Geneva (VNA) – Deputy Prime Minister Nguyen Van Thang has called on Swiss financial institutions, tech firms and investment funds to participate in developing Vietnam’s international financial centre (IFC) as he met representatives of the canton of Zug, the venture capital fund Crypto Valley and local businesses on July 28 during his working visit to the European country.
The Deputy PM praised Zug’s success in building an innovation-driven technology and financial hub, describing its experience as valuable for Vietnam as the country is developing a crypto asset market and an IFC. He also highlighted large room for Vietnam and Switzerland to expand collaboration in finance, digital assets and innovation.
With a population of 100 million, a young demographic and an increasingly dynamic technology startup ecosystem, coupled with an estimated 220 billion USD in crypto asset flows passing through the country each year, Vietnam boasts favourable conditions to become an attractive destination for investment funds, technology companies and international financial institutions, he noted.
Thang asked Zug and Swiss financial and technology firms, including Crypto Valley, to strengthen cooperation with Vietnam by promoting expert exchanges, providing policy advice on crypto asset market regulation, supporting the development of digital asset market infrastructure, and fostering business links in the fields of blockchain and innovation.
He called on Crypto Valley to expand its cooperation and investment in Vietnam, particularly in technology startups.
Alberto Diaz, a representative of Zug's Department of Economic Affairs, said the locality stands ready to enhance collaboration with Vietnam in innovation, financial technology, human resources training and startup ecosystem development, and to share experience in creating a favourable environment for tech firms, thus helping boost economic, investment and innovation ties between the two countries.
He highlighted Zug’s competitive tax policies, stable political and legal environment, business-friendly administration, international workforce from over 160 countries and supportive ecosystem for startups and innovation as key factors behind its success.
Meanwhile, Olaf Hannemann, co-founder of Crypto Valley, shared experience in developing the crypto asset ecosystem and highly valued Vietnam’s efforts to build a regulatory framework for crypto assets and financial technology.
He said Vietnam has strong potential to become a regional hub for innovation and digital finance, adding that Crypto Valley is keen to expand cooperation in these fields with Vietnamese partners.
Later the same day in Zurich, the Deputy PM chaired a seminar on new business opportunities in the era of financial and high-tech cooperation, with the participation of around 100 representatives from Swiss and European businesses, investment funds, banks and tech firms.
Reaffirming the Vietnamese Government’s commitment to improving the investment climate, developing infrastructure, and supporting businesses, Thang encouraged Swiss enterprises to engage in the IFC development and expand their investment in potential areas, including hi-tech industries, AI, semiconductors, pharmaceuticals, medical equipment, green finance and the circular economy.
Swiss and European investors showed their impression of Vietnam’s socio-economic achievements and decision to establish the IFC in Ho Chi Minh City and Da Nang. They also shared experience and expressed interest in foreign ownership regulations, capital market development, AI applications in financial services, securities market reforms, taxation, investment incentives and long-term financing instruments, including real estate investment trusts (REITs).
Deputy Finance Minister Nguyen Thi Bich Ngoc and Chairwoman of the State Securities Commission Vu Thi Chan Phuong highlighted Vietnam’s orientations, priorities and policies in developing its IFC, upgrading the stock market and attracting foreign investment.
During his visit, Thang also received Monica Rubiolo, a member of the Board of Directors of the Swiss business federation Economiesuisse, who highlighted the potential for Vietnam–Switzerland cooperation in digital transformation, AI and innovation.
The Vietnamese official stated that Vietnam highly values the role and contributions of Economiesuisse to bilateral cooperation, and called on the association to encourage its members to continue investing in Vietnam while sharing their experience to help the Southeast Asian country further improve its foreign investment attraction policies./.
