HCM CITY — Việt Nam is setting its sights on transforming its largest economic hub, HCM City, into a major international financial hub within the next decade. 

Vietnamese Prime Minister Phạm Minh Chính shared the vision during a seminar on Tuesday in Davos, Switzerland, emphasising the city’s potential to connect with global financial markets.

While recognising the city’s role in science and technology, PM Chính noted that its infrastructure needs significant improvements to meet modern demands. 

The PM called on major corporations to share their expertise and encouraged collaboration to enhance the city’s strengths and address its weaknesses.

He highlighted the importance of transparency and simplified regulations to better mobilise resources, as well as the need for infrastructure that supports innovation and digital transformation. 

The PM urged countries to unite against protectionism and promote multilateral trade, advocating for a people-centered approach.

He also said it was vital to address global challenges such as climate change and resource depletion through international cooperation.

The Prime Minister reaffirmed Việt Nam’s commitment to innovation and readiness for the future, fueled by the capabilities of its people and businesses.

Việt Nam will continue to leverage the dynamic and creative potential of its youth, convert foreign investment into tangible benefits for sustainable growth, and harness innovation as a catalyst for escaping the middle-income trap.

Also speaking at the event, Nguyễn Văn Nên, secretary of the HCM City Party Committee, said the city’s goal to become an international financial centre reflects the aspirations of both the city and the Vietnamese Party and State. 

He noted that artificial intelligence (AI) is boosting productivity and quality of life in various sectors. 

The city is restructuring its economy for sustainable growth, focusing on key industries like semiconductor manufacturing and AI. 

Efforts are also being made to promote AI and train skilled professionals, he added.

“The establishment of the Centre for the Fourth Industrial Revolution (C4IR) last September, in partnership with the World Economic Forum, is a key step in HCM City’s evolution into a modern industrial service hub,” according to Nên.

Việt Nam recently announced plans to establish two financial centres: one international centre in HCM City and a regional centre in Đà Nẵng.

The HCM City centre will be located in District 1 and the Thủ Thiêm New Urban Area, while Đà Nẵng’s centre will feature a six-hectare core zone that can be expanded to 62 hectares within the Đà Nẵng Industrial Park, in addition to a 9.7-hectare fintech centre.

Việt Nam’s remarkable socio-economic achievements have been widely recognised, particularly its effective integration into global supply chains and the enforcement of the “leave no one behind” policy. 

These accomplishments are particularly notable in the areas of agriculture and rural development, as well as Việt Nam’s ascension into the top 15 of the Global Innovation Index.

The country has emerged as a global exemplar of innovation and adaptability in response to disruptions in the global economy.

The Vietnamese delegation, led by PM Phạm Minh Chính, attended the seminar titled “Application of AI in Smart Manufacturing and Development of HCM City International Financial Centre”. 

The event in Davos was held as part of the 55th annual meeting of the World Economic Forum (WEF).

It was attended by senior leaders and representatives from international organisations, including delegates from WEF, leaders of the global C4IR network, and executives from leading technology and finance corporations worldwide. — VNS