Vietnamese economy in first 7 months of 2022

As Vietnam accelerates its ambition to establish an international financial centre (IFC) in Ho Chi Minh City and Danang, the national discourse has understandably focused on the “hardware” of development: regulatory sandboxes, infrastructure connectivity, and tax incentives. These are the necessary foundations of any financial hub.

In practice, sequencing and prioritisation are fundamental to the successful development of an international financial centre (IFC).

Vietnam has launched an ambitious plan to establish an international financial centre (IFC) that charts its own distinct path rather than replicating existing regional hubs. The country is building its IFC around key strategic priorities: deploying capital to the real economy, serving as a platform for mid-cap growth companies, and fostering fintech innovation through regulatory sandboxes.

Vietnam’s strategic choices for its international financial centre will define its long-term standing in the global financial community. Speaking with VIR’s Bich Ngoc, Jochen Biedermann, managing director of the World Alliance of International Financial Centres, shared his views on the critical benchmarks for assessing whether Vietnam’s plans are on the correct trajectory.

Vietnam and the United Kingdom upgraded relations to a comprehensive strategic partnership last October. William Lawrenson, British deputy consul general, and Ly Hoang Vu, trade manager for Financial and Professional Services at the British Consulate General in Ho Chi Minh City, write about golden opportunities for Vietnam’s financial market and international financial centre.

Vietnam continues to position itself as a resilient and attractive destination for European businesses. Erick Contreras, vice chairman of the European Chamber of Commerce in Vietnam, discussed with VIR’s Bich Thuy the performance and key trends ahead for European business.

Vietnam has formed internal strengths that will help it mitigate the effect of the world’s uncertainties. Dr. Christian Kamm, president of US-backed firm Kamm Investment, looks at the impact a growing economy will have on the country.

Rising demand for high-quality fruit is opening new trade opportunities between New Zealand and Vietnam. Scott James, New Zealand Consul General and Trade Commissioner, spoke with VIR’s Oanh Do about export strengths, market priorities, and prospects for deeper trade ties.