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Vietnam should be flexible in selecting financial centre models: expert
Vietnam does not need to choose between a specialised or a comprehensive regional financial centre but can instead adopt a flexible approach to seize opportunities, said Dr. Ho Quoc Tuan, Senior Lecturer in Finance and Accounting at the UK’s University of Bristol.
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| HCM City is now a regional specialised financial centre (Photo: VNA) |
Talking with the Vietnam News Agency's reporter based in London ahead of Permanent Deputy Prime Minister Nguyen Hoa Binh’s visit to the UK from March 16-20, Tuan explained that financial centres traditionally split two paths: specialisation or diversification.
A specialised approach could position Vietnam as an ASEAN niche player, like Tel Aviv or Mumbai, focusing on select services, or as a global player akin to Dubai, Hong Kong, or Luxembourg. Alternatively, a diversified model could see Vietnam begin locally, like Lisbon or Atlanta, then grow to rival Bangkok or even London and New York.
Even if Vietnam aims to develop into a comprehensive financial centre, it can adopt Dubai’s specialised model to accelerate fintech services, particularly in AI/Machine Learning and digital assets – areas where Vietnam excels in training and application.
He cautioned, however, that Ho Chi Minh City and Da Nang should avoid "stepping on each other's toes" in choosing areas of specialised development, adding that one could lead on fintech, and the other on AI.
Tuan also highlighted the importance of human capital, one of the five important factors to successfully build a financial centre, citing the Global Financial Centres Index, which ranks business environment, human capital, infrastructure, market development, and reputation as the key drivers of success./.
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