Chu Tien Dung (standing), chairman of the HCM City Union of Business Association, speaks about the upcoming HCM City Economic Forum 2019 at a press conference yesterday in HCM City. — VNS Photo Bo Xuan Hiep
Building HCM City into the next Asian financial hub will top the agenda of the HCM City Economic Forum 2019 to be held on October 18 in the city.
Organised by the city’s People’s Committee and the HCM City Union of Business Association (HUBA), the annual forum will focus on four main topics: the current roadmap to build the city into a global financial centre; lessons from other global financial hubs; the ecosystem needed for sustainable development of an international financial centre; and the national policy and role of the city government in developing the city into an Asian and, later, a global financial centre.
More than 800 local and international experts, including leaders of the World Bank, IMF, IFC and ADB as well as financial experts and leaders of financial centres are expected to participate in the two-day event.
Key leaders from the Government and State agencies will also attend the event, themed “Turning HCM City into an Asian and International Financial Centre”.
Speaking at a press conference yesterday in the city, Chu Tien Dung, chairman of HUBA, said "HCM City’s location is ideal for an international financial hub since it is only a two-hour flight to major financial hubs in Southeast Asia".
“The city must have a complete financial ecosystem that meets international standards,” he said, adding that an international financial centre should conduct cross-border financial transactions and have diverse financial products.
The city would continue to aim for sustainable growth by improving the quality of its competitiveness and growth through healthy economic restructuring, he added.
Dung said the city would also ensure a favourable business environment for enterprises, and encourage start-ups, innovation and smart-city measures.
The forum would feature speakers from respected companies, organisations and educational institutions around the world.
“In addition, the city will discuss the progress of the ongoing project to develop the city’s eastern part into an innovative urban area,” Dung noted.
The event is expected to connect Vietnamese businesses with investors in many fields from other countries.
With a focus on sustainability and a knowledge-based economy, HCM City wants to hear feedback from forum participants and seek cooperation from foreign investors, according to Dung.
Ambitious goal
Speaking at a conference recently in the city, Nguyen Thien Nhan, secretary of the city’s Party Committee, revealed that the city had an ambitious goal to become a regional and international financial hub after years of delay in carrying out the ambitious goal.
Nhan urged the city to develop a detailed plan to turn HCM City into a regional and international financial hub.
As a global financial hub, HCM City, which contributes 45 per cent to Viet Nam’s gross domestic product, would enhance socio-economic growth locally, nationally and regionally, he added.
By June next year, the city is expected to start building a financial centre complex in the Thu Thiem new urban area in District 2.
HCM City accounts for only 9.36 per cent of the national population, but it contributes 14 per cent to the country’s export value and 27 per cent to state revenue. It also accounts for 14.1 per cent of the country’s total foreign investment. The city, however, is still not listed among global financial centres, experts said.
Experts said the city should receive assistance from the government and should not be expected to shoulder the burden alone. New policies are seriously needed, including measures to address the lack of high-skilled human resources, they said.
The city has assigned the HCM City Financial Investment Company to work with Fulbright University Viet Nam to conduct a survey of major financial centres around the world. — VNS