return icon

Two decades later, HCM City still dreams of becoming global financial center

The HCMC government is collaborating with consultants to formulate a scheme to turn the city into a regional and international financial hub. More than 20 years ago, a similar project was set up but failed to materialize.


An aerial eye view of downtown HCMC. To become a regional and global financial hub, the city needs to develop its financial services properly


Speaking at a press briefing today, October 8, to introduce a forthcoming economic forum, Vu Thanh Tu Anh, dean of Fulbright School of Public Policy and Management, said that since 1992, the HCMC People’s Committee has organized trips to Shanghai, where a project was set up to turn the Chinese city into a regional financial center, to learn from their experience.

Four years later, the HCMC government had a similar project. Today, Shanghai is a regional financial hub and is poised to reach international standards shortly. However, the Vietnamese metropolis is going back to the drawing board.

The Fulbright School of Public Policy and Management is now serving as a consulting unit for the HCMC government to devise a scheme to make the city a financial hub.

At the request of the city government, the HCMC Department of Home Affairs, the HCMC Business Association, the HCMC Finance and Investment Company and Fulbright Vietnam will work together to organize the HCMC Economic Forum 2019 on October 18.

The forum is aimed at seeking feedback from experts and businesses to streamline the financial center scheme.

In response to the Saigon Times’ question on challenges affecting this transformation, Anh said that the greatest challenge is remaining competitive as many cities and countries wish to become financial centers at regional and global levels.

To be successful, a national policy covering the legal framework and institutions needed for the scheme should be created, he remarked.

Also, the city government needs to change its mindset, vision and strategy to enable the transformation process, with further attention being given to financial services. Other prerequisites are traffic infrastructure, finance, human resources and policies that encourage the involvement of the business community.

According to the organizers, the forum is expected to bring together some 800 delegates, including government leaders, representatives of embassies and financial experts at home and abroad.

It will take place at the White Palace Convention Center at 108 Pham Van Dong Street in Hiep Binh Chanh Ward of Thu Duc District.

Before the launch of the event, the organizers will match local and foreign firms to help them sound out cooperation opportunities. SGT



Phu Quoc welcomes increasing investment in urban development

Journalists live streaming court proceedings to be fined nearly US$1,500

Journalists may face a fine from VND7 million ($320) to VND30 million (over $1,400) if they record audio, video with audio of a court hearing and broadcast it live on cyberspace.

Man arrested for attempted murder of three-year-old boy, hiding him in freezer

Police in Ha Nam Province have arrested a 25-year-old man, for the attempted murder of a three-year-old boy after beating him unconscious and hiding him in a freezer.

Da Lat to build dossier for becoming UNESCO creative city of music

Da Lat city in the Central Highlands province of Lam Dong has been given the green light to build a dossier and plan serving the application to be part of UNESCO Creative Cities Network in the field of music.

Vietnam strives to conserve elephants

In Vietnam, elephants are classified as critically endangered in the Vietnam Red Book, and are included in the group with the highest conservation status, whose exploitation for commercial purposes is strictly prohibited. ​

VN photographer wins two prizes at One Eyeland Awards

Tran Viet Van, a journalist at Lao Dong (Labour) newspaper, claimed two prizes in the World’s Top 10 Portrait Photographers 2022 photo contest run by One Eyeland Awards 2022.

VN tennis players qualify for World Group II play-offs in 2023

The Vietnamese tennis team have been promoted to the World Group II play-offs in 2023 after enjoying a resounding 3-0 win over Syria in the 2022 Davis Cup Group III in the Asia/Oceania region.


NA Chairman approves financial support for pandemic-hit laborers

Removing bottlenecks to attract foreign visitors to Vietnam

The local tourism industry is currently devising ways to iron out snags in attracting foreign visitors to the country, as the number of foreign arrivals during the first half of the year was far below the set target.

Demand for logistics real estate increases sharply: Savills Vietnam

Vietnam’s logistics industry is developing strongly thanks to the growth of the e-commerce industry, according to Savills Vietnam.

Discover the exquisite rainbow rice noodles of Can Tho

Rainbow rice noodles, also known as five-coloured hủ tiếu, are a fun take on the traditional Vietnamese rice noodles and a must-try for every tourist to Can Tho City in the Mekong Delta.

A unique cave awaits explorers in Quang Binh Province

Va Cave in the core zone of the Phong Nha- Ke Bang National Park in Quang Binh Province, with its unique stalagmites and stalactites, is a natural beauty waiting to be discovered by explorers.

The most important 'economic corridors' for next 10-30 years

The national planning draft for 2021-2030 with a vision towards 2050 focuses on the formulation and development of economic corridors, dynamic zones, large cities and economic zones associated with the national infrastructure framework.

Artisans strive to keep traditional craft alive

Artisan Tran Van Ban is busy all day from early in the morning to the evening. He is carving out beautiful mooncake molds to serve people's demands for the Mid-Autumn Festival which is approaching in the next few weeks.

Goalkeeper Dang Van Lam returns home to join a V.league 1’s club

Goalkeeper Dang Van Lam is set for a return to V.League 1 after touching down in HCM City with his agent.