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| Prime Minister Pham Minh Chinh chairs the conference in Ho Chi Minh City on January 4. |
| Photo : VNA/CVN |
The head of government made this request while chairing a conference in Ho Chi Minh City to make public the government resolution promulgating the action plan on the deployment of the Politburo conclusion of November 15, 2024 on Announcement No. 47 -TB/TW relating to the construction of financial centers in Vietnam.
In 2025, we still identify economic growth as a priority. For this, we need capital, including that from the financial market, which constitutes an important channel, he declared.
Currently, the amount of social investments represents 33% to 35% of GDP. In the coming years, to achieve double-digit growth, this ratio will need to increase to 40% to 45% of GDP. We must therefore find new engines of growth, an amount of capital of 4 to 5 million billion VND per year, particularly for investments in strategic infrastructure, he continued.
According to the head of government, some specific objectives include the construction of at least 3,000 km of highways from Cao Bang (North) to Cà Mau (South), the start of construction of the Lào Cai – Hanoi – Hai Phong railway, the preparation of the North-South high-speed rail line project, the construction of urban rail lines in Hanoi and Ho Chi Minh City, as well as major airport and seaport projects.
Vietnam has created the necessary conditions to create an international financial center, he said.
Attract foreign financial institutions
| Conference on the construction of financial centers in Vietnam, January 4 in Ho Chi Minh City. |
| Photo : VNA/CVN |
With a GDP of around USD 470 billion, Vietnam ranks 33-34es rank, records annual growth of around 7% and targets 8% in 2025. Its economy, party to 17 free trade agreements, reached 7.2 million billion dong in capitalization, and its stock market grew at two digits. Vietnam occupies an important strategic and geopolitical position and has one of the most dynamically developing economies in the world.
Having a regional and international financial center will connect to global financial markets, attract foreign financial institutions, create new and promote existing resources, take advantage of opportunities presented by the movement of international investment flows to serve socio-economic development, promote the development of Vietnam’s financial market efficiently and in line with international standards, and achieve breakthroughs in development, he said.
Therefore, the government will have to quickly submit mechanisms and policies to the National Assembly in its next session, he said, adding that the motto is to “run with the flow”, learn by doing and do not act in perfectionism and haste.
To this end, Ho Chi Minh City and Da Nang are invited to develop specific mechanisms and policies, methods of resource mobilization, human resource training, construction and transfer of smart administration technologies.
Ministries and branches, in areas falling within their respective competences, must support and stand alongside the two cities. International partners are called upon to continue to support these efforts, exchange experiences, propose policies and provide financial and human support, he further indicated.
VNA/CVN
