Establishing the fundamental foundation for IFC-HCM

The Memorandum of Understanding (MOU) signing ceremony between Nasdaq and the Ho Chi Minh City Department of Finance recently took place at the headquarters of the Nasdaq Stock Exchange (New York, USA). At the same time, the University of Economics Ho Chi Minh City (UEH) signed a strategic cooperation agreement with the New York Institute of Finance (NYIF), a prestigious financial training organization founded by the New York Stock Exchange (NYSE).

While the cooperation between Ho Chi Minh City and Nasdaq contributes to strengthening management capacity, connecting the Vietnamese capital market with the international market and creating conditions to attract high-quality capital flows into the fields of finance - technology - innovation, the cooperation between UEH and NYIF aims at practical training in finance - investment and development of global financial human resources. Importantly, the ultimate goal is to serve the goal of developing the Vietnam International Financial Center in Ho Chi Minh City (IFC-HCM). The early realization of the commitments of Ho Chi Minh City leaders in building a dynamic, transparent and sustainable International Financial Center seems to be very suitable for Vietnam's development vision to 2030.

From the history of formation and development, the world's leading position in stock exchanges, financial training... of partners to the 5 points of cooperation agreement with Ho Chi Minh City have shown the city's fundamental, systematic and modern approach to the goal of building IFC-HCM. In particular, such as supporting technology and technical services and other services serving the construction and operation of IFC-HCM, especially developing technology infrastructure and specialized trading floors, applying trading platforms, payments, monitoring and advanced technologies of Nasdaq; or training human resources for IFC-HCM, especially in the fields of securities, bonds, derivatives, digital assets and carbon credit markets...

Obviously, in the roadmap to lay the foundation for IFC-HCM, the first bricks have been prepared and designed according to international standards, not only in terms of technology and infrastructure but also in terms of legal foundation (with the effort to draft and adjust as appropriately as possible) and human resources. Regarding this issue, at the meeting of the Steering Committee for Construction and Development of the Vietnam International Financial Center in Ho Chi Minh City, Secretary of the Ho Chi Minh City Party Committee Tran Luu Quang concluded focusing on 3 points to carry out the preparation steps: infrastructure - technology, human resources and institutions. The requirement of "participation of multidisciplinary experts, international experts, financial experts, fluent in English" is considered a necessary and basic condition.

In a broader view, the global academic - policy - practice connection that Ho Chi Minh City is pursuing is a manifestation of the technocratic spirit in the direction and operation of the city's leaders. In the new development conditions, with an expanded geographical - economic - social space, Ho Chi Minh City needs to be re-planned - restructured and operated in a commensurate way, with a much longer and more sustainable projection range. Simply put, it needs to be renewed, fundamentally and fundamentally done right from the beginning (in the overall post-merger) and not "expanded" or heavily patched... The use and promotion of "indicators" of deep expertise and high technology in the approach and consultation to ensure that when making decisions, the practical bases and public participation of the parties will be highly convincing. From there, the formation of specific products will only be a matter of time.

This is also the method to demonstrate the so-called "know-how" in the process of forming policies, programs, and projects for the expanded Ho Chi Minh City that Secretary of the City Party Committee Tran Luu Quang emphasized. That is, before "doing", one must "know" - know the expertise; know how to evaluate the market, potential, and people; know how to prepare to respond to problems and risks... Returning to the story of IFC-HCM, we are starting the race, so we need the right starting steps and appropriate calculations of wind direction, distance, internal strength... to ensure a safe race track, smooth acceleration, and early finish.

NGUYEN QUAN CAT

Source: https://www.sggp.org.vn/thiet-lap-nen-mong-can-co-cho-ifc-hcm-post818916.html