(MPI) - Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc hosted a reception for Country Director of Tony Blair Institute (TBI) Richard McClellan in Hano on January 23 to discuss the establishment of international financial centers in Vietnam.

At the reception. Photo: MPI

Welcoming Richard Deputy Minister Ngoc stated that Vietnam has identified the development of a regional and international financial center (IFC) as one of the key institutional breakthroughs. This strategic decision aims to unlock resources, promote a transformation in the growth model, and restructure the economy to enhance productivity, efficiency, and competitiveness.

She noted, building, strengthening, and leveraging Vietnam’s competitive advantages to establish a regional financial center, with a vision toward an international financial hub, poses numerous challenges.

However, if successful, it will enable Vietnam to integrate with the global financial market and attract foreign financial institutions, creating new investment flows while maximizing existing resources. IFC will leverages opportunities from the global capital shift, develops Vietnam’s financial market efficiently, aligning with international standards, contribute to the sustainable economic development of the country, and enhance the country’s role, position, reputation, and influence on the international stage.

The deputy minister asked the TBI pay close attention, accompany, and support Vietnam, particularly in establishing financial centers. The selection of a suitable model and development approach will be based on a selective adoption of international best practices, ensuring alignment with Vietnam’s specific conditions.

For his part, Richard highly appreciated the MPI’s efforts in researching and developing the framework for Vietnam’s regional and international financial center. He also reaffirmed that TBI will continue to closely collaborate with MPI in the planning and development of the financial center in Vietnam./.

Bao Linh

Ministry of Planning and Investment