready to create a "sandbox" with innovative business models that can develop. We also wish and are determined to turn the International Financial Center in Vietnam into a distinct and attractive destination.

Third, create a world-class living and working environment, with a high quality of life and modern social infrastructure, not only to attract the elite talents of the financial world, but also to retain them and their families for a long time, considering Vietnam as their second home. We also know that the human resources in IFCs are elite, have high incomes and have very high requirements for life for themselves and their families. Therefore, the living environment of these cities must also meet international standards. In this regard, we see that we are on the right track, doing very well.

Ladies and Gentlemen,

6. Once again, I would like to express my sincere thanks to you for your frank, profound and enthusiastic comments in today's discussion session. In order to contribute to the development of the Vietnam - Germany Strategic Partnership in a deeper and more effective manner, especially in the process of developing the Financial Center, we would like to make some suggestions to our colleagues and German businesses:

Firstly, we hope that Frankfurt, as the center and headquarters of the world's leading multinational corporations and financial investment funds, and as one of the world's major financial centers, will become a strategic partner in the development of Vietnam's international financial market. We propose to establish a regular cooperation mechanism between the Frankfurt Main Finance Center and relevant agencies and the two cities of Ho Chi Minh City and Da Nang to implement specific cooperation programs on policy development, human resource training, and sharing of management and operational experiences. I even hope that the human resources who have been working in the Frankfurt Main Finance Center can move to Vietnam to participate in the operation of our Financial Center.

Second, we respectfully invite German corporations, businesses, financial institutions and investors to research and invest in the Vietnam International Finance Center, especially in areas where Germany has strengths and Vietnam has great demand such as green finance, sustainable finance, FinTech, fund management and insurance technology (InsurTech). Your presence will be an important factor in creating our success. Germany is also moving towards fintech and green finance. For example, from now until 2030, our demand for energy development will almost double, we need another 80 thousand MW and our choice is renewable energy and nuclear energy. With the current investment rate of more than 1 million USD per 1MW, the resources needed for the next 5 years, especially for green energy, are also very large, not to mention other fields such as high-speed railways, airports, seaports, etc. This is what we need to invite economic groups with large resources to invest in Vietnam.

Third, let us work together to strengthen the relationship between our two financial markets, promoting Vietnam's role as a gateway to the dynamic ASEAN market and Germany's role as a gateway to the large and high-quality EU market.

The Vietnamese Government is committed to continuing drastic reforms, creating all favorable conditions, and closely coordinating with partners to successfully build the International Financial Center. I believe that, with our highest political determination and your companionship and cooperation, the International Financial Centers in Ho Chi Minh City and Da Nang will soon not only be a symbol of Vietnam's prosperity, but also become a solid and effective bridge, closely connecting the two economies, actively contributing to the stability and common development of the global financial system and a symbol of the Vietnam - Germany relationship.

Thank you very much./.

Source: https://baochinhphu.vn/phat-bieu-cua-de-thu-tuong-thuong-truc-nguyen-hoa-binh-tai-hoi-nghi-xuc-tien-dau-tu-trung-tam-tai-chinh-quoc-te-viet-nam-frankfurt-102251003092432211.htm