Prime Minister Pham Minh Chinh emphasized that establishing regional and international financial centers in Ho Chi Minh City and Da Nang is essential for achieving Vietnam’s ambitious double-digit economic growth goals.

He made this statement during a conference in Ho Chi Minh City on January 3, where the government announced its action plan for implementing the Politburo’s conclusion on developing financial centers in Vietnam.

A cornerstone for national development

Nguyen Chi Dung, Minister of Planning and Investment, highlighted the importance of these financial centers as key drivers of growth not only for Ho Chi Minh City and Da Nang but for the entire country.

The centers are expected to help Vietnam integrate into global financial markets, attract foreign financial institutions, create new investment resources, enhance existing ones, and provide high-quality financial services.

The government’s action plan includes 49 tasks and solutions assigned to 12 ministries and localities, focusing on five priorities: developing modern financial infrastructure, attracting international talent, fostering financial innovation, expanding global integration, and ensuring financial security.

Both Ho Chi Minh City and Da Nang are tasked with allocating resources and creating favorable conditions, particularly in infrastructure, human resources, regulatory frameworks, and the business environment, to establish and operate these centers effectively.

Boosting investment and resources

Nguyen Van Nen, Secretary of the Ho Chi Minh City Party Committee, stated that the financial center in the city would be linked to the Thu Thiem New Urban Area in Thu Duc City.

The city has already established a steering committee led by the Party Secretary to oversee its development, aiming to attract high-quality human resources, financial experts, and investors from banking, investment funds, and financial institutions worldwide.

In Da Nang, Party Secretary Nguyen Van Quang shared that the city has formed a steering committee and operational teams, along with plans to train human resources and create a management framework for its financial center.

These centers are anticipated to drive local and national economic growth, contributing to Vietnam’s broader socio-economic development goals.

A national priority for growth

Prime Minister Pham Minh Chinh underscored the importance of prioritizing economic growth in 2025, aiming for at least an 8% growth rate and progressing toward double digits.

He stated that financial centers are a vital channel for mobilizing capital, a crucial factor in achieving these goals.

Vietnam meets the conditions to establish such centers due to its strong economic growth (averaging over 7% in recent years), robust financial market capitalization (approximately 7.2 quadrillion VND or 304 billion USD), and deep international economic integration.

The Prime Minister acknowledged the challenges ahead, emphasizing the need for determination, efficient coordination, and timely policy implementation.

The government plans to submit specific policies to the National Assembly during its May session, enabling the centers to take shape.

Prime Minister Chinh urged local authorities and international partners to work closely together to ensure successful implementation, with a focus on clear responsibilities, timelines, and measurable outcomes.

“These financial centers will enhance global financial connectivity, attract foreign capital, and create new growth drivers for Vietnam,” he stated.

The government has established an inter-agency steering committee to oversee the development of the financial centers, chaired by Prime Minister Pham Minh Chinh.

The committee includes top officials, such as Deputy Prime Minister Nguyen Hoa Binh, and leaders from Ho Chi Minh City, Da Nang, and key ministries, to ensure coordinated efforts across all levels.

Ho Van