"Swiss-Viet Economic Forum sets high hopes for the visit of our leading legislator"
Vietnam, with its growing economy and strategic location, holds great potential to establish itself as an international financial hub, particularly in cities like Ho Chi Minh City and Da Nang. This was emphasised by Rachel Isenschmid, Secretary General of the Swiss-Vietnam Economic Forum (SVEF), who highlighted the challenges Vietnam faces in developing a globally competitive financial centre.
The SVEF, acting as a bridge between government, business, and academic partners of both countries, is organising a seminar aimed at discussing the development of international financial centres, with a focus on Switzerland and Vietnam. The seminar, expected to involve high-level discussions and knowledge exchange between Swiss and Vietnamese financial experts, is set to foster strategic cooperation between the two countries' financial institutions.
Rachel Isenschmid believes the seminar will provide an opportunity for Vietnam to demonstrate its commitment to developing a modern and transparent financial ecosystem. She also noted that the seminar will deepen Vietnam's connections with Switzerland's leading financial centres such as Geneva and Zurich.
The development of a financial centre requires strong coordination between central and local authorities, as well as between the public and private sectors. A robust technological infrastructure is crucial for a modern financial centre, requiring a strong IT system and a talent pool in areas such as asset management, financial technology, and international law.
The legal and policy framework in the potential financial centre must be clear, stable, and attractive to international investors. Effective dispute solution mechanisms, competitive tax rates, and regulations on capital flows are essential components. Moreover, the Resolution grants autonomy and special policies to the financial centres, but implementing these changes efficiently involves overcoming bureaucratic inertia and ensuring smooth coordination between local and central authorities.
One of the key challenges Vietnam faces is attracting strategic foreign investors. Despite supportive legal frameworks and breakthrough policies introduced in Vietnam’s Resolution on International Financial Centers, the ability to draw major global investors is crucial for the success of the hubs. Developing physical and digital infrastructure aligned with international standards remains a challenge and a necessity for competitiveness.
Vietnam’s economy, while growing, faces headwinds from global trade tensions, tariffs, and softer external demand which may impact investor confidence and financial center development. Ensuring institutional autonomy and effective governance, upgrading workforce capabilities and regulatory environment, and navigating complex global economic conditions are other obstacles Vietnam must overcome.
The SVEF expects the seminar to initiate substantive dialogues and facilitate the sharing of experiences from Switzerland. Rachel Isenschmid hopes that the upcoming event will offer a valuable opportunity for the NA Chairman to provide Swiss businesses with further insights into Vietnam's policies.
Interestingly, HCM City, being a major, dynamic economic hub, and Da Nang, with its potential for growth in green finance, innovation, and high-end services, could create a "multi-hub" model for the potential financial centre.
In conclusion, the seminar on building and operating international financial centres in Switzerland, organised by the SVEF, promises to be a significant step towards Vietnam's goal of establishing itself as a global financial hub.
The seminar, organized by the SVEF, aims to discuss the development of international financial centers, with a focus on Switzerland and Vietnam. Rachel Isenschmid, Secretary General of SVEF, believes the event will provide an opportunity for Vietnam to demonstrate its commitment to developing a modern and transparent financial ecosystem.
To attract strategic foreign investors and become a global financial hub, Vietnam needs a robust technological infrastructure, a clear and stable legal framework, efficient dispute solution mechanisms, and competitive tax rates. The efficient implementation of special policies granted to financial centers is critical to navigating bureaucratic inertia and ensuring smooth coordination between local and central authorities.
HCM City and Da Nang, as major economic hubs and potential centers for green finance and innovation, could create a "multi-hub" model for Vietnam's financial center.
The SVEF expects the seminar to initiate substantive dialogues and facilitate the sharing of experiences from Switzerland. Rachel Isenschmd hopes that the upcoming event will offer insights into Vietnam's policies, providing further opportunities for Swiss businesses to invest.
Despite the growth of Vietnam's economy, the country faces challenges such as global trade tensions, tariffs, and softer external demand, which may impact investor confidence and financial center development. Ensuring institutional autonomy, upgrading workforce capabilities, and navigating complex global economic conditions are other key obstacles that Vietnam must overcome to establish itself as an international financial hub.
