A corner of the central city of Da Nang

The move aims to realize the Politburo's conclusion on building regional and international financial centers in Da Nang City and Ho Chi Minh City, the Government said in a plan released on Saturday.

The Government tasked the Municipal People's Committees of Ho Chi Minh City and Da Nang City to work closely with relevant agencies to achieve the above goal.

The Government has decided to establish a steering committee for regional and international financial centers led by Prime Minister Pham Minh Chinh.

This is the interdisciplinary body responsible for assisting the Prime Minister and the Government in designing strategic guidelines and in coordinating the implementation of the Politburo's conclusion.

Viet Nam has sufficient factors and conditions needed to establish an international financial center in Ho Chi Minh City and a regional financial center in the central city of Da Nang, said Prime Minister Pham Minh Chinh.

Firstly, Viet Nam's GDP size in 2024 is estimated at US$470 billion, ranking 33rd-34th in the world and the GDP per capita is about US$4,600-4,700, the Prime Minister explained.

Building on strong growth momentum over the past years, Viet Nam aims for a GDP growth of at least 8 percent in 2025 and strives to achieve a double-digit growth rate in the coming years.

Secondly, strategic breakthroughs are achieving very positive results with a transparent institutional framework, seamless infrastructure, and intelligent governance.

Thirdly, the stock market capitalization has reached nearly VND7.2 trillion (over US$283 billion) this year, an increase of 21.2 percent compared to the end of 2023. The stock market has become the fastest-growing market in the region.

Fourthly, Viet Nam has an integrated and open economy, having signed 17 Free Trade Agreements (FTAs) involving 65 leading economies in the world. The nation's total export and import value is projected to reach US$800 billion in 2024, about 1.7 times higher than the total GDP size.

Fifthly, Viet Nam has maintained stable political stability, social order and safety, and a peaceful life with an environment of peace, cooperation, and development.

In addition, the country has a strategic position and an important geopolitical location, situated in one of the most dynamic and innovative regions in the world. It also has a time zone that differs from the 21 largest global financial centers, highlighted the Prime Minister.

The regional and international financial centers would help Viet Nam enhance connectivity with the global financial market; attract foreign financial institutions, and create new resources; and leverage opportunities from the movement of international investment flows to speed up socio-economic development./.