Vietnam seeks Swiss expertise in developing international financial centres

Geneva (VNA) - Vietnam hopes Swiss authorities and experts will share their experience and offer practical recommendations for Vietnam in building, managing, and operating international financial centres, said National Assembly (NA) Chairman Tran Thanh Man.

Addressing a seminar on the development and operation of international financial centres in Switzerland on July 28 morning (local time), the top legislator noted that while international financial centre is a long-established model in Switzerland, it remains a new concept for Vietnam, so the country needs experience from countries like Switzerland in this field.

He emphasised that despite facing numerous challenges from global uncertainties, Vietnam has made notable socio-economic achievements, helping to stabilise the macro-economy and contain inflation.

He highlighted that Vietnam is currently the 34th largest economy in the world and continues to be recognised by international organisations for its growth momentum. In 2024, the country's GDP growth reached 7.09%, with all 15 socio-economic targets fulfilled or surpassed. Its GDP stood at over 470 billion USD, and the average per capita income reached around 4,700 USD.

On June 27, the Vietnamese NA passed Resolution No. 222 on the establishment, operation, management and supervision of and special mechanisms and policies for an international financial centre in Ho Chi Minh City and Da Nang. This move aims to attract capital flows and foster new growth drivers.

Chairman Man also underlined the long-standing traditional relationship between Vietnam and Switzerland, noting that recent years have seen strengthened political and diplomatic ties through high-level visits and bilateral dialogues.

Recognising the great potential and advantages of both countries, Chairman Man requested the Vietnamese diplomatic missions in Switzerland to strengthen coordination with local authorities and international organisations here to promptly address difficulties emerging during the implementation of the two countries' cooperation agreements, and create favourable conditions to attract more Swiss investors to Vietnam, as well as Vietnamese investors to the Central European country, particularly in the sectors matching the two sides' strengths and needs.

Swiss delegates and experts highly valued Vietnam’s decision to establish an international financial centre, considering it a strategic initiative aligned with the global trend of deep financial integration. They also expressed their confidence and emphasised that Vietnam has the necessary conditions to build international financial centres.

Referring to the supporting factors for establishing and operating these centres, Guillaume Hingel from the World Economic Forum (WEF) emphasised that a well-skilled workforce is one of the key elements for setting up such centres.

According to him, with its young population, Vietnam holds a strong advantage in this area. In addition, the country also needs to develop advanced technological infrastructure to support real-time payment systems; ensure transparent governance of public services and data access; and adopt new technologies to protect data privacy.

Guillaume Hingel noted that Vietnam is undergoing significant changes and making progress in these areas. It should strengthen cooperation in financial management and pursue a balanced and well-regulated approach to artificial intelligence (AI) application.

Participants also engaged in discussions on strategies and legal frameworks for the development of an international financial centre in Vietnam; as well as on development finance, digital banking, fintech, inclusive finance, and fintech strategies for such centres.

At the event, the top legislator witnessed the signing of a memorandum of understanding (MoU) between the Vietnamese Ministry of Finance and the Swiss-Viet Economic Forum on strengthening cooperation in investing in and developing the international financial centre; and another MoU between the Ministry of Finance and the Swiss FinTech Association on cooperation in developing the centre./.