HCMC Ho Chi Minh City is facing an important turning point in the preparation period for the International Financial Center (IFC). The requirement is not only to improve the institution but also to create an environment for data, capital, technology, etc. can circulate at outstanding speeds.

Mr. Lam Dinh Thang – Director of the Department of Science and Technology of Ho Chi Minh City. Ho Chi Minh City – emphasizing the importance of technology in the development of the International Financial Center – Photo: TRUONG LINH

The international conference “Technological breakthrough and innovation – Creating future generations for Ho Chi Minh City. Ho Chi Minh City” ended on the evening of November 27, emphasizing the importance of technology in the development of the International Financial Center, highlighting the issue of international cooperation to form a real Fintech “super high”.

Digital infrastructure accelerates, Ho Chi Minh City. Ho Chi Minh City wants to become a “node” to connect regional finance

Speaking at the opening of the conference, Mr. Lam Dinh Thang – Director of the Department of Science and Technology of Ho Chi Minh City. Ho Chi Minh City – affirmed that the city must switch to a growth model based on knowledge, core technology and digital governance.

Specifically, Ho Chi Minh City. Ho Chi Minh City aims to become the region’s leading science, technology and innovation center by 2030, and prepare an ecosystem strong enough for IFC to operate based on open data, transparent digital assets and cross-border technology flows.

He said that the city’s digital infrastructure is making rapid progress: the digital transformation index continues to lead the country, the 5G coverage area reaches more than 80%, 16 data centers operate stably, and more than 2,000 technology start-ups account for more than half of the national startup ecosystem.

These factors create the foundation for the construction of the “Fintech highway”, and at the same time implement three strategic breakthroughs in institutions, technology and digital governance in the period of 2026 – 2030. “One of the questions is what policy steps, technology platforms, and intergovernmental cooperation (especially between Vietnam and Singapore) are needed to build a true “Fintech superhighway”, not only facilitating capital but also cross-border technology and innovation flows?

From the perspective of international connectivity, Mr. Sirish Kumar – SGTech representative, former Chief Financial Officer of PayPal – said that the top priority is to establish an international arbitration mechanism and create a single connection point between the global platform and the domestic banking system.

“Ho Chi Minh City. Ho Chi Minh City cannot become a “financial oasis”, but must be a “connection point” of international data and payment flows,” Mr. Sirish emphasized. In particular, the payment data standard according to ISO 20022 is a requirement that Vietnamese banks need to implement soon so that domestic and foreign businesses can connect easily.

Three keys to opening the “Fintech superhighway” for the International Financial Center

Mr. Sirish also emphasized that building talent quickly and importing foreign talent to train the local workforce is also an urgent requirement in the current context. According to him, in order to achieve short-term victories, Ho Chi Minh City. Ho Chi Minh City can focus on improving the skills of 100 to 200 people through the training program. From there, about 40 to 50 businesses will go through the ‘one-stop’ mechanism and can connect directly to the human resource distribution system.

Sharing the same view, Mr. Alan Ang – Chairman of the Asian Blockchain Association – said that Vietnam can offer preferential policies to attract large international financial institutions to Vietnam – first to create a demand for talent. After that, the Government provides a supply of talent and facilitates foreign talent.

The chairman added that the sandbox mechanism and limited scope of testing will help create momentum for innovation, thereby achieving both speed and transparency in building financial centers.

“In about 3-6 months, Vietnam needs to clearly state what is allowed, what is prohibited and what is required. Immediate testing of green bond tokenization, carbon credits or commercial invoices will also create a clear signal for the market,” Mr. Alan explained.

Edward Lim – National Managing Director BLOCK71 Vietnam – said that Ho Chi Minh City. Ho Chi Minh City needs to boldly implement “start now” programs, instead of waiting for a complete mechanism. Laboratories, research institutes, and scientific institutions can become a source of the creation of independent Fintech companies. The “financial incubator” model with a combination of research, incubation and acceleration is considered an important component for IFC to have a sustainable source of innovation energy.

Further announced at the conference, Ms. Nguyen Truc Van – Director of the Center for Economic Simulation and Forecasting, Ho Chi Minh City Institute of Development Studies. Ho Chi Minh City – more about the roadmap for building the model of the International Financial Center (ICC) in Ho Chi Minh City. HCM. Concrete:

Phase 1 (2025 – 2030): Laying the foundation, building the legal – institutional – organizational foundation.

Phase 2 (2031 – 2035): Improving the ranking position of Ho Chi Minh City. Ho Chi Minh City on international financial market rankings, improving the investment environment, and growing key industries.

Phase 3 (from 2035 onwards): Development of Ho Chi Minh City Shopping Center. Ho Chi Minh City in the direction of comprehensiveness and according to the standards of regional and international financial centers, expanding the scale and comprehensive mechanism.

Tuoi Tre Online