Vietnam well-positioned to develop international financial centre: Scholar
Vietnam has the foundation and potential to successfully build an international financial center, according to Associate Professor Nguyen Dang Bang, a finance expert at the University of Cambridge’s Judge Business School.
Associate Professor Nguyen Dang Bang at the University of Cambridge’s Judge Business School (Photo: VNA)
London (VNA) - Vietnam has the foundation and potential to su🍬ccessfully build an international financial centre, 🍒according to Associate Professor Nguyen Dang Bang, a finance expert at the University of Cambridge’s Judge Business School.
In a recent interview with Vietnam News Agency (VNA) correspondents in the UK, Bang noted that while Vietnam’s economy is not yet large in scale, maintaining its current growth momentum will make the establishment of an international financial centre inevitable as the economy expands.
According to the scholar, Vietnam is among the world’s most open economies, ranking in the top five for trade openness, with a trade-to-GDP ratio exceeding 1.5 times. This liberal trade environment extends to financial flows, laying the groundwork for a global financial hub. Its strategic location at the intersection of Southeast and East Asia—home to the fastest-growing economies—further strengthens its position.
A key advantage, Bang noted, is Vietnam’s population of over 100 million, with young people making up a large share and a strong domestic market. In contrast, Singapore, the region’s top financial hub, has just six million people and an area comparable to Phu Quoc Island. Vietnam also enjoys geopolitical stability, making it a more attractive destination for international investors compared to risk-prone markets.
However, the scholar cautioned that while Vietnam has strong fundamentals, building a financial hub will require significant investment and reform. The biggest challenge is establishing a comprehensive legal framework. Vietnam, he noted, lacks expertise in this area and must act swiftly, possibly relying on foreign specialists despite the high costs in the early stages.
Talent development is another hurdle. To compete with Singapore, where leading universities rank among the world’s top finance institutions, Vietnam must invest in world-class financial education and structured training programmes. Infrastructure is also crucial. Beyond strong digital and transport networks, high-quality healthcare and international schools are essential to attract top financial professionals.
Furthermore, Vietnam must enhance its ability to attract global talent. In addition to owning competitive domestic professionals, a financial hub must draw international financial experts, fintech entrepreneurs, bankers, and investors.
He pointed out that Ho Chi Minh City holds a competitive advantage in attracting international talents and investors, thanks to its rich cultural heritage and vibrant social life, factors that could make it more appealing than Singapore, Vietnam’s main regional competitor in financial hub development. The living environment, he said, is a decisive factor for top financial minds to choose to live and work./.
Tuan also highlighted the importance of human capital, one of the five important factors to successfully build a financial centre, citing the Global Financial Centres Index, which ranks business environment, human capital, infrastructure, market development, and reputation as the key drivers of success.
Within the framework of the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, Prime Minister Pham Minh Chinh on January 21 (local time) attended a roundtable on developing the Centre for the Fourth Industrial Revolution and an international financial centre in Ho Chi Minh City, during which he expressed his hope to learn from foreign friends’ experiences in this work.
Prime Minister Pham Minh Chinh on January 21 attended a roundtable on developing the Centre for the Fourth Industrial Revolution (C4IR) and an international financial centre in Ho Chi Minh City, during which he expressed his hope to learn from foreign friends’ experiences in this work.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
