Ho Chi Minh City will be an international financial center

Ho Chi Minh City is converging both advantages, potential and development requirements and political determination for the construction of an international financial center.

The 13th Party Congress affirmed that in the new context, Vietnam must quickly break through and shorten the development gap with the region and the world. The congress set the goal that by 2030, Vietnam will be a developing country with modern industry, high middle income and by 2045 will become a developed country with high income.

Many advantages, potential

The 10-year socio-economic development strategy for 2021-2030 also defines the direction and task of “promoting Ho Chi Minh City to become a central finance in order to realize the strategic vision of becoming an international financial market, Ho Chi Minh City needs to overcome many challenges.

It can be seen that Ho Chi Minh City is converging both advantages, potentials, development requirements and political determination for the construction of an international financial center. With the advantage of geographical location, stable political and social conditions and dynamic economy, Ho Chi Minh City has been a major locomotive of Vietnam’s economy.

Although not yet ranked in the Global Financial Market Index (GFCI), Ho Chi Minh City is leading the list of 10 potential financial markets to be considered for inclusion in the official ranking list, with 148/150 items completed. .

Ho Chi Minh City has been and is a major locomotive of Vietnam’s economy Photo: Tan Thanh

The potential and strong development of Ho Chi Minh City will strengthen the growth engine for the Southern Key Economic Zone, contributing to the overall development of Vietnam both domestically and internationally.

In the project of developing into an international financial center, Ho Chi Minh City has identified four groups of policies; At the same time define the implementation roadmap consisting of 3 phases. Accordingly, in the period of 2021 – 2025: Consolidating Ho Chi Minh City’s position as a national financial center; period 2026 – 2030: To develop Ho Chi Minh City into a regional financial center; period from 2031 onwards: To develop Ho Chi Minh City into a global financial center.

Developing new service industries

Resolution 31-NQ/TW in 2022 of the Politburo identifies Ho Chi Minh City with a particularly important position and role for the Southeast region and the whole country. By 2045, Ho Chi Minh City strives to develop on a par with major cities in the world; become an economic center,finance, service of Asia.

In the current context, along with the assignment to take advantage, Ho Chi Minh City needs to focus on economic development in the direction of developing new service industries with high added value, associated with the construction of financial centers, shopping centers and financial centers. trade – tourism – logistics, human resource training center, regional and international healthcare.

Ho Chi Minh City needs to review and transform the functions of export processing zones and industrial zones towards the development of high technology – high added value associated with the formation of thematic industrial zones, innovation centers and industrial parks – services – urban areas. modern market.

In addition, to focus on developing high-tech agriculture in association with tourism development, showing more clearly the role of a center for production of plant and animal varieties, and a center for processing and exporting agricultural products.

In addition, Ho Chi Minh City needs to continue to develop policies to strongly develop new economic models, such as the digital economy, green economy, and circular economy. This is to find a new growth engine for the city in the coming period.

Ho Chi Minh City needs to focus on developing high-quality education and training, turning the city into a center for human resource supply and labor market development.

Gradually realize the Politburo’s viewpoint and vision on the position and role of Ho Chi Minh City in the region as a modern, smart, dynamic and creative city; a place to attract talents, develop on a par with major cities in Asia, play the role of growth pole of the region and the whole country; where the concentration of international organizations, financial institutions, large economic groups of the world.