PM demands specific, competitive policies to develop int’l financial centres
PM Pham Minh Chinh stressed that it is necessary to build modern, digitally advanced financial centres with smart operation and management systems as well as high-quality human resources.
Ho Chi Minh City is currently a specialised financial centre in the region. (Photo: VNA)
Hanoi (VNA) – Prime Minister Pham Minh Chinh presided over the first meeting of the Steering Committee for Regional and International Financial Centres in Vietnam on April 3, emphasising the need fo💎r independent, specific, exceptional, and competitive policy frameworks to develop the establishments.
The Government leader, also head of the committee, acknowledged that establishing international financial centres represents a new challenge for Vietnam, asking competent sides to adhere to the Politburo’s conclusion and Party General Secretary To Lam’s direction on the issue.
He called for the financial centres tailored to Vietnam's development conditions, and advocated public-private partnerships to mobilise resources from businesses and citizens. PM Chinh stressed that it is necessary to build modern, digitally advanced financial centres with smart operation and management systems as well as high-quality human resources.
With a specified pilot implementation period of at least five years, the PM requested developing financial centres that comply with both Vietnamese regulations and international standards. He underscored that policies must be open, infrastructure seamless, and governance smart while security and safety ensured.
The first meeting of the Steering Committee for Regional and International Financial Centres in Vietnam on April 3. (Photo: VNA)
He assigned Deputy PM Nguyen Hoa Binh to direct the development of the financial centres in Vietnam, highlighting the importance of clearly defining implementation authorities, particularly for addressing unprecedented issues during the pilot period, as well as finalising documents to submit to the Politburo and National Assembly.
Da Nang city and Ho Chi Minh City, where the centres will be located, have actively prepared resources for infrastructure development, allocated land, and worked with potential investors and major financial institutions for both policy consultation and investment attraction.
At the meeting, participants discussed the strategic positioning of Vietnam's international financial centres relative to competitors in the region. Other critical issues on the table included capital account and foreign exchange liberalisation, common law systems within the financial centres, legal frameworks and international standards applied to the centres, and management structures./.
Among Southeast Asian financial hubs, HCM City ranks below Singapore, Kuala Lumpur (Malaysia), Bangkok (Thailand), and Jakarta (Indonesia), but stands above Manila (The Philippines).
Luxembourg expressed support for Vietnam to develop international financial centres during Permanent Deputy PM Nguyen Hoa Binh's visit to the European country.
Vice Chairman of the municipal People’s Committee Ho Ky Minh, who is accompanying the Deputy PM, told the Vietnam News Agency (VNA)'s resident correspondents in London that the city received comprehensive recommendations on core principles for building a successful financial centre. The city has also focused on learning investment incentive policies that create an equal competitive environment for both domestic and international businesses.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
