25.03.2021, 16:13

HCMC wants to become global financial hub

HCMC wants to become global financial hub

A view of downtown HCMC. The HCMC government has proposed the Government develop HCMC into a regional and international financial hub – PHOTO: TNO

HCMC – The government of HCMC has written to the central Government proposing developing the city into a regional and international financial hub to attract more investment as the country is emerging as a dynamic economy.

The city has a host of advantages and high-quality human resources and technological infrastructure, according to the municipal government.

Apart from playing an important role in connecting with the Asia-Pacific region’s financial centers, HCMC is also the country’s key economic and financial center and an economic connection hub of the southern key economic zone.

The city contributes some 23% of the country’s gross domestic product and 27% of the State budget revenue and attracts 33% of foreign direct investment projects, Thanh Nien Online reported.

As such, developing HCMC into a regional and international financial hub will attract international financial institutions and foreign capital flows into Vietnam.

The projected financial international hub will contribute to enhancing Vietnam’s prestige and position, helping the country deeply integrate with the global economy.

Forming a regional and international financial hub in Vietnam will boost the country’s dynamic economy. Over the past five years, Vietnam has attracted US$175 billion in foreign direct investment and disbursed some 60% of the total, according to the Government’s report.