Vietnam seeks Swiss expertise in developing international financial centres
NA Chairman Tran Thanh Man said 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.
Chairman of the National Assembly Tran Thanh Man addresses a seminar on the development and operation of international financial centres in Switzerland, on July 28, 2025. (Photo: VNA)
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 centr𝓰es, 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.
National Assembly Chairman Tran Thanh Man (front, sixth from left)poses for a group photo with fellow delegates. (Photo: VNA)
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.
National Assembly Chairman Tran Thanh Man witnesses the signing ceremony of a memorandum of understanding on cooperation in developing the international financial centre between the Foreign Investment Agency under Vietnam’s Ministry of Finance and the Swiss Fintech Association. (Photo: VNA)
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./.
Backed by a 5 million Swiss Francs (5.6 million USD) grant from the State Secretariat for Economic Affairs (SECO), the initiative will run until 2029, helping over 500,000 SMEs access up to 35 billion USD in financing.
This event marks a major milestone in AgriS’s journey to optimise its Environmental and Social Management System (ESMS) in line with international practices and realise its Net Zero emissions goal by 2035.
Under the cooperation agreement signed on July 16, the International Finance Corporation (IFC) will support Becamex IDC in conducting preliminary assessments for up to five industrial parks using the Global Eco-Industrial Parks Programme (GEIPP) certification framework.
Party General Secretary To Lam acknowledged the rapid progress of the Vietnam–RoK partnership in recent years, especially in economics, thanks to the support of both countries, their citizens, and business leaders like former Honorary Consul General of Vietnam in the RoK Park Soo Kwan.
The Government leader called for a people-centred and comprehensive approach involving the full political system, with more decentralisation and delegation of power, as long as stronger implementation capacity, enhanced inspections, perfected institutional frameworks, and targeted resource allocation.
Hugh Jeffrey, Deputy Secretary of Strategy, Policy, and Industry at the Australian Department of Defence, highly valued Vietnam's increasingly active role in peacekeeping missions and expressed confidence in the growing, practical, and deeper cooperation between the two countries.
The visit marks the Vietnamese Party General Secretary’s first state visit to the RoK in his new role. The RoK’s invitation to him as the first “state guest” under its new administration signals the high priority it places on the relationship with Vietnam and its Party chief personally.
Party General Secretary To Lam suggested both sides effectively implement existing parliamentary cooperation agreements and strengthen exchanges between the two legislatures. He laid stress on the bridge-building role of friendship parliamentarian groups in each country.
Under the draft revised rules, the NA and People’s Councils will no longer directly establish thematic supervision missions. Instead, the NA will select annual supervision themes and assign their implementation to the NA Standing Committee or specialised committees, which will then report findings for parliamentary discussion and resolution.
The Republic of Korea (RoK)’s media continued to provide extensive coverage on August 12 of the State visit to the country by General Secretary of the Communist Party of Vietnam Central Committee To Lam, his spouse Ngo Phuong Ly, and a high-level Vietnamese delegation from August 10-13.
Tran Luu Quang, Secretary of the Communist Party of Vietnam (CPV) Central Committee and head of its Commission for Policies and Strategies, underlined that the exchange of experience in building socio-economic development policies, refining institutions and policies, and particularly in SOE reform, is a practical and significant approach that contributes to maintaining stability and fostering development in both countries.
According to Decisions No. 1720/QD-TTg, Le Thanh Hai was removed from the title of the Chairman of the city People’s Committee and other positions he once held for violations and wrongdoings while performing his duties.
Deputy Prime Minister Mai Van Chinh has highlighted the upcoming exhibition on national achievements on the occasion of the country's 80th National Day as an unprecedented, large-scale event with diverse content, urging all stakeholders to demonstrate the highest sense of responsibility to make it commensurate with 80 years of national construction and defence.
Chien reaffirmed Vietnam’s stance on the settlement of disputes through peaceful measures in accordance with international law, particularly the 1982 UN Convention on the Law of the Sea (UNCLOS), as well as full implementation of the Declaration on the Conduct of Parties in the East Sea (DOC) and early finalisation of a substantive, effective Code of Conduct in the East Sea (COC).
PM Pham Minh Chinh expressed his hope that Japanese enterprises will continue standing side by side with Vietnam on the development path, thereby benefiting the two business communities, both countries, and their peoples.
The signing of the agreement is part of the efforts to concretise the joint statement issued during the visit to Cuba by General Secretary of the Communist Party of Vietnam Central Committee To Lam in September last year.
Vietnamese Party General Secretary To Lam's spouse, Ngo Phuong Ly, expressed her hope that the RoK will share its experience and work with Vietnam to foster closer collaboration in cultural industry.
Eighty years since the historic autumn of 1945, the Vietnamese nation has overcome countless challenges to gain its independence and gradually develop thanks to the revolutionary path that is both resolute and flexible under the leadership of the Party.
Party General Secretary To Lam said since Vietnam and the RoK established their diplomatic ties in 1992 and upgraded their ties to a Comprehensive Strategic Partnership in 2022, they have enjoyed expanded collaboration, delivering tangible benefits to their peoples and businesses.
