On January 19 (local time), Vietnamese Prime Minister Pham Minh Chinh met members of the Vietnamese community in Hungary during his visit to the country.

At the meeting, Thieu Ngoc Lan Phuong, MA, 35, who works for the Hungarian National Center for Genetic and Biodiversity Conservation, said the Vietnamese community of intellectuals in Hungary wanted to contribute to the building of the country's first financial center in HCM City.

The community of Vietnamese intellectuals, which was established six years ago, now has 100 members. Five of them are professors, eight associate professors, 39 PhDs and 30 master’s degree holders, who work for leading universities, research institutes and leading companies in Hungary. 

“We have great academic potential and can connect all Vietnamese experts in Hungary. There are professors and doctorate holders who are excellent at financial mathematics and financial technology,” Phuong said.

In reply, Chinh asked HCM City Mayor Phan Van Mai to present a plan on building an international financial center in the city.

Mai said HCM City is not only an economic center but also a science-technology center that can absorb knowledge from outside to solve questions of the city and Vietnam.

The city wants to connect Vietnamese and intellectuals overseas, including Hungary, to solve problems together.

The Prime Minister has asked the Ministry of Planning and Investment to join forces with other ministries and branches to consult with experts about the legal framework for the center before submitting the plan to Politburo and putting it into discussion at the National Assembly.

Vietnam wants a center with outstanding characteristics that operates with the special strong points of HCM City. The center, according to experts, may pioneer a capital market, derivatives market and fintech. It needs specific regimes and preferences that go beyond the general legal framework in order to attract strategic investors.

At WEF Davos, Vietnam worked with foreign institutions and experts on the issue. Prime Minister Chinh agreed with ministries, branches, bankers and leading international financial fund on the establishment of a taskforce on researching and giving advice on building the international financial center in Vietnam. 

The taskforce will be led by Philipp Rosler, former German Chancellor, who is now Honorary Consul General of Vietnam in Switzerland, Minister of Planning and Investment Nguyen Chi Dung, and Chair of HCM City People's Committee Phan Van Mai.

Tran Thuong