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Downtown Ho Chi Minh City at night. The authorities want the city to become an international financial center. MANH LINH / VIETNAMIC PRESS AGENCY / VIET NAM NEWS
Ho Chi Minh City is committed to developing a detailed plan to make the city a regional and international financial center after years of delay in achieving this ambitious goal.
Nguyen Thien Nhan, secretary of the city party committee, said, "There is no better time to do it than now."
As an international financial hub, Ho Chi Minh City, which contributes 45 percent of Vietnam's gross domestic product, would boost socio-economic growth at local, national and regional levels, he added.
Speaking at a meeting last week, Mr Nhan said that a feasibility report on the plan would be submitted to the People's Council in October.
In June, the city is expected to start building a financial center in the new Thu Thiem urban area in District 2.
The city will also report to Prime Minister Nguyen Xuan Phuc by the end of the year on a special incentive policy for the project.
Vu Thanh Tu Anh, Fulbright University in Vietnam, said the city needed to have a complete financial ecosystem in line with international standards.
"The international financial center should conduct cross-border financial transactions and have various financial products," he said.
Anh, a member of the Prime Minister's Economic Advisory Group, said the location of Ho Chi Minh City was ideal for an international financial center.
"The city represents only 9.36% of the country's population and 0.6% of the total area of the country, but it contributes 14% to the value of the country's exports and 27% of state revenue. ".
It also accounts for 14.1 percent of the country's total foreign investment, said Anh, adding that the city was still not among the world's financial centers.
Economist Tran Du Lich said that Ho Chi Minh City should receive help from the government and should not expect to bear the burden alone.
Nguyen Thanh Phong, chairman of the city's People's Committee, said a long-term strategy was needed to attract major investors, businesses and financial institutions that would develop this plan.
To develop this plan, the city recently commissioned the Ho Chi Minh City financial investment company to collaborate with Fulbright University of Vietnam to conduct a survey of the world's major financial centers.
Phong said new policies were badly needed, including measures to address the lack of highly skilled human resources.
In 2001, the city included the finance sector among its nine main services. The sector experienced an annual growth rate of 8.8% and accounted for 5.7% of the city's regional gross domestic product.
The city has recently requested investments to build a financial, banking and commercial center of 4,900 billion dong ($ 210 million), which is expected to cover 14,500 sqm, according to the Department of Planning and Investment. NEWS FROM VIET NAM
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