Deputy Prime Minister Nguyen Hoa Binh has a working session with UK partners regarding the development of financial centres. (Photo: VNA)

Vice Chairman of the municipal People’s Committee Ho Ky Minh, who is accompanying the Deputy PM, told the Vietnam News Agency (VNA)'s resident correspondents in London that the city received comprehensive recommendations on core principles for building a successful financial centre. The city has also focused on learning investment incentive policies that create an equal competitive environment for both domestic and international businesses.

He said that international cooperation programmes, training partnerships, and personnel exchanges are crucial for international financial centres in Vietnam generally, and Da Nang specifically, to be established quickly and operate effectively.

Da Nang has begun developing both software and hardware foundation elements for its financial centre. For soft infrastructure, the city is working with competent ministries to pen a resolution on the establishment of and operation of international financial centres in Vietnam while carrying out human resources training for the centres’ operations.

Regarding hard infrastructure, the city has allocated 16 hectares of land with excellent connectivity and infrastructure, among Vietnam's best, to design office functions and provide leisure, conference, entertainment, and utility services, with potential expansion of an additional 62 hectares.

Meanwhile, Vice Chairman of the Ho Chi Minh City People’s Committee Nguyen Van Dung, who is a member of the Vietnamese delegation, said the international financial centre in te city will focus on developing the monetary market and banking system, financial and capital markets, commodity markets aimed at developing commodity derivatives, and emerging financial areas like Fintech and green finance.

HCM City wants to cooperate with British partners and investors who boast considerable experience in the field to attract large international investors and financial organisations, gradually forming and developing a financial ecosystem.

The city is seeking international partners to help introduce strategic investors, provide consultancy on building mechanisms and policies to attract investment, and assist in connecting HCM City with corporations and enterprises specialising in finance innovation and startup investment.

He also expressed his hope to get support in human resources training as well as legal frameworks and policies for breakthrough development of the centre.

HCM City has prepared for its financial centre development, including spatial planning in District 1 and Thu Thiem new urban area, and collaborating with experts, consultants, investors, and strategic investment funds to design appropriate policy mechanisms to attract investors to the centre, he added.