Vietnam is a leading candidate to become a major financial center in Southeast Asia.

This afternoon, the French Embassy organized a workshop on building a legal framework for international financial centers in Vietnam - sharing French experience.

French Ambassador to Vietnam Olivier Brochet said that with its dynamic economy , Vietnam has a special opportunity to turn Ho Chi Minh City and Da Nang into competitive, attractive and safe financial centers.

"France is a partner that accompanies Vietnam's ambitions, on the one hand an economic partner, on the other hand a legal and institutional cooperation partner," the Ambassador affirmed.

Legally, he said, the two countries have a history of cooperation of more than 30 years. The good and long-standing relationship between the two countries is a valuable asset for exchange and cooperation activities, especially in the financial field.

French Ambassador to Vietnam Olivier Brochet

The Ambassador shared that the Paris financial center has affirmed its position as one of the world's leading financial centers. France is not only home to major financial institutions but also has a strong legal ecosystem, famous for its transparency and safety.

The Ambassador said that international cooperation is a factor that promotes the success of a financial center and Vietnam has the necessary factors to succeed. "Economic growth, geographical location and the dynamism of reforms make Vietnam a leading candidate to become a major financial center in Southeast Asia," Mr. Brochet assessed.

However, there are many challenges for Vietnam that France has also faced. The Ambassador said that it is building a solid and attractive legal framework.

"How to create a financial ecosystem that is both in line with international standards and respects local characteristics? The Paris financial center has overcome this challenge after Brexit, to become the leading financial center in the European Union. We know this is not an easy task, as it requires modernizing regulations, simplifying procedures and reassuring investors," the Ambassador analyzed.

The Vietnamese government, National Assembly and agencies are making efforts to build a legal framework for the financial center. The legal framework and governance system must send "signals" to make investors feel secure and attractive.

According to Mr. Brochet, a financial center cannot thrive without transparent, fast and fair dispute resolution mechanisms. France has developed tools such as the specialized Paris Court of Appeal, arbitration law and partnerships with international arbitration organizations. These are solutions that can inspire Vietnam.

Major financial centers are distinguished not only by their infrastructure but also by their team of experts. Through cooperation programs, university exchanges and specialized training, Vietnam can build a new generation of experts to meet the demand.

Forming international financial centers is an important strategic breakthrough.

Ms. Dao Thanh Huong, Deputy Director of the Foreign Investment Agency (Ministry of Finance) said that the Comprehensive Strategic Partnership between Vietnam and France was established last year and has been continuously strengthened.

France is currently Vietnam’s fourth largest trading partner in the EU and Vietnam is France’s second largest trading partner in ASEAN. Two-way trade turnover last year reached more than 5 billion USD, up 13% over the previous year. These impressive figures are testament to the potential for cooperation between the two countries, especially in investment and finance.

Deputy Director of Foreign Investment Agency Dao Thanh Huong.

Vietnam has identified the formation of international financial centers as one of the important strategic breakthroughs to mobilize all resources for socio-economic development. The goal is to develop the economy in association with the global financial market, creating a space for capital, human resources, technology and legal convergence, operating according to market principles and international competition, while still ensuring the needs of national governance and financial security.

She said that building a financial center is a new issue. The National Assembly has shown a breakthrough in thinking when it issued Resolution No. 222 on the international financial center on June 27.

The financial center model in Ho Chi Minh City and Da Nang aims to build a modern, globally connected financial ecosystem, attracting medium and long-term investment capital for national development.

Ms. Huong said that Vietnam wants France to accompany it in the process of building, operating and developing an international financial center, focusing on policy mechanisms for construction and management. She also called for support in connecting large investors, attracting capital and operations into international financial centers in Vietnam, turning Vietnam into a gateway to receive capital flows and financial services from France and Europe.

Vietnam pledges to accompany and create all favorable conditions for French businesses and international investors to participate in successful and sustainable investments.

Source: https://vietnamnet.vn/viet-nam-la-ung-vien-hang-dau-de-tro-thanh-trung-tam-tai-chinh-lon-o-dong-nam-a-2443895.html