An overview of the business roundtable between Ho Chi Minh City and Astana of Kazakhstan (Photo: VNA)

Addressing the event, Vice Chairman of the Ho Chi Minh City People’s Committee Nguyen Loc Ha said that this business roundtable serves as a clear testament to the growing friendship and expanding cooperation between the city and the Astana International Financial Centre (AIFC) in particular, and Kazakhstan in general, especially in the field of finance. The event provided a platform for both sides to exchange ideas, connect visions, and work towards deeper, more practical and result-oriented collaboration.

Vice Chairman Ha noted that the city is strategically located at the heart of Southeast Asia, offering seamless connectivity with major financial hubs in the region and facilitating international trade and capital flows. Its transportation infrastructure, including seaports and an international airport, plays a vital role in ensuring the smooth cross-border movement of goods and financial services.

Economically, Ho Chi Minh City accounts for around 23% of Vietnam’s GDP and serves as a key centre for major industries such as finance, technology, and services. It accommodates many banks, securities firms, and financial institutions, forming a solid foundation for the development of an international financial centre. Moreover, the city's pace of digital transformation in fintech ranks among the highest in the region and globally, while its transaction costs remain lower than those of many other financial centres.

In addition, high-quality human resources are also one of Ho Chi Minh City’s key strengths. With a young population trained at leading universities and through international partnership programmes, the city is well-positioned to supply a skilled workforce tailored to the needs of the finance and technology sectors, he said.

Kazakhstani Ambassador to Vietnam Kanat Tumysh noted that Vietnam is a country with a strong high-tech industry and rapidly growing manufacturing and export sectors. However, bilateral trade currently stands at just under 1 billion USD per year, which is still modest compared to the vast potential of both nations.

The diplomat proposed that beyond trade and investment promotion, Kazakhstan and Vietnam should focus on enhancing financial cooperation, particularly between HCM City and the AIFC, which is a leading financial hub in Eastern Europe and Central Asia attracting over 16.9 billion USD in investment, creating nearly 10,000 jobs, and home to more than 4,000 companies from 80 countries.

Providing detailed insights into Kazakhstan’s financial sector, AIFC Governor Renat Bekturov stated that the country's vibrant financial industry plays a crucial role in driving economic growth. Strategically located at the crossroads of Europe and Asia, the AIFC serves as a key source of capital for emerging markets in Central Asia and neighbouring countries.

More than just a capital provider, the AIFC also fosters innovation through its focus on creative industries, green and sustainable finance, and financial technology, he shared.

Dinh Khac Huy, Deputy Director of the Ho Chi Minh City Department of Finance, stated that the successful model of the AIFC serves as a valuable reference source for HCM City in its efforts to develop an international financial centre, especially in terms of flexible financial and legal mechanisms, an independent and transparent governance model, digital infrastructure, an international stock exchange, a fintech startup ecosystem, regional connectivity, and cross-border cooperation.

The two sides also agreed to establish a regular communication channel between the department and the AIFC to lay a stepping stone for long-term cooperation. This partnership is expected to not only bring practical benefits to the two financial centres but also contribute positively to the broader development of both countries and the region in the future.